Stocks making the biggest moves midday: Citigroup, Wells Fargo, Pinterest and more
Check out the companies making headlines in midday trading.
Pinterest — Shares of the image-sharing social media company surged 16.2% on a report from the Wall Street Journal that Elliott Management has acquired a more than 9% stake.
Citigroup — Citigroup rallied 13.2% after second-quarter earnings beat on the top and bottom lines. Citigroup was the only one of the four major banks that reported earnings this week to surpass expectations on revenue.
Wells Fargo — Shares of Wells Fargo surged 6.2% after the bank reported quarterly earnings Friday morning. The bank missed analysts' revenue estimates but beat on adjusted earnings per share, coming in at 82 cents versus 80 cents expected. Higher interest rates helped the bank during the quarter as net interest income climbed 16% on the year — which should help the bank offset further pressure on its mortgage unit and other operations going forward.
State Street — Shares jumped 9.7% after the financial services fiduciary reported a beat on earnings per share estimates. State Street reported earnings of $1.94 per share on revenue of $2.95 billion. Analysts polled by Refinitiv were expecting earnings of $1.73 per share on revenue of $2.99 billion.
Bank of New York Mellon — The bank holding company jumped 7.3% after a beat on revenue in its second-quarter earnings. Bank of New York Mellon reported revenue of $4.25 billion, compared with Refinitiv consensus estimates of $4.17 billion.
U.S. Bancorp — U.S. Bancorp gained 5.2% after quarterly earnings that surpassed revenue expectations. The bank posted revenue of $6.01 billion against analysts polled by Refinitiv who were expecting revenue of $5.89 billion.
UnitedHealth Group — Shares jumped 5.4% after the health insurer's quarterly earnings topped expectations. UnitedHealth reported earnings of $5.57 per share on revenue of $80.33 billion. UNH was expected to report earnings of $5.20 per share on revenue of $79.68 billion, according to consensus estimates from Refinitiv.
Sunrun — Solar stocks declined Friday following an NBC News report that said Sen. Joe Manchin would not support a bill increasing spending to address climate change. The story cited a Democrat briefed on the conversations. Sunrun fell 6.4%, First Solar declined 8.1%, SunPower dipped 3.4% and SolarEdge Technologies lost 1.2%.
—CNBC's Samantha Subin and Carmen Reinicke contributed reporting.