The JP Morgan Chase & Co. headquarters, the JP Morgan Chase Tower on Park Avenue, Midtown, Manhattan, New York.
Tim Clayton-Corbis | Corbis Sports | Getty Images
Check out the companies making headlines in midday trading.
JPMorgan Chase — Shares fell 3.5% as JPMorgan Chase reported a $524 million loss on market dislocations caused by sanctions imposed on Russia over the war in Ukraine. The bank posted better-than-expected earnings and revenue in the first quarter, but profit fell 42% year over year.
Delta Air Lines — The airline’s stock rose 4.6% as Delta forecast a return to profitability for the current quarter. Delta posted a lower-than-expected loss per share for the fiscal first quarter and beat consensus expectations for revenue.
American Airlines – Other travel stocks rose after Delta’s report. American Airlines was up 9.5%, Southwest Airlines was up 6.8% and Norwegian Cruise Line was up 5.9%.
PayPal Holdings, Walmart — Walmart on Tuesday, after the bell announced it had hired PayPal’s chief financial officer, John Rainey. Rainey will replace Brett Biggs, who has been CFO since 2015. PayPal fell about 4%, while Walmart shares rose about 2%.
Fastenal – Shares rose 1.8% after a stronger-than-expected quarterly report. The company reported earnings of 47 cents per share on sales of $1.7 billion. Analysts polled by Refinitiv were expecting earnings of 45 cents a share on sales of $1.69 billion.
Charles Schwab – The brokerage firm rose 3.4% after Morgan Stanley called it a “top pick” and said rising interest rates would boost the stock. The company’s price target for BlackRock implies upside potential of around 65%.
Warner Bros. Discovery – Shares rose 7.7% after Bank of America initiated the media stock with a buy rating. The firm said the merger of the two media companies creates a “powerhouse.”
Gap – Retail stock rose 9.5% after a report by Activist Insight speculated that the company could be a potential target for activists. CNBC has not confirmed the report.
— CNBC’s Samantha Subin and Tanaya Macheel contributed coverage.