Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Bailey Lipshultz and Carol Massar.
On this episode of Stock Movers:
- Truist Financial (TFC) shares rise after the firm told investors during its earnings conference call that while the bank had no exposure to bankrupt Tricolor Holdings, it has some exposure to First Brands. The bank accounted for this in its non-performing loans, loan loss reserve and 2025 net charge-off guidance, per CFO Mike Maguire.
- American Express (AXP) reported earnings that beat expectations after unveiling the long-anticipated Platinum credit card refresh last month. Initial demand for the revamped Platinum card exceeded the firm’s predictions, with US Platinum account acquisitions doubling from pre-refresh levels. The firm raised the lower end of its full-year guidance, with revenue now expected to grow 9% to 10% and earnings likely to total $15.20 to $15.50 a share.
- Oracle (ORCL) fell after giving its long-range financial outlook, suggesting investors anticipated a bigger boost from its investment in AI infrastructure. The company said overall annual revenue would total $225 billion by fiscal 2030, and the cloud infrastructure business would produce $144 billion in sales by then. Investors have expressed concern about the profitability of Oracle's AI effort, but the company said an infrastructure project for AI would have a gross margin of 35%.
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