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Check out the companies making headlines in midday trading.
Casino Stocks – Las Vegas Sands and Wynn Resorts saw their stocks rise 14.1% and 8.6%, respectively, after Macau's government said it would limit the number of casinos that could operate there to six would. Current operators – including Wynn Macau, Sands China and MGM China – have their licenses expiring this year. MGM Resorts shares fell slightly.
JPMorgan Chase — Shares of the big bank fell 6.1%, dragging the averages for the big stocks. The sell-off came after the company posted its smallest quarterly profit in nearly two years and the lender's chief financial officer lowered guidance for company-wide returns. CFO Jeremy Barnum said in a conference call that management expects "headwinds" in the form of higher spending and falling earnings on Wall Street.
Wells Fargo – Bank stock rose 3.6% after the company posted quarterly sales that beat analysts' expectations and a sharp jump in earnings. The results were helped by a release of $875 million in reserves the bank had set aside to protect against widespread loan losses during the pandemic.
Citigroup – Citi shares fell 1.2% even as the company reported a hit to quarterly earnings and sales. However, the bank also reported a 26% decline in net income for the most recent quarter to $3.2 billion, driven by an increase in expenses.
BlackRock — Shares of the money manager fell 2.1% after the company reported a quarterly revenue decline of $5.11 billion from expectations of $5.16 billion, according to FactSet's StreetAccount. However, the company beat earnings estimates and grew its assets under management to over $10 trillion.
Monster Beverage – Monster Beverage shares fell 4.7% a day after the company announced plans to acquire CANarchy Craft Brewery Collective, a craft beer and hartselzer company, for $330 million in cash . The deal would add brands like Jai Alai IPA, Florida Man IPA, Wild Basin Hard Seltzer, and others to the Monster beverage portfolio.
Boston Beer Company — Shares of the alcoholic beverage company fell 8.1% in a day after the brewery trimmed its full-year profit outlook, citing high costs related to supply chain problems and slowing growth of its Truly hard seltzer brand.
Walt Disney Co – Disney shares fell 2.2% after Guggenheim downgraded the stock to neutral from a buy, citing slowing earnings growth in streaming and parks. The company also lowered its price target on Disney to $165 from $205.
Sherwin-Williams – Shares of the paint company fell 2.8% after it lowered its full-year guidance, citing supply chain issues it expects to persist in the current quarter. Sherwin-Williams also said demand is still strong in most of its end markets.
Domino's Pizza — Shares of Domino's Pizza slipped 1.7% after Morgan Stanley downgraded the restaurant chain's stock to an equal-weight rating. “DPZ still embodies many of the qualities of a great compounder for long-term growth. We see limited justification for further multiple expansion, particularly as DPZ's revenue growth is likely to normalize after experiencing significant Covid (and stimulus) benefits in 20/21,” said Morgan Stanley.
– CNBC's Yun Li and Hannah Miao contributed coverage