.
At midday today, several companies are making headlines. Banks saw a sharp slide as CNBC reported that Fitch Ratings may once again lower the banking sector's standing. Bank of America and JPMorgan Chase fell 2%, while Citigroup and Morgan Stanley dropped over 1%. Citizens Financial Group experienced an even larger decrease, with shares decreasing more than 3%. Steel company Cleveland-Cliffs shed 2.7%, as investors considered the potential for industry consolidation. U.S. Steel rejected a takeover bid from rival Esmark, which then met with Cleveland-Cliffs' shares leaping 8% on Monday. Credit card issuer Discover Financial Services saw a 9% drop in shares after president and CEO Roger Hochschild was replaced with John Owen. Hannon Armstrong Sustainable Infrastructure Capital, rising 2.3%, benefitted from Bank of America upgrading to a buy rating. Potential boosts from the Inflation Reduction Act was mentioned as a factor. Paramount Global's shares increased by 2% due to the Alliance of Motion Picture and Television Producers offering screenwriters on strike a new deal that, according to Bloomberg, includes recognizing humans as screenwriters rather than artificial intelligence. Homebuilding stocks, such as D.R. Horton and Lennar, saw 1.5% and 2% increases due to Warren Buffet's investment revealed in regulatory filings. AI stock Nvidia advanced 1.7% following positive estimates from UBS, Wells Fargo, and Baird. Lastly, Turnstone Biologics rose 1.96% after positive reports from Piper Sandler and Bank of America. CNBC's Alex Harring, Jesse Pound, Tanaya Macheel, Pia Singh and Samantha Subin contributed reporting.
Comments