U.S. Movers: BlackRock, JPMorgan Chase, Stellantis, Wells Fargo

Scott Peters
11 Oct, 2024
New York City

Stellantis NV decreased 3.5% to $12.84, and the parent of Chrysler announced a management shakeup that will change the heads of the Alfa Romeo, Jeep, and Maserati brands. 

The company also announced that the current chief executive will retire at the end of his term in 2026. 

JPMorgan Chase rose 5% to $223.34 after the New York-based bank reported better-than-expected quarterly results. 

Revenue in the third quarter increased 6% to $43.32 billion, and net income declined to $12.9 billion from a year ago. 

Net interest income rose 3% to $23.3 billion, fixed income trading revenue was unchanged at $4.5 billion, and investment banking fees increased 31% to $2.27 billion. 

The company raised its net interest income estimate for the year to $92.5 billion from the previous estimate of $91 billion. 

The company increased its loan loss reserve to $3.1 billion to cover the loan loss charge of $2.1 billion and provide an extra cushion of $1 billion for the future. 

Wells Fargo increased 5.7% to $61.05 after the bank reported better-than-expected quarterly results. 

Revenue in the third quarter declined 2% to $20.4 billion from $20.9 billion, net income dropped to $5.1 billion from $5.8 billion, and diluted earnings per share fell to $1.42 from $1.48 a year ago. 

BlackRock increased 3% to $984.58, and the asset management company reported strong quarterly results. 

Revenue in the third quarter increased 15% to $5.2 billion from $4.5 billion, net income advanced 2% to $1.63 billion from $1.6 billion, and diluted earnings per share rose 2% to $10.90 from $10.66 a year ago. 

Assets under management increased 15% to $11.475 trillion from $9.10 trillion, driven by a total net inflow of $221.8 billion.