Midday movers: Morgan Stanley, United Airlines, Procter & Gamble
Investing.com -- U.S. stocks were falling on Wednesday as corporate earnings reports continued to pour in, with investors awaiting Tesla (NASDAQ:TSLA) and Netflix (NASDAQ:NFLX) reports after the closing bell.
Here are some of the biggest U.S. stock movers today:
Morgan Stanley (NYSE:MS) stock fell 7.3% after the banking giant reported a 9% drop in profit from a year ago, while revenue grew 2% to $13.27 billion, essentially matching expectations.
United Airlines (NASDAQ:UAL) stock fell 7.2% after the carrier disappointed with its guidance, forecasting weaker fourth-quarter earnings due to higher costs. Procter & Gamble (NYSE:PG) stock rose 2.1% after the consumer goods giant’s quarterly sales topped market expectations, helped by steady demand for its products despite several rounds of price hikes.
Citizens Financial (NYSE:CFG) stock fell 5.7% after the bank’s third-quarter profit fell 33% on a decline in its income earned from charging customers interest on their loans.
Travelers (NYSE:TRV) stock rose 0.2% despite the insurer reporting a 14% fall in quarterly profit, as severe wind and hail storms in parts of the United States drove up catastrophe losses for the insurer.
JB Hunt (NASDAQ:JBHT) stock fell 6.3% after the transportation and logistics company fell slightly short on profit expectations in the third quarter.
Interactive Brokers (NASDAQ:IBKR) stock fell 4.3% after reporting third-quarter results, with brokerages reducing their price targets on the online broker, citing the company's lowered account growth targets.
M&T Bank (NYSE:MTB) stock fell 1.5% after the lender beat estimates for third-quarter profit, as the Federal Reserve's rapid rate hikes allowed it to charge more on loans.
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