On this episode of Stock Movers:
- JPMorgan (JPM) is after reporting earnings. The big bank boosted its net interest income forecast for the full year and beat most estimates, but it is lower after showing slightly higher provision for credit losses than the market was expecting at $3.4 billion, compared to a consensus estimate of $3.08 billion.
- Wells Fargo (WFC) shares are higher after it raised a key profitability metric, aiming to achieve return on tangible common equity of 17% to 18% in the medium term. The lender reported net interest income of $11.95 billion in the third quarter, slightly missing analysts' estimates of $12.01 billion.
- General Motors (GM) shares are lower after it filed an 8-K showing it will incur a $1.6 billion charge related to shifting electric-vehicle production plans, underscoring the toll on US carmakers from uneven demand and flagging federal support for plug-in vehicles. The charges include a non-cash impairment and other charges of $1.2 billion as a result of adjustments to EV capacity, GM said Tuesday in a regulatory filing.
- Domino's (DPZ) share are rising after the company posted better-than-expected quarterly results, fueled by demand for promotions and stuffed crust pizza. The company’s stronger results reflect growing customer demand driven by its recent promotions, stuffed crust offering, and steady delivery momentum, including its “best-deal-ever” campaign and partnership with DoorDash.
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