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Check out the companies making headlines in midday trading.
Casino Stocks — Las Vegas Sands and Wynn Resort Their shares rose more than 11% and 7%, respectively, after the Macau government said the number of casinos allowed to operate in Macau would be limited to six. Licenses for current operators — including Wynn Macau, Sands China and MGM China — are set to expire this year. Shares of MGM Resorts edged lower.
JPMorgan — Shares of major banks fell more than 5%, dragging down major indexes.The sell-off comes after the company Smallest quarterly earnings beat posted For nearly two years, the lender’s CFO lowered its guidance for company-wide returns. Chief Financial Officer Jeremy Barnum said on the conference call that management expects “headwinds” from higher spending and slower earnings on Wall Street.
FuGuo bank — Shares of the bank rose more than 3% after the company reported quarterly revenue that beat analyst expectations and significant growth in profitsThe results were helped by the bank setting aside $875 million in reserves to protect against widespread loan losses during the pandemic.
Citigroup — Citi shares fell 2.5% even as the company reported quarterly earnings and revenue that beat expectations.However, the bank also reported net income for the most recent quarter down 26% to $3.2 billion, citing increased costs.
blackstone — Shares of the asset manager fell 2.6% after it reported quarterly revenue of less than $5.11 billion, compared with expectations of $5.16 billion, according to FactSet’s StreetAccount. However, the company’s earnings beat estimates and its assets under management grew to more than $10 trillion.
monster drink — Shares of Monster Beverage fell 4.5% on the day after the company revealed plans to buy craft beer and hard seltzer company CANarchy Craft Brewery Collective for $330 million in cash. The deal will bring brands such as Jai Alai IPA, Florida Man IPA, Wild Basin Hard Seltzer to the Monster beverage portfolio.
Boston Beer Company — Shares of the alcoholic beverage company fell more than 9% a day after the brewer cut its annual earnings outlook, citing high costs related to supply chain issues and weaker growth at its hard seltzer brand Truly.
The Walt Disney Company — Disney shares down 3.8% after Guggenheim downgrade the stock Neutral, citing slower profit growth in streaming and parks. The company also lowered its price target on Disney to $165 from $205.
Sherwin-Williams — Shares of the coatings company fell nearly 3% after it cut its full-year forecast, citing its expectation that supply chain issues will continue into the current quarter. Sherwin-Williams also said demand remains strong in most of its end markets.
Domino’s Pizza — Shares of Domino’s Pizza fell 2.8% after Morgan Stanley Downgrading Restaurant Chain Stocks to the same weight class. “DPZ still embodies many of the hallmarks of a great long-term growth compounder, and we see limited justification for further multiple expansion, especially as DPZ’s sales growth is likely to normalize after a lot of Covid (and stimulus) gains in 20/21, ” Morgan Stanley said.
—CNBC’s Yun Li and Hannah Miao contributed reporting