The stock market is the most important financial institution in the world, and its performance can have a significant impact on the economy. Morgan Stanley, Citigroup, and Plug Power are three stocks to watch today.
The power plug stock is a company that has been in the news recently. It’s for their innovative technology, which has developed power plugs.
9:40 a.m., October 14, 2021 ET
Following a flurry of earnings announcements, notably from big banks, Wall Street indices started higher. Here’s how things are shaping up in Thursday’s trade.
- Morgan Stanley MS 1.69 percent reported revenue increases in almost all of its main businesses, including a new high in advisory revenue.
- In the third quarter, Wells Fargo WFC -1.40 percent reported a 59 percent increase in earnings, bolstered by the release of money put aside for possible loan losses during the epidemic. Its sales fell 2%, yet it still above analysts’ expectations.
- Bank of America (BAC 3.55%) posted earnings per share that were above than analysts’ expectations. In the third quarter, the bank released $1.1 billion of its reserve, citing asset quality improvements.
- Citigroup C 0.41 percent reported a 48 percent increase in net income and a significant beat on profits per share. The recovery from the epidemic, according to the bank’s CEO, is boosting corporate consumer confidence.
- Boeing BA -1.29 percent is grappling with a new problem on its 787 Dreamliner, according to the Wall Street Journal, the latest in a string of manufacturing blunders that have delayed aircraft deliveries and attracted attention.
- Domino’s Pizza’s revenue and same-store sales in the United States fell short of forecasts.
- UnitedHealth Group UNH increased its full-year profit forecast by 4.16 percent. Higher insurance subscriptions, according to the company, are driving revenue growth.
- Employees at Deere, a manufacturer of agricultural equipment, went on strike in protest over lower wages.
- Walgreens Boots Alliance WBA 8.42 percent increased its profit and above Wall Street’s earnings per share expectations.
- United Parcel Service UPS 3.99 percent increased after a Stifel Nicolaus equities research analyst upgraded the stock’s price objective and recommendation.
- Plug Power PLUG -2.59 percent, a fuel-cell startup, said it will collaborate with Airbus EADSY 0.37 percent to investigate the possibility of delivering green hydrogen to planes and airports.
A hydrogen delivery vehicle from Plug Power.
Plug Power (photo)
- In the aftermath of the electric-truck startup’s recent financial issues, Lordstown Motors RIDE -1.63 percent recruited a new finance head.
- Equity research experts at Jefferies and Morgan Stanley lowered the shares of online furnishings company Wayfair W 2.02 percent.
- Aluminum manufacturer Alcoa AA 0.21 percent saw its stock rise in tandem with increasing aluminum prices. After the markets close, the business is also expected to release results.
The Day’s Chart
- SPACs backed by Asian investors rushed to the United States to raise funds since neither Hong Kong nor Singapore had previously authorized them. According to Dealogic, 35 such SPACs have raised a total of $6.8 billion by going public on American stock markets since the beginning of last year. As Asian financial centers go ahead with plans to enable SPAC listings, this may alter.
Anna Hirtenstein can be reached at [email protected]
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