Stocks making the biggest moves midday: JPMorgan Chase, Gap, VMWare & more
Check out the companies making headlines in midday trading.
JPMorgan Chase – JPMorgan rose 7% after the bank said it expects to reach key return targets sooner than planned thanks to rising interest rates giving its lending business a boost. Other banks were also among the top gainers Monday. Citi and Bank of America got a 6% boost each, and Wells Fargo added 5%. Banks tend to benefit from rising rates, which allow for higher margins and profits.
Starbucks – Shares of the global coffee chain rose slightly after the company said it will exit the Russian market amid the country’s invasion of Ukraine, joining companies like McDonald’s, Exxon Mobil and British American Tobacco in withdrawing from the country completely. Starbucks has 130 locations in Russia, which account for less than 1% of the company’s annual revenue.
Gap — Shares fell 3% after Gap was downgraded by Citi along with a string of other apparel companies, such as Abercrombie and Fitch and Children’s Place, saying last week’s earnings reports should serve as a “wake-up call” for retailers. Shares of Abercrombie and Fitch fell nearly 2%, shares of Children’s Place fell 4%.
Electronic Arts — Shares of Electronic Arts added 1.8% on news that it’s seeking a sale or merger. Walt Disney, Apple and Amazon have reportedly held talks with the video game maker.
Eli Lilly — Eli Lilly’s stock added 1% as SVB Securities said the drugmaker’s diabetes drug is “game-changing” and could bring more gains for the stock.
VMWare – The cloud stock surged more than 20% after multiple reports said VMWare is in advanced talks to be acquired by chipmaker Broadcom. Broadcom shares dipped 2.7%.
Autodesk — Autodesk shares fell 4.7% after Deutsche Bank downgraded the software company to hold from buy and cut its price target. Deutsche also said it anticipates mixed first-quarter results from Autodesk.
Emergent BioSolutions — Emergent BioSolutions jumped 9.8% as the life sciences company makes a smallpox vaccine that can be used to prevent spreading monkeypox.
Porch Group — Shares of the home services company gained 2.7% after JPMorgan initiated coverage with an overweight rating, saying that Porch Group has differentiated itself through its business-to-business strategy.
— CNBC’s Tanaya Macheel, Yun Li, Hannah Miao and Sarah Min contributed reporting