People pass the JP Morgan Chase & Company headquarters in the Manhattan district of New York.
Mike Segar Reuters
Check out the companies that hit the headlines in the noon trade.
JPMorgan Chase – JPMorgan rose 6.2% after the bank said it expects to reach key earnings targets earlier than planned, thanks to rising interest rates, boosting its lending business. Other banks were also among the best on Monday. Citi and Bank of America increased by 6% and Wells Fargo by 5%. Banks tend to benefit from higher interest rates that allow for higher margins and profits.
Starbucks – Shares of the global coffee chain rose slightly after the company said it would withdraw from the Russian market amid the country’s invasion of Ukraine, joining companies such as McDonald’s, Exxon Mobil and British American Tobacco in full exit. Starbucks has 130 branches in Russia, which is less than 1% of the company’s annual revenue.
Gap – shares fell 5.5% after Citi downgraded Gap along with a number of other clothing companies such as Abercrombie and Fitch and Children’s Place, saying last week’s earnings reports should be a “wake-up call” for retailers. Shares of Abercrombie and Fitch fell by almost 2%, shares of Children’s Place fell by 4%.
Electronic Arts – Electronic Arts shares added 2.3% on news that it is 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 1.25% as SVB Securities said the diabetes drug maker “changes the game” and could bring more returns to the stock.
VMWare – Cloud stock has risen more than 24.8% after numerous reports say VMWare is in talks to acquire chipmaker Broadcom. Broadcom shares fell 3.1%.
Autodesk – Autodesk shares fell 4.1% after Deutsche Bank downgraded the software company to avoid buying and lowering its target price. Deutsche also said it expects mixed first-quarter results from Autodesk.
Emergent BioSolutions – Emergent BioSolutions has jumped 3.8% as a life sciences company makes a smallpox vaccine that can be used to prevent the spread of monkeypox.
Porch Group – Shares of the consumer services company rose 5.4% after JPMorgan initiated coverage coverage with overweight ratings, saying Porch Group stood out with its business-to-business strategy.
– Tanya Machil, Yun Lee, Hanna Miao and Sarah Ming from CNBC added reports