Regional Bank Stocks
The regional banking sector saw a slight uptick after a challenging day on Thursday. Zions Bancorporation experienced a rise of over 1% following a favorable upgrade from Baird. Meanwhile, Western Alliance also saw a modest increase of less than 1%. The SPDR S&P Regional Banking ETF (KRE) advanced by 0.4%, reflecting a cautious optimism in the sector.
Jefferies
Shares of Jefferies surged by 3% after a significant drop of more than 10% the previous day. Oppenheimer upgraded the stock to “outperform,” citing that Jefferies’ exposure to First Brands is “very limited,” which reassured investors.
CSX
CSX, the railroad stock, gained 2.5% following better-than-expected earnings for the third quarter. The company reported adjusted earnings of 44 cents per share on revenues of $3.59 billion, surpassing analysts’ expectations of 42 cents per share and $3.58 billion in revenue.
Interactive Brokers Group
In contrast, Interactive Brokers Group saw a decline of 2.6% despite reporting earnings that exceeded expectations for the third quarter. The company recorded earnings of 57 cents per share, excluding items, with $1.61 billion in revenue, surpassing the LSEG estimates of 54 cents and $1.52 billion.
Oracle
Oracle’s stock fell by 2.4%, giving back some of the gains made in Thursday’s session. The company confirmed a cloud computing deal with Meta, but the market reaction was less than favorable.
Bank OZK
Bank OZK experienced a slip of around 2% as its third-quarter earnings fell short of expectations. The bank reported earnings of $1.59 per share, missing the consensus forecast of $1.66 from analysts surveyed by FactSet.
Pharmaceutical Stocks
Both Novo Nordisk and Eli Lilly saw declines of about 4% after former President Donald Trump suggested that the costs of obesity drugs could be “much lower.” However, Dr. Mehmet Oz, the administrator of the Centers for Medicare & Medicaid Services, clarified that the prices of popular GLP-1 medications have not yet been negotiated by the White House.
Fifth Third
Fifth Third Bancorp’s shares rose by 2.8% following a better-than-expected earnings report for the third quarter. The bank earned 91 cents per share on $2.31 billion in revenue, exceeding the LSEG forecasts of 87 cents and $2.28 billion. Comerica’s shares also saw a rise of 0.8% after posting positive earnings.
Micron Technology
Micron Technology’s shares traded 1.8% lower after reports indicated that the company would exit the server chips business in China. The decision comes after Micron’s business in the region failed to recover following a 2023 ban on its products in critical infrastructure.
Huntington Bancshares
Huntington Bancshares saw a 2% increase, reporting earnings of 41 cents per share in the third quarter, surpassing the LSEG consensus forecast of 37 cents.
American Express
American Express added about 1% after beating expectations for the third quarter and raising its full-year guidance. The company reported earnings of $4.14 per share on $18.43 billion in revenue, while analysts had anticipated $4 per share and $18.05 billion.
Truist Financial
Truist Financial’s stock rose by 2.8% following a stronger-than-expected third-quarter earnings report. The bank earned $1.07 per share, excluding items, with $5.24 billion in revenue, surpassing analysts’ expectations of $1 and $5.20 billion.
Intuitive Machines
Intuitive Machines saw a rally of 4.8% after Deutsche Bank upgraded the stock from hold to buy. The firm noted that the stock’s risk-to-reward ratio looks attractive, with commercial catalysts on the horizon.
— CNBC’s Pia Singh contributed reporting
