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Hey, let's get to some stocks that are on the move today. The major indices moved a little bit to the downside. The S and P five hundred fell by two tenths of one percent, the Down down by eight tenths of one percent, the Nasdaq down by one tenth of one percent. I'm Tim Stanebeck along with Christina Raffini. We're joined by Bloomberg Television Markets correspondent Nora Melnda for stocks on the move. What's on your mind?
Well, of course, we've been looking at bank earning season, so I've got my eyes on JP Morgan Chase, that's ticker JPM.
You all were just talking.
About Jamie Diamond while we are looking at the results that we got in terms of earnings for the fourth quarter. We saw that investment banking fees fell in the fourth quarter, short of analyst expectations. We also saw that deals that were meant to be completed last quarter were pushed into this year, so you definitely saw that sentiment really ricochet across Wall Street, we saw a decline of about four point two percent on the day for this stock in particular,
and financials more broadly declining. Of course, we know President Donald Trump has been coming out saying that he wants to put a ten percent cap on interest rates for credit cards. We know Jamie Diamond is pushed back on that, and of course we're still seeing developments in terms of what this could mean moving forward, but seems of still some people on the street are concerned.
So before we move on, I do want to put those the exact quote from Diamond that we believe the President was responding to just then he said, I want to say I don't agree with everything the FED has done. I do have enormous respect for J. Powell the man, and then went on to say anything that chips away at the Fed's independence is not a good idea, and in my view, we'll have their verse consequences. So please carry on.
All right. So that's certainly one of the stocks that is on the move today. What else do you have on your mind?
Let's look at meta platforms.
I've been keeping my eye on the tech space, but meta platforms in particular, we did see shares ending lower by about one point seven percent on the day. We do know that they actually cut about a thousand jobs in terms of the Reality Labs division. We know that Meta was really focused on really bringing the metaverse and saying that we would spend a lot of time there, but that hasn't really panned out.
We did we'd expected, I mean, I know I did it.
I don't know if you guys were over there, but it didn't work out the way they get anticipated or what investors were hoping for. So you are seeing them really pairing all of their developments into that right now.
Okay, meta platforms. Interesting news coming out of Meta Platforms. In the last couple of days as well, the company begins jobs cuts as it shifts away from the metaverse to AI devices. I was thinking about this yesterday, Nora, and I'm just like, the metaverse never took it, and the fact that you know, a few years ago we
were talking about metas full pivot to the metaverse. They're so lucky that at the same time they were investing in AI and doing so much in AI, because that has certainly been the trend that has.
Taken Absolutely, if you just think about the ticker and the rename toward Meta. I mean, there clearly was a massive push for this and it didn't really materialized.
And we're not shopping there.
Not too many people are eating there or doing all the transactions that they had anticipated. So we'll have to see what they're able to do. I believe they're going to be redistributing some of the funds they were using for the Reality Labs division toward other things.
Okay, so Meta platforms, Japing Morgan, what else?
Delta take a look at the airline industry. People are always traveling, but we did see shares falling lower Delta shares takeer DL down by more than two percent at the closing bell. It seems as though geopolitics were weighing on travel at that's what the company is saying. They provided a profit forecast that fell short of Wall Street estimates, and so they're really just talking about the fact that consumers are uncertain, not really wanting to travel in this environment.
So that's what they're really pegging the decline to.
It wasn't necessarily bad, just wasn't as good as markets wanted.
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