JPMorgan, Citigroup, State Street, UnitedHealth, AT&T, and More Stock Market Movers

JPMorgan Chase
(ticker: JPM) rose 0.9% after the banking giant posted second-quarter earnings and revenue that beat Wall Street’s forecasts. It saw a surge in profit in the period thanks to higher interest rates and its acquisition of
First Republic Bank
in May.

Citigroup
(C) slid 4% after the bank posted second-quarter earnings and revenue that slightly beat expectations.

Wells Fargo
(WFC) fell 0.3% after the bank posted better-than-expected earnings and revenue for its second quarter. Net interest income of $13.2 billion benefited from higher interest rates.

BlackRock
(BLK) beat second-quarter earnings expectations but net inflows for the asset manager fell short of expectations. The stock fell 1.6%.

U.S.-listed shares of
Ericsson
(ERIC) tumbled nearly 13% after the Swedish telecommunications giant reported second-quarter adjusted operating profit that fell 62% from a year earlier on a sharp decline in networking-equipment sales.

American depositary receipts of Finnish telecommunications company
Nokia
(NOK) dropped 8.5% after the company cut its 2023 sales forecast,
Nokia
(NOK) cut its sales outlook and narrowed its margin guidance on Friday, citing a weaker demand outlook in the second half of the year.

Networking gear makers
Juniper Networks
(JNPR) and
Cisco Systems
(CSCO) declined on the Ericcson and
Nokia
news, fell 6.2% and nearly 2.3%, respectively.

State Street
(STT) tumbled 12% after the financial-services company posted second-quarter net interest income that rose from a year earlier but missed analysts’ expectations. Revenue also came up short. The stock was the worst performer in the
S&P 500.

UnitedHealth
(UNH) rose 7.2% after posting second-quarter earnings that beat analysts’ estimates and raising its 2023 earnings outlook.

Alcoa
(AA) declined 5.9% after the aluminum maker was downgraded to Neutral from Overweight at J.P. Morgan.

AT&T
(T) fell 4.1% to $14.5 after the telecom company was downgraded to Neutral from Overweight at J.P. Morgan. It marked the lowest close since February 23, 1994, when the stock closed at $14.16, according to Dow Jones Market Data. Earlier this week, The Wall Street Journal published an article that said
AT&T,

Verizon Communications
(VZ), and other telecom companies have network cables covered in potentially toxic lead across the U.S., some laid by predecessor companies.

Eli Lilly
(LLY) rose 3.4% after it reached a deal to buy Versanis Bio, a privately held biotech that is testing a monoclonal antibody drug called bimagrumab as a new treatment for obesity.

Write to Joe Woelfel at [email protected]