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Stocks finished mixed Friday as Wall Street sifted through earnings reports from some of the biggest U.S. banks. Oil prices rose after a U.S.-led coalition launched strikes on Houthi rebel targets in Yemen.
These stocks made moves Friday:
JPMorgan Chase
fell 0.7% after fourth-quarter adjusted profit of $3.97 a share topped consensus estimate of $3.35 a share. The bank said that a FDIC special assessment, which is being applied to other banks as well, cost it $2.9 billion in the period.
Bank of America
posted fourth-quarter profit of $3.1 billion, or 35 cents a share, down from year-earlier profit of $7.1 billion, or 85 cents. The stock fell 1.1%.
Citigroup
reported a fourth-quarter loss of $1.8 billion, or $1.16 a share. The loss came after
Citigroup
previously disclosed a litany of one-time charges, which included a $780 million charge due to severance and other costs related to its restructuring efforts. The bank also said it planned to trim about 20,000 jobs by the end of 2026. The stock gained 1%.
Wells Fargo
fell 3.3% after the San Francisco bank reported provision for credit losses in the fourth quarter of $1.28 billion, compared with $957 million in the same period last year. Earnings matched estimates.
BlackRock,
the world’s largest asset manager, reported fourth-quarter earnings that beat analysts’ expectations and also announced the acquisition of Global Infrastructure Partners for $12.5 billion in a push into private markets. Shares closed up 0.9%.
UnitedHealth
reported fourth-quarter adjusted earnings of $6.16 a share, beating analysts’ estimates of $5.98, but the stock fell after the healthcare giant posted higher-than-expected utilization of medical services. The company said its fourth-quarter medical loss ratio, or MLR, —which tracks the proportion of premiums paid out to cover medical expenses—was 85%. Analysts expected
UnitedHealth
to report an MLR of 84.1% for the fourth quarter, according to FactSet. The stock declined 3.4%.
Delta Air Lines
posted fourth-quarter earnings that topped Wall Street expectations but the stock fell 9% after the carrier cut its 2024 earnings guidance, saying it now expects earnings of between $6 and $7 a share, down from its previous $7 target.
United Airlines
declined 11% and
American Airlines
dropped 9.5%.
Tesla
declined 3.7% after the electric-vehicle maker said it planned to halt production at its Berlin factory for two weeks as the conflict in the Red Sea continues to disrupt transport ships, and the company reduced prices on two models in China.
Boeing
fell 2.2%. On Thursday, Sen. Maria Cantwell (D., Wash.), chair of the Senate Committee on Commerce, Science, and Transportation, asked the Federal Aviation Administration for details about its oversight of Boeing manufacturing. The FAA also announced Thursday that it was investigating whether the 737 MAX 9 plane involved in an incident last weekend conformed to
Boeing’s
design.
Write to Joe Woelfel at [email protected]
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