On this episode of Stock Movers:
- Bank of America (BAC) gains as traders posted a record quarter. The bank reaped the benefits of volatile markets, and net interest income topped analysts’ estimates. Revenue from equity trading rose 17% to $2.18 billion in the first three months of the year, the company said in a statement Tuesday. That helped Bank of America beat analysts’ estimates for per-share earnings. Trading of fixed income, currencies and commodities came in close to expectations, bringing in $3.46 billion.
- Hewlett Packard Enterprise (HPE) is up on Bloomberg's reporting that Elliott Investment Management built a large position in the software and networking company. Elliott plans to engage with the software and networking company to help it boost value. The investment makes Elliott one of the company’s top five shareholders, according to data compiled by Bloomberg. Elliott’s exact intentions at HPE couldn’t be immediately learned.
- Albertsons (ACI) shares slid, putting the stock on track for its biggest one-day decline since October 2022, after the grocer’s fiscal-year adjusted EPS forecast trailed the consensus estimate. During the earnings call, COO and incoming CEO Susan Morris called the past year an “investment year.” CFO Sharon McCollam also said that its outlook excludes the impact of tariffs.
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