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Let's take a look at some stocks on the move today. I'm Nathan Hager, joined by Bloomberg's Valerie ty Tel on the kickoff of big bank earning season. Valerie, let's start off with JP Morgan Chase, because it seems like investors are trying to work through how they feel about these results.
Good morning, Good morning, Nathan.
Yes, the market is still digesting these JP Morgan earnings. The share price has been all over the place, up as much as one point three down as much as one point one percent. But at the moment we are down three tenths of one percent, and this comes after a broadly strong earnings release. They bolsted their full year
net interest income guidance. They also had some pretty strong trading revenue beats in both equities, coming in at three point three billion versus estimates of just north of three billion, and fixed income also a beat there, coming at five point six billion versus estimates of five point three billion.
Investment banking revenue also came higher than anticipated. They did, however, book some slightly stronger provisions for credit losses, so that came higher than expected, and that's a particular focus after the bankruptcies have Tricolor and First Brands. Diamond also having some decent things to say on the US economy, saying things remained generally resilient. That's critical here as we're in a data vacuum when it comes to data on the
US economy. But he did warn of heightened degree of uncertainty and says he does see some signs of softening, particularly when it comes to job growth. So JP Morgan investors still digesting this report. Shares are down seven tens of one percent.
Yeah, I thought you just said they were up three tens. But in any case, let's move on to the other bank that reported so far this morning. There seems to be a little more conviction around Wells Fargo's results, a.
Bit more positivity around Wells Fargo. Shares are up one point seven percent. They boosted a key profitability metric, and that comes after the Fed's asset cap has finally been removed after our near seven years. They raised their return on tangible common equity also known as ROTCE to seventeen to eighteen percent versus previous guidance of fifteen percent. Their net interest income came in slightly light, but they did confirm full year guidance on a net interest income for
the full year twenty twenty five. Provisions for loan losses came in lighter than expected, and deal making revenue coming in strong.
And we also got some news this morning from General Motors. Maybe not the news investors wanted to hear today.
Yeah, this one's a bit disappointing from General Motors. Shares are down two point four percent. General Motors is realizing a one point six billion dollar charge as it realigns its product range away from evs. It expects the adoption rate of evs to slow, and this follows recent policy changes including the end of EV tax incentives and the
reduction of stringency of a mission regulations. The company is reassessing its EV capacity and manufacturing footprint in that space, and that begins with realizing this loss of one point six billion. With GM shares down two point four percent.
And just time Valerie to move back to earnings. But not just the banks, Big Pizza is reporting as well.
You did hear from Domino's. The shares are of three and a half percent. Some decent sales numbers here through US franchise particularly strong, especially for stuff crufts stuffed crust pizza, shall I say, in the US. There's also some other pizza companies in the news. Papa John's the stock rows around ten percent yesterday. It's up another two and a half and this is on the back of a report that Papa John's has received an offer from Apollo Global
Management at sixty four dollars a share. Comes after speculation has been rife in this stock, as shares of down sixty five percent from their twenty twenty five high.
This stock mover's report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.