Morgan Stanley, Citigroup, Plug Power: What to Watch in the Stock Market Today

Wall Street indexes opened larger amid a wave of earnings reviews, together with from main banks. Here’s what what’s transferring in Thursday’s buying and selling.

  • Morgan Stanley reported income development throughout virtually all of its main divisions, together with report advisory income.
  • Wells Fargo reported a 59% rise in revenue in the third quarter, boosted by a launch of funds it had put aside for potential mortgage losses throughout the pandemic. Its income slipped 2% however nonetheless got here above analysts’ estimates.
  • Bank of America reported earnings per share that beat analysts’ estimates. The financial institution launched $1.1 billion of its reserve in the third quarter, citing asset high quality enhancements.
  • Citigroup posted a large beat on earnings per share and a 48% rise in internet revenue. The financial institution’s CEO mentioned the restoration from the pandemic is driving company client confidence.
  • The Wall Street Journal reported that Boeing is coping with a brand new defect on its 787 Dreamliner, the newest in a collection of manufacturing slip-ups which have delayed plane deliveries and drawn scrutiny.
  • Domino’s Pizza posted income and U.S. same-store gross sales that missed expectations.
  • UnitedWell being raised its full-year steering for earnings. It mentioned its income development was pushed by larger insurance coverage memberships.
  • Some of agriculture-equipment maker Deere‘s workers went on strike for larger pay.
  • Walgreens Boots Alliance posted a revenue bounce and earnings per share that got here above Wall Street’s estimates.
  • Shares of United Parcel Service rose after an fairness analysis analyst at Stifel raised their value goal and score on the inventory.
  • Fuel-cell firm Plug Power mentioned it might work with Airbus to research the feasibility of bringing inexperienced hydrogen to plane and airports.
  • Lordstown Motors employed a brand new finance chief in the wake of the electric-truck startup’s latest liquidity issues.
  • Online furnishings retailer Wayfair ‘s inventory was downgraded by fairness analysis analysts at Jefferies and Morgan Stanley.
  • Aluminum producer Alcoa ‘s shares had been rising as aluminum costs climbed. The firm can be scheduled to report earnings after markets shut.
Chart of the Day
  • Since neither Hong Kong or Singapore has beforehand allowed them, SPACs sponsored by Asian traders flocked to the U.S. to increase cash. Since the begin of final 12 months, 35 such SPACs have raised a complete of $6.8 billion by going public on American inventory exchanges, in accordance to Dealogic. This could also be about to change as the Asian finance hubs transfer ahead with plans to enable SPAC listings.

Write to Anna Hirtenstein at anna.hirtenstein@wsj.com



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