Yahoo Finance is tracking Morgan Stanley, Chipotle, IBM and Qualcomm in intraday trading on Wednesday.
Morgan Stanley (MS) – The big bank reported second-quarter earnings above Wall Street expectations, posting earnings per share of 87 cents on revenue of $9.50 billion. Analysts were expecting a profit of 76 cents and sales of $9.09 billion. Morgan Stanley’s trading business was not hit as hard as the other big banks. Revenue from that division fell by just 2% to $3.2 billion.
Chipotle (CMG) – It’s a bull versus bear battle over the restaurant chain on Wall Street. The stock received two downgrades and one upgrade following reports that customers were ill after eating at one of Chipotle’s restaurants in Virginia. Both BMO Capital Markets and Wells Fargo cut their ratings on the stock to market perform from outperform while Telsey Advisory Group said investors should buy on the stock’s recent dip. The firm upgraded Chipotle to outperform and reiterated its price target of $440 a share.
IBM (IBM) – The blue-chip stock is under pressure after reporting its 21st quarter in a row of revenue declines. IBM reported revenue of $19.29 billion, short of analyst expectations of $19.46 billion, but it did beat on earnings. Analysts cut their price targets on IBM following its quarterly report. Cantor Fitzgerald lowered its price target to $154 a share, while Jefferies slashed its to $125.
Qualcomm (QCOM) – The chipmaker is scheduled to report its fiscal third-quarter earnings after the bell Wednesday. Wall Street is calling for earnings of 81 cents a share on revenue of $5.26 billion. Qualcomm is expected to take a hit from its royalty battle with Apple (AAPL). The tech giant stopped paying Qualcomm royalty fees for the use of its patents in iPhones and iPads.
For more on Wednesday’s big stock movers, check out the Final Round, live at 4 p.m. ET, right here on Yahoo Finance.