Stocks making the biggest moves midday: GL, JPM, ZTS, WFC

Check out the companies making headlines in midday trading. JPMorgan fell 5% after disclosing that its net interest income level could fall short of Wall Street analysts’ expectations in 2024, despite beating both top- and bottom-line estimates in its last quarter. CEO Jamie Dimon also underscored the danger of inflationary pressures. Wells Fargo’s shares inched lower by less than 1% after reporting a decline in net interest income during the first quarter. However, Wells Fargo did beat analysts’ expectations for its first-quarter adjusted earnings and revenue. BlackRock’s shares fell nearly 2% as the asset manager reported total net inflows that came in below expectations. Nevertheless, BlackRock posted first-quarter adjusted earnings and revenue higher than analysts had forecast. Globe Life’s life insurance stock bounced 10% after plummeting more than 50% during the previous session due to a report from Fuzzy Panda Research making allegations of insurance fraud. Paramount, the entertainment company, slipped nearly 2% after disclosing plans to reduce its board size. Paramount is currently in talks of a merger with Skydance Media. Corteva, the agriculture chemical stock, lost 3.8% after being downgraded by JPMorgan. Ciena’s shares slipped nearly 3% after receiving a sell rating from Citi. Zoetis, the pet medication company, sank more than 7% following a report from The Wall Street Journal on potential side effects from its arthritis drugs. Arista Networks’ shares dropped 9% after a double downgrade at Rosenblatt to sell from buy. — CNBC’s Michelle Fox, Alex Harring, Tanaya Macheel and Pia Singh contributed reporting.

Several companies are making headlines in midday trading with notable stock movements. JPMorgan fell 5% after disclosing that its net interest income level may fall short of analysts’ expectations in 2024, despite beating estimates in its last quarter. Wells Fargo saw a slight decrease in its stock price after reporting a decline in net interest income in the first quarter, although it exceeded analysts’ expectations for adjusted earnings and revenue. BlackRock’s shares dropped nearly 2% as total net inflows fell below expectations. Globe Life’s stock rebounded by 10% after a significant drop, triggered by allegations of insurance fraud. Paramount slipped by 2% after plans to reduce its board size amidst merger talks with Skydance Media. Corteva lost 3.8% following a downgrade from JPMorgan. Ciena’s shares fell by 3% after a sell rating from Citi due to overly optimistic expectations regarding artificial intelligence. Zoetis saw a significant decline of over 7% due to concerns over potential side effects of its arthritis drugs. Arista Networks shares dropped 9% after a double downgrade to sell from buy, warning of a smaller-than-expected AI opportunity. Overall, these companies are facing various challenges and uncertainties in the market, leading to fluctuations in their stock prices.

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