Check out the companies making headlines in midday trading.
Wells Fargo — Shares of Wells Fargo fell 4.6% after the bank posted its first quarterly loss since the Great Recession and slashed its dividend. The bank posted a net loss of $2.4 billion in the second quarter, or a loss of 66 cents a share, worse than the 20 cents a share loss expected by analysts surveyed by Refinitiv. It also cut its quarterly dividend to 10 cents a share from 51 cents previously.
Citigroup — Shares of Citigroup ticked 3.9% lower following its quarterly earnings results which showed a slowdown in the company's consumer banking business. Citigroup, however, beat Wall Street estimates for its sales and earnings numbers.
Facebook, Amazon, Netflix, Alphabet, Microsoft — Shares of the major technology stocks sunk on Tuesday, continuing their weakness from Monday's session. Shares of Netflix dropped 3.2%, dragged down by a downgrade to neutral from buy from UBS. Facebook lost 1%. Amazon dropped 2% and Microsoft and Alphabet fell 1% and 1%, respectively. All the listed stocks closed in the green except for Netflix, which dropped 0.1% ,and Amazon, which fell 0.6%.
Tesla — Shares of the electric vehicle maker jumped 1.3% after Piper Sandler raised its target on the stock to a Street high of $2,322. "It's hard to see how competitors can catch up," the firm said while reiterating its overweight rating on the stock. Shares of Tesla have gained more than 250% this year.
Delta – Shares of the airline slid 2.7% after the company said it lost $4.43 per share in the second quarter, which was larger than the $4.07 per share loss analysts surveyed by Refinitiv had been expecting. Revenue did come in ahead of estimates, but Delta also said that it will be more than two years before the industry sees a sustainable recovery from the coronavirus pandemic.
JPMorgan — Shares of JPMorgan gained 0.6% after a record trading revenue helped the bank beat expectations on its quarterly profit. The bank posted earnings of $4.69 billion, or $1.38 a share, exceeding the $1.04 per share estimate of analysts surveyed by Refinitiv. The bank generated $9.72 billion from trading stocks and bonds, a 79% jump from a year prior. The stock rose as much as 2.3% in morning trading.
Ford — Shares of the automaker rose 5.1% after it unveiled its new Bronco SUVs. The revived brand, positioned as a competitor to Fiat Chrysler's Jeep Wrangler, has a starting price just under $30,000.
Spotify — Shares of the streaming audio company fell 2.5% but closed up 0.6% after UBS downgraded the stock two notches to sell from buy. The bank said in a note that the market had fully priced in strong performance in the upcoming quarters and that the stock could fall more than 20%.
Moderna — Shares of the biotech company jumped 4.5% after it said it will begin its phase 3 coronavirus vaccine trial on July 27. The trial will enroll 30,000 people that are at high infection risk.
Carnival, Norwegian Cruise Line, Royal Caribbean Cruises — Shares of the cruise lines ticked lower on Tuesday following downgrades from SunTrust. The Wall Street firm downgraded Carnival to a sell rating and downgraded Norwegian and Royal Caribbean to hold due to expected delays in their restarting plans.
— With reporting from CNBC's Yun Li, Jesse Pound and Pippa Stevens.