Check out the companies making headlines in midday trading Friday.
Morgan Stanleyafter the bank posted weaker-than-expected third-quarter earnings. Revenue also fell short of expectations as a result of a decline in investment banking.
Citigroupafter its third-quarter revenue climbed more than analysts expected, helped by rising interest rates. Citi’s earnings per share also topped Wall Street expectations. However, its earnings fell 25% from the year-earlier period as it bulked up its credit loss provisions and investment banking slumped.
Wells Fargoreported quarterly earnings and revenue that topped analysts’ expectations. The strong numbers came even after Wells set aside $784 million for credit losses. CEO Charlie Scharf said the bank is positioned well to continue to benefit from higher rates.
Beyond MeatBeyond Meat said it plans to cut 19% of its workforce as the plant-based meat company struggles with falling sales. Several top executives are leaving, including chief operating officer Doug Ramsey — who was arrested after allegedly biting a man’s nose.
TeslaWells Fargo analyst trimmed its price target on the electric vehicle stock to $230 from $280 a share. The analyst cited concern over higher interest rates for the target cut.
ViaSatafter the U.K.’s competition regulator launched an in-depth probe into ViaSat’s $7.3 billion deal to buy British rival Inmarsat. The Competition and Markets Authority is concerned the takeover would make it harder for competitors to do business in the aviation sector and would lead to higher prices for onboard Wi-Fi on airplane flights.
— CNBC’s Yun Li, Tanaya Macheel, Michelle Fox, Sarah Min and Scott Schnipper contributed reporting