Movers: BlackRock, Boeing, Citigroup, Express, JPMorgan, Lucid, PNC Financial, Wells Fargo, Spirit AeroSystems

Scott Peters
14 Apr, 2023
New York City

BlackRock Inc traded nearly unchanged at $670.21 after the financial services company reported first quarter results.  

Boeing Co declined 6.1% to $220.55 after the aerospace company said it may have to lower delivery of its 737  Max planes because of fittings used in aft fuselage made by Spirit AeroSystems. 

Boeing clarified that the "non-safety issue"  is not expected to affect the panes in service but will impact a number of undelivered planes. 

Spirit AeroSystems Holdings Inc plunged 14.4% to $30.45 and the company said it will work with Boeing and "continue to coordinate closely with our customer to resolve this matter and minimize impacts while maintaining our focus on safety."

Earlier in the week, Boeing said it delivered 113 737 planes in the first quarter and delivered 130 commercial airplanes, including 11 787 airplanes,  in the period.  

Citigroup Inc increased 2% to $48.25 after the global bank reported first quarter revenues ahead of expectations. 

Citigroup said revenue in the first quarter increased 12% to $21.4 billion and net income rose to $4.6 billion from $4.3 billion and diluted earnings per share increased to $2.19 from $2.02 a year ago. 

Deposits at the end of the quarter were nearly unchanged at $1.3 trillion and loans declined 1% from a year ago to $652 billion. 

Cost of credit or provision for credit losses increased to $2.0 billion in the first quarter from $0.8 billion a year ago, primarily driven by higher credit balances and weakening of macroeconomic conditions. 

Express Inc increased 18% to 67 cents after the company and WHP Global agreed to acquire e-commerce brand Bonbons from Walmart. 

JPMorgan Chase & Co increased 5.7% to $136.32 after the New York based bank reported record revenue in its latest quarter. 

JPMorgan said first quarter revenue jumped 25% to $38.3 billion and net income soared 52% to $12.6 billion from $8.28 billion and diluted earnings per share increased to $4.10 from $2.63 a year ago. 

Provision for credit losses rose to $2.27 billion from $1.46 billion a year ago. Return on equity jumped to 18% in the first quarter of 2023 from 13% and return on assets increased to 1.38% from 0.86% a year ago. 

Lucid Group Inc declined 9% to $7.51 after the luxury electric vehicle maker said it delivered fewer of its sedans than it produced in the first quarter, indicating weak customer demand. 

PNC Financial Services Group increased 1.3% to $123.05 after the company reported quarterly results and recorded provision for credit losses lower than in the previous quarter. 

PNC said total revenue in the first quarter increased 19% to $5.6 billion and net income rose to $1.7 billion from $1.4 billion and diluted earnings per share increased to $3.98 from $3.23 a year ago. 

Net interest rate margin in the first quarter decreased to 2.82% from 2.92% in the fourth quarter of 2022 but rose from 2.28% in the quarter a year ago. Average deposits in the quarter dropped to $436.2 billion from $453.3 billion but average loans increased to $325. 5 billion from $290.7 billion a year ago. 

Wells Fargo & Co increased 4.2% to $41.30 after the California based bank reported higher-than-expected revenue and earnings in the first quarter. 

Wells Fargo said total revenue in the first quarter increased 17% to $20.7 billion and net income soared 32% to $4.99 billion from $3.79 billion and diluted earnings per share rose to $1.23 from 91 cents a year ago.

Net interest margin increased to 3.20% in the first quarter 2023 from 3.14% in the fourth quarter 2022 and 2.16% a year ago.  Average deposits in the quarter declined 7% from a year ago to $1.356 trillion from $1.464 trillion, loans increased 6% to $948.7 billion and assets fell 3% to $1.863 trillion.