U.S. Movers: Activision Blizzard, Microsoft, Citigroup, JPMorgan Chase, Wells Fargo

Scott Peters
13 Oct, 2023
New York City

Market indexes traded sideways after big banks reported rising revenue and earnings. 

The S&P 500 index increased 0.2% to 4,374.16 and the Nasdaq Composite eased 0.3% to 13,306.74. 

The yield on 2-year Treasury notes increased to 5.02%, 10-year Treasury notes inched lower to 4.60% and 30-year Treasury bonds edged up to 4.76%. 

JPMorgan Chase & Company increased 1.1% to $147.49 after the bank reported a surge in revenue and earnings in the third quarter. 

The bank benefited from higher interest rates and lower provision for credit losses. 

Revenue increased 22% to $39.8 billion $32.7 billion and net income soared 35% to $13.2 billion from $$9.7 billion and diluted earnings per share advanced to $4.33 from $3.12 from a year ago. 

Net income attributable to First Republic was $1.1 billion in the quarter. 

The bank set aside $1.3 billion for potential credit losses compared to the $2.39 billion estimate. 

Wells Fargo & Company advanced 2.4% to $40.70 after the bank reported a surge in net interest income in the third quarter. 

Total revenue increased to $20.8 billion from $19.6 billion and net income advanced to $5.7 billion from $3.6 billion and diluted earnings per share surged to $1.48 from 86 cents a year ago. 

Provision for credit losses increased to $1.2 billion from $784 million a year ago. 

The company repurchased 33.8 million shares of $1.5 billion of its common stock in the third quarter. 

Citigroup Inc advanced 2.4% to $42.85 after the bank reported a surge in earnings on the back of higher interest rates in the third quarter. 

Revenue in the third quarter increased 9% to $20.1 billion from $18.5 billion and net income increased 2% to $3.54 billion from $3.47 billion and diluted earnings per share was unchanged at $1.63 compared to a year ago. 

Citigroup's total allowance for credit losses was approximately $17.6 billion compared to $16.3 billion at the end of the quarter a year ago , with a reserve-to-funded loans ratio of 2.68%, compared to  2.54% at the end of the prior-year period. 

Activision Blizzard Inc jumped 0.1% to $94.64 after the UK regulator approved the purchase of the company by Microsoft Corp. 

Microsoft edged lower a fraction to $330.98.