Stocks Making The Biggest Moves Midday: Unitedhealth, JPMorgan Chase, Microsoft, Jetblue And More

Here are the notable companies making headlines in midday trading:

‍

JPMorgan Chase: Shares of JPMorgan Chase increased by 0.6% as the bank reported stronger-than-expected results for the second quarter. The bank benefited from higher interest rates and performed well in bond trading.

‍

Wells Fargo: Although Wells Fargo surpassed second-quarter expectations, its shares experienced a slight dip. The firm also projected higher-than-expected net interest income for the year.

‍

UnitedHealth: The health-care giant saw a 7.2% increase in its stock price after surpassing expectations for the second quarter in terms of revenue and earnings. UnitedHealth also raised the lower end of its full-year guidance, leading to a positive impact on other health-care stocks such as Cigna and Elevance Health.

‍

Citigroup: Despite reporting second-quarter earnings and revenue that exceeded expectations, Citigroup's shares fell by 4%. The decline was attributed to a 1% year-on-year decrease in revenue, primarily due to market and investment banking challenges.

‍

JetBlue Airways, American Airlines: JetBlue Airways and American Airlines saw a decline of 3.8% and 1.7%, respectively. The airlines stopped selling seats on each other's flights as mandated by a court ruling in May, ending their partnership.

‍

Microsoft: Microsoft's stock rose by 0.8% after receiving a buy rating upgrade from UBS. The firm highlighted the company's artificial intelligence opportunities and attractive valuation following recent underperformance.

‍

AT&T: AT&T's stock experienced a 4.1% decrease after being downgraded to neutral from overweight by JPMorgan. The downgrade was based on concerns regarding competition and the potential limitations posed by AT&T's exposure to cable.

‍

State Street: Shares of State Street slumped by 12.1% as the financial giant's second-quarter revenue of $3.11 billion fell short of analyst estimates. However, the company exceeded earnings expectations, reporting earnings per share of $2.17.

‍

Blackrock: The asset manager's shares declined by 1.6% despite reporting second-quarter earnings that surpassed Wall Street's expectations. However, net inflows fell short and showed a decline.

‍

Alcoa: Alcoa's stock dropped by 5.9% following a downgrade from JPMorgan, which shifted its rating to neutral from overweight. The downgrade was attributed to downward pressure on aluminum prices.

‍

Progressive: Progressive shares gained 1.8% after Wells Fargo downgraded the insurance company to equal weight from overweight. The downgrade was based on concerns about future growth.

‍

Eli Lilly: Eli Lilly's pharmaceutical stock rose by 3.5% after the company announced its plans to acquire privately held obesity drug maker Versanis for $1.9 billion.

‍