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WFC

Wells Fargo reported a Q3 2024 net income of $5.11 billion, down 11.3% year-over-year, with a GAAP EPS of $1.42 beating expectations. Revenue fell 2% to $20.37 billion. Net interest income dropped 11% due to higher funding costs, but noninterest income rose 12% due to higher investment banking fees and other factors. The company expects a 9% decline in net interest income for 2024. WFC stock rose 3% in premarket trading.

Portfolio Pulse from Vandana Singh

October 11, 2024 | 11:47 am

ROCK

Gibraltar Industries has revised its FY24 net sales outlook downwards from $1.38B-$1.42B to $1.31B-$1.33B, and its adjusted EPS outlook from $4.57-$4.82 to $4.11-$4.25, both below estimates.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2024 | 11:40 am

GLD

SPY

USO

U.S. markets closed lower due to conflicting economic data, with inflation higher than expected and rising jobless claims. This has led to speculation of a potential Federal Reserve rate cut in November. Most S&P 500 sectors saw losses, while energy and materials stocks rose. Asian and European markets showed mixed results, with notable declines in China's indices. Commodities saw a dip in crude oil prices, while gold rose above $2,650.

Portfolio Pulse from Akanksha Bakshi

October 11, 2024 | 11:40 am

LYFT

TSLA

UBER

Uber and Lyft shares are rising in premarket trading due to Tesla's delayed entry into the ride-hailing market with its Cybercab, allowing Uber and Lyft to maintain their market share for the next two years.

Portfolio Pulse from Shanthi Rexaline

October 11, 2024 | 11:37 am

AGBA

AGBA and Triller are set to complete their merger on October 14, 2024, pending final Nasdaq approval. The merger will involve a reverse stock split for AGBA to comply with Nasdaq rules.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2024 | 11:04 am

SGMT

Sagimet Biosciences announced positive Phase 2B trial results for denifanstat in treating metabolic-dysfunction associated steatohepatitis (MASH) with significant improvements in disease activity and fibrosis. The results support moving to Phase 3 trials.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2024 | 11:04 am

JPM

JPMorgan CEO Jamie Dimon stated that the company will continue its modest pace of share repurchases, citing slightly inflated market levels. However, the company reserves the right to adjust its buyback strategy at any time.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2024 | 10:58 am

BLK

JPM

LYFT

TSLA

UBER

WFC

U.S. index futures indicate a modestly lower opening as traders await the producer price inflation report and JPMorgan's earnings. Tesla's stock fell after its Robotaxi event, impacting Uber and Lyft. Major banks like JPMorgan, Wells Fargo, and BlackRock are set to report earnings.

Portfolio Pulse from Shanthi Rexaline

October 11, 2024 | 10:56 am

JPM

JPMorgan CEO Jamie Dimon has stated that the bank has an extraordinarily strong balance sheet, which could imply financial stability and potential for growth.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2024 | 10:56 am

WFC

Wells Fargo reported Q3 2024 earnings per share of $1.42, beating the consensus estimate of $1.28, but sales of $20.37 billion slightly missed the $20.41 billion estimate. Both earnings and sales showed a decline compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2024 | 10:47 am