- A couple is accusing JPMorgan of drilling open their safe deposit boxes and selling $10 million of their jewelry after they failed to pay rent for the boxes Yahoo Finance
- JPMorgan Is Being Sued For Allegedly Selling $10 Million in Jewelry in a Couple’s Safe Deposit Boxes Robb Report
- JP Morgan SUED by couple who say investment bank SOLD $10m of their jewelry Daily Mail
- Couple claims JPMorgan sold $10 million of their jewelry after drilling open a safety deposit box because they didn’t pay their rent Yahoo Finance
- JPMorgan Sold $10 Million in Jewels Left in Bank Safe Deposit Box, Suit Claims Bloomberg
- View Full Coverage on Google News
Tag Archives: JPMorgan
A couple is accusing JPMorgan of drilling open their safe deposit boxes and selling $10 million of their jewelry after they failed to pay rent for the boxes – Yahoo News
- A couple is accusing JPMorgan of drilling open their safe deposit boxes and selling $10 million of their jewelry after they failed to pay rent for the boxes Yahoo News
- JP Morgan SUED by couple who say investment bank SOLD $10m of their jewelry Daily Mail
- Couple sues JPMorgan for selling off their jewellery worth $10 million Moneycontrol
- Couple claims JPMorgan sold $10 million of their jewelry after drilling open a safety deposit box because they didn’t pay their rent Yahoo Finance
- JPMorgan alleged to have sold contents of safe deposit box BusinessLIVE
- View Full Coverage on Google News
‘Damage Is Done’: Stock Market Likely Set For Another Plunge As Economic Warning Signs Abound, JPMorgan Cautions – Forbes
- ‘Damage Is Done’: Stock Market Likely Set For Another Plunge As Economic Warning Signs Abound, JPMorgan Cautions Forbes
- US stocks are in ‘death zone’ and could sink 26%, Morgan Stanley warns Fox Business
- US Markets Turn Risk-Off Ahead of Fed Minutes: In Charts Bloomberg
- Stock-market rally could peak before first quarter is over, say JPMorgan strategists MarketWatch
- ‘Goldilocks’ is dead, warns Morgan Stanley Wealth Management. The risk of an economic ‘hard landing’ is growing even if the ‘pain may be delayed’ Fortune
- View Full Coverage on Google News
JPMorgan Chase, Wendy’s and more
A sign is posted in front of a Wendy’s restaurant on August 10, 2022 in Petaluma, California.
Justin Sullivan | Getty Images
Check out the companies making headlines in midday trading.
JPMorgan – Shares of the biggest U.S. bank by assets rose more than 2% after the firm posted fourth-quarter profit and revenue that topped expectations. The New York-based bank said profit jumped 6% from the year earlier period to $11.01 billion, or $3.57 per share. Interest income at the bank surged 48% on higher rates and loan growth.
Citigroup — Citigroup’s stock added more than 1% as the company reported a record fourth quarter for fixed income. The bank said net income decreased during the period by more than 21% over last year as it set aside more money for potential credit losses.
Delta Air Lines — The airline stock edged about 4% lower after the company said in its outlook that higher labor costs would hurt its first-quarter profits. Delta topped analysts’ expectations on the top and bottom lines for the fourth quarter.
Wendy’s — The fast-food chain’s stock added 5.7% after Wendy’s shared positive preliminary fourth-quarter results and announced a handful of reshuffles within its corporate structure. A regulatory filing also indicated that Nelson Peltz does not want to take over Wendy’s.
Wells Fargo – The bank stock dipped 0.1% after the firm reported shrinking profits, weighed down by a recent settlement and the need to build up reserves amid a deteriorating economy. Wells Fargo’s net income tumbled 50% to $2.86 billion from $5.75 billion a year ago. The bank set aside $957 million for credit losses after reducing its provisions by $452 million a year ago.
Bank of America —The financial stock rose less than 1% on Friday after Bank of America beat estimates on the top and bottom lines for the fourth quarter. A sharp rise in net interest income helped the results, though management cautioned that the metric could decline sequentially in the first quarter. CEO Brian Moynihan also said that a mild recession was the firm’s baseline assumption for 2023.
Virgin Galactic Holdings — The space tourism company jumped nearly 13% after it said it was on track for a commercial launch in the second quarter of 2023. The company also announced its president of aerospace systems, Swami Iyer, was leaving.
Tesla — Shares of the electric-vehicle maker shed more than 2% after being downgraded to sell from neutral by Guggenheim and cutting prices on its vehicles in the U.S. and Europe. In its downgrade, Guggenheim cited concerns with Tesla’s fourth-quarter estimates.
Bank of New York Mellon — Shares of the mid-sized bank rose 2.5% on Friday after the company reported net income of $509 million for the fourth quarter. That was down 38% year over year but up about 60% from the third quarter. That profit rose to $1.1 billion, or $1.30 per share, when excluding certain items, but it is unclear if those results were comparable to analysts’ estimates.
UnitedHealth — The health-care stock advanced more than 1% after the company surpassed Wall Street’s fourth-quarter expectations. UnitedHealth reported adjusted earnings of $5.34 a share on $82.8 billion in revenue. Analysts polled by Refinitiv expected earnings of $5.17 per share on revenues of $82.59 billion.
Lockheed Martin — The defense stock slipped more than 3% after Goldman Sachs downgraded shares to sell from a neutral rating. The firm said shares could fall if the government trims defense spending. Northrop Grumman shares also dove 5% on Goldman’s downgrade to a sell from neutral rating.
Salesforce — The software stock shed 1% following a downgrade to neutral from overweight by Atlantic Equities. The firm said the stock would likely be hurt by executive departures and slowed growth.
Logitech — Shares of the consumer electronics company dipped 3.3% after Deutsche Bank downgraded the shares to a hold from a buy rating. The decline built on Thursday’s losses after reporting preliminary results that signaled slowing sales and earnings.
Warner Music Group – Shares of Warner Music Group shed 5.5% after Guggenheim cut its rating on the stock to neutral from buy and trimmed its price target to $35 from $38, citing worries about revenue from the music streaming service.
Copa — Shares of the Latin American airline jumped 4.9% following an upgrade to overweight from a neutral rating by analysts at JPMorgan. The bank said shares could rally 50% as air travels resurges.
AutoNation — AutoNation’s stock fell 4.3% as Wells Fargo downgraded the automotive retailer to equal weight from an overweight rating, saying that its valuation looks “reasonable” and estimates look too high.
— CNBC’s Jesse Pound, Yun Li, Michelle Fox, Alex Harring and Carmen Reinicke contributed reporting
Dow Jones Futures Fall: JPMorgan Earnings, UnitedHealth Top; Tesla Slashes U.S., European Prices
Dow Jones futures fell solidly early Friday, along with S&P 500 futures and Nasdaq futures. Tesla slashed prices in the U.S. and Europe, following big cuts in China and key Asia markets last week, sending TSLA stock and other automakers tumbling. JPMorgan, Bank of America, Delta Air Lines and UnitedHealth earnings topped views before the open. But those stocks were generally lower.
X
The stock market rally gained some more ground on Thursday, though the S&P 500 hit resistance at a critical area.
The much-anticipated CPI inflation report showed cooling price pressures largely in line with expectations, though service price gains were a mixed picture. Still, the slowing inflation trend should continue for several months, raising hopes that the Federal Reserve will soon end rate hikes.
Investors should be looking to add exposure, carefully. This market is prone to pullbacks, and could be due for one. Meanwhile, many leading stocks are now extended from at least early buy points. Exxon Mobil (XOM) and Celsius Holdings (CELH) are still actionable.
XOM stock and Celsius are on the IBD 50. CELH stock is on SwingTrader and on the IBD Leaderboard watchlist.
Tesla Price Cuts
Tesla cut prices sharply in the U.S., making more of its models eligible for tax credits of up to $7,500. U.S. Model 3 prices have been reduced 6%-14%, depending on the trim. The base Model Range Standard Range RWD was cut $3,000 to $43,990, which means it would be $36,240 after the IRA tax credits. The Performance version was cut $9,000 to $53,990, getting under the $55,000 limit for tax credits. The base Model Y has been slashed $13,000, or nearly 20%, to $52,990. The Performance variant has been cut to $56,990, also down $13,000.
Meanwhile, Tesla cut Model 3 and Y prices in at least Austria, France, Germany, the Netherlands, Norway, Switzerland and the U.K.
The price cuts should significantly boost sales in the U.S. and provide a boost in Europe, where backlogs had been falling significantly. But they also raise concerns about Tesla’s prized profit margins.
On Jan. 6, Tesla cut China prices significantly for the second time in less than three months, as inventories swelled despite big year-end incentives and temporary Shanghai plant production halt.
Tesla stock fell 6% in premarket trading. General Motors (GM), Ford (F), Rivian (RIVN) and Lucid (LCID) declined 3%-4%, as Tesla price cuts may undercut their demand and pricing for EVs and other vehicles.
Key Earnings
UnitedHealth (UNH) earnings topped fourth-quarter views early Friday. UNH stock retreated slightly early Friday. Shares have sold off in 2023 along with other health insurers, though it rose Thursday.
Delta Air Lines (DAL) topped Q4 estimates as well and reiterated recent bullish guidance on 2023. But shares fell solidly before the open. DAL stock has spiked in 2023 with the airline group, adding to gains Thursday on bullish preliminary revenue from American Airlines (AAL). Delta is well extended from early entries and is working up the right side of a long, deep base.
JPMorgan Chase (JPM) and Bank of America (BAC) topped fourth-quarter views, while Wells Fargo (WFC) and Citigroup (C) had mixed results.
JPM stock and BofA fell modestly, while Wells Fargo and Citi stock also declined. JPMorgan stock closed Thursday in a buy zone after a traditional breakout. Bank of America and Citigroup stock were near early entries in bottoming bases. WFC stock has more work to do.
Dow Jones Futures Today
Dow Jones futures fell 0.8% vs. fair value. JPM stock and UnitedHealth are both Dow Jones components. S&P 500 futures declined 0.95%. Nasdaq 100 futures fell 1.15%. Tesla stock is weighing on S&P 500 and Nasdaq futures, while all the banks and DAL stock are hitting the S&P 500.
The 10-year Treasury yield rose 4 basis points to 3.49%.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live
Stock Market Rally
The stock market rally wavered Thursday, with volatile premarket swings continuing into the morning. But as the session wore on, the major indexes calmed down and moved higher before fading somewhat in the day.
The Dow Jones Industrial Average advanced 0.6% in Thursday’s stock market trading. The S&P 500 index climbed 0.3%. The Nasdaq composite rose 0.6%. The small-cap Russell 2000 jumped 1.7%.
U.S. crude oil prices rose 1.3% to $78.39 a barrel, climbing 7.6% over the past six sessions.
Copper climbed 0.8% on Thursday, surging 11.9% over the past six trading days.
The 10-year Treasury yield tumbled 11 basis points to 3.45%, near recent lows. The two-year Treasury yield, more closely tied to Fed policy, hit a three-month low. Markets have almost fully priced in a quarter-point rate hike on Feb. 1, which would be a step down from 50 basis points and 75 basis points in the prior two meetings. Investors also strongly expect another quarter-point hike in March, to a 4.75%-5% range. Right now, markets are betting that’s the end.
Time The Market With IBD’s ETF Market Strategy
ETFs
Among growth ETFs, the Innovator IBD 50 ETF (FFTY) and Innovator IBD Breakout Opportunities ETF (BOUT) rose 0.7%. The iShares Expanded Tech-Software Sector ETF (IGV) climbed 0.8%. The VanEck Vectors Semiconductor ETF (SMH) climbed 1.5%.
SPDR S&P Metals & Mining ETF (XME) jumped 2% and the Global X U.S. Infrastructure Development ETF (PAVE) rose 0.8%. U.S. Global Jets ETF (JETS) soared 4.6%, with DAL stock and American Air both key holdings. SPDR S&P Homebuilders ETF (XHB) edged up 0.3%. The Energy Select SPDR ETF (XLE) advanced 1.9%. The Financial Select SPDR ETF (XLF) nudged 0.2% higher, with JPMorgan, Wells Fargo, Citigroup and BAC stock all major components. The Health Care Select Sector SPDR Fund (XLV) dipped 0.3%, with UNH stock a major holding.
Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) popped 2.1% and ARK Genomics ETF (ARKG) 3.45%. TSLA stock is a major holding across Ark Invest’s ETFs. Cathie Wood’s Ark has been loading up on Tesla shares in recent days and weeks.
Five Best Chinese Stocks To Watch Now
Market Rally Analysis
After wavering in the morning, the major indexes ultimately climbed modestly, while small caps jumped.
The S&P 500 came right up to its 200-day moving average, closing just below that key level. The Nasdaq held support at its 50-day line and moved a little higher from that area.
The Dow Jones and Russell 2000, above all their moving averages, are working toward their December highs.
Overall, the market rally has made huge strides over the past five sessions. Investors see the light at the end of the tunnel for Fed rate hikes.
Still, the major indexes face further tests. The S&P 500 needs to decisively clear the 200-day line, where it’s hit resistance multiple times. The December highs are the ultimate test for the indexes. But after running up for several sessions, with the major indexes right around key levels, a pause or pullback wouldn’t be a surprise.
Dow Jones futures are pointing to a pullback at Friday’s open.
Leading stocks are showing better action, but many are now extended, at least from early entries or moving averages.
Exxon Mobil stock rose 1.7% to 113.22, just below a 114.76 flat-base buy point, according to MarketSmith analysis. But XOM stock is in range from the 50-day line. Celsius stock dipped 0.2% to 106.40, but found support at the 21-day line. CELH stock is still actionable from Wednesday’s jump, rebounding from the 50-day line and breaking a short trendline.
In a positive sign for the broader market rally, the chip sector has regained momentum, with the SMF ETF moving decisively above its 200-day line this week. Taiwan Semiconductor (TSM), the largest holding in SMH, gapped above its 200-day line on earnings. That’s despite revenue falling short and TSMC also guiding low on Q1. But not many chip names, even those that are clear market leaders, are actionable right now.
Tesla Vs. BYD: EV Giants Vie For Crown, But Which Is The Better Buy?
What To Do Now
The stock market rally has had a strong stretch, moving above some key resistance areas and with the CPI inflation report out of the way.
Investors can be adding exposure, gradually, if conditions continue to improve. The major indexes, sectors and leading stocks have had a tendency to stage big pullbacks just as they seem to be gaining steam. And the market rally is gaining momentum.
Earnings season could upend the market rally, or slam specific sectors or stocks.
Investors who largely stayed on the sidelines in recent days may feel like big opportunities have passed them by. It’s true that some stocks may be out of reach right now. But don’t chase extended names. Wait to see if they pause or pull back or set up new bases. Meanwhile, other stocks will come to the fore.
If this market rally has real legs, that there will plenty of chances. If it quickly stalls out again, then you’ll be glad you’re not heavily invested.
But it’s crucial to have your watchlists up to date. Cast a wide net to find stocks that are setting up across different sectors. Then focus on stocks that are “ready” or nearly so.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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Kentucky warns BlackRock, JPMorgan Chase over ‘energy boycotts’
Rep. French Hill, R-Ark., calls out woke environmental policies on ‘Kudlow.’
The state of Kentucky is warning a number of financial institutions, including BlackRock and JPMorgan Chase, to stop boycotting energy companies or the state may divest its funds in the months ahead.
Kentucky’s legislature enacted a law in 2022 that required the state’s treasurer’s office to publish an annual list of financial firms found to be engaging in a boycott of energy companies. Under the law, state entities have 30 days to notify the treasurer’s office if they have any direct or indirect holdings of listed firms, and must inform those firms. A listed financial institution has 90 days after receiving the notice to end the boycott or face divestment.
“When companies boycott fossil fuels, they intentionally choke off the lifeblood of capital to Kentucky’s signature industries,” Kentucky Treasurer Allison Ball said in a statement. “Traditional energy sources fuel our Kentucky economy, provide much needed jobs, and warm our homes. Kentucky must not allow our signature industries to be irreparably damaged based upon the ideological whims of a select few.”
BLACKROCK’S FINK TALKS UKRAINE RECONSTRUCTIONS WITH ZELENSKYY
Statue of a coal miner sits at the center of the Coal Miners Memorial Park in Lynch, Ky., Aug. 13, 2019. (Reuters/Charles Mostoller / Reuters Photos)
Fossil fuel production and use are vital to the state’s economy. Ball’s office noted there are 143,994 energy sector jobs in the state of Kentucky representing about 7.8% of the state’s workforce.
Kentucky has the third-most operating coal mines in the country, trailing only West Virginia and Pennsylvania, making the Bluegrass State the seventh-largest coal-producing state in 2021. Kentucky’s mines yielded over 26 million tons of coal, according to data from the Energy Information Administration (EIA).
Kentuckians are also fossil-fuel customers. About 71% of the electrical power consumed by Kentuckians in 2021 was coal-fired, the fourth-largest share in the country, and energy prices were the second-lowest of any state east of the Mississippi River, per the EIA.
BLACKROCK’S ESG PUSH PUTS CEO LARRY FINK IN ACTIVIST CROSSHAIRS
BlackRock and JPMorgan respond
Main entrance at JPMorgan Chase headquarters in New York City, April 19, 2022. (Erik McGregor/LightRocket via Getty Images / Getty Images)
BlackRock and JPMorgan Chase are two of the largest financial institutions in the U.S. and were among the 11 companies subject to Kentucky’s warning.
BlackRock is the world’s largest asset manager with about $8 trillion under management while JPMorgan Chase is America’s largest bank with over $3 trillion in assets. Both firms pushed back against Kentucky’s claims that they’re boycotting energy companies.
JPMorgan Chase spokesperson Patricia Wexler told FOX Business in a statement: “The fact is that we are among the largest financiers of the U.S. traditional and renewable energy industries, including in Kentucky where we serve some of its largest energy companies and utilities. We believe our business practices are in line with Kentucky law, and we are hopeful a deeper look at these facts would lead to reconsideration.”
A BlackRock spokesperson told Fox Business, “BlackRock’s only agenda is delivering the best financial results for our clients. On behalf of our clients, we have invested approximately $276 billion in energy companies globally. BlackRock does not boycott energy companies and will continue to be investors across the energy sector.”
BLACKROCK NOT CHANGING STANCE ON ESG INVESTING, DESPITE CRITICISM
Headquarters of BlackRock stands in Manhattan as hundreds of members of the United Mine Workers of America (UMWA) march to the Manhattan financial company, the largest shareholder in the mining company Warrior Met Coal on November 04, 2021 in New Yor (Spencer Platt/Getty Images / Getty Images)
Efforts by investment banks to push environmental, social, and governance (ESG) standards that often promote investment in green energy ventures at the expense of fossil fuel firms have unnerved lawmakers in states that are major producers of coal, oil, and natural gas.
Those economic considerations along with concerns that ESG investment strategies may diminish investors’ returns have led a number of states to divest state assets from financial firms advocating for such policies.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BLK | BLACKROCK INC. | 712.04 | +3.41 | +0.48% |
| JPM | JPMORGAN CHASE & CO. | 135.12 | +1.02 | +0.76% |
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SEC commissioner Hester Peirce discusses the idea of ‘woke’ investing and how BlackRock is pushing back on the GOP on ‘Fox Business Tonight.’
Dow Jones Reverses On Hot Inflation Data; JPMorgan, UnitedHealth Rally On Earnings
The Dow Jones Industrial Average reversed lower Friday amid weaker-than-expected U.S. retail sales data. Dow Jones stocks JPMorgan (JPM) and UnitedHealth (UNH) rallied following better-than-expected earnings results.
X
September retail sales were flat, missing Econoday estimates for a 0.2% rise. Meanwhile, consumer sentiment topped estimates with a 59.8 reading in September, above estimates for a 58.8 reading. Lastly, University of Michigan One-Year Inflation Expectations came in hotter than expected, at 5.1% in October vs. the 4.7% rate in September. The UoM Inflation Expectations measures the percentage that consumers expect the price of goods and services to change during the next 12 months.
Stock Market Today: Earnings Season Heats Up
Friday started with a busy mix of earnings news. Banks JPMorgan, Morgan Stanley (MS), Citigroup (C) and Wells Fargo (WFC) reported. So did healthcare giant UnitedHealth.
Citigroup shares fell less than 1% shortly after the company’s report. JPM stock rallied 2% after better-than-expected third-quarter results, while Morgan Stanley shares declined 3% on weak earnings and sales. UNH shares rose 2% on strong results, along with a positive outlook. And Wells Fargo stock jumped 3% despite missing earnings estimates.
Delta Air Lines (DAL) rallied more than 2% on an analyst upgrade, following its third-quarter report on Wednesday. Grocery chains Kroger (KR) and Albertsons (ACI) traded sharply lower, after the companies confirmed Kroger would buy Albertsons, in a bid to better compete with Walmart (WMT) and Amazon (AMZN).
Electric-vehicle leader Tesla (TSLA) reversed 1.6% lower Friday. Among the Dow Jones industrials, tech titans Apple (AAPL) and Microsoft (MSFT) were modestly higher after today’s stock market open.
Cardinal Health (CAH), ConocoPhillips (COP), Denbury (DEN) and Vertex Pharmaceuticals (VRTX) — as well as Dow Jones stocks Chevron (CVX) and Merck (MRK) — are among the top stocks to watch. Keep in mind that the ongoing stock market correction is a time for investors to sit on the sidelines and build watchlists of top growth stocks.
Cardinal Health and Vertex are IBD Leaderboard stocks. Chevron and Conoco were featured in this week’s Stock Near A Buy Zone column, along with two other top stock ideas. Vertex was IBD’s Stock Of The Day on Friday. Merck was Tuesday’s IBD 50 Stocks To Watch pick.
Dow Jones Today: Treasury Yields, Oil Prices
After Friday’s opening bell, the Dow Jones Industrial Average reversed 0.1% lower, while the S&P 500 moved down 0.3%. The tech-heavy Nasdaq composite turned down 0.8% in morning action.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) was down 0.2%, and the SPDR S&P 500 ETF (SPY) rose 0.1%.
The 10-year Treasury yield declined Friday, falling to 3.88% following Thursday’s brief jump above 4%. That jump came after inflation data showed prices in September rose 0.4%, hotter than the expected 0.2% increase.
Meanwhile, U.S. oil prices lost about 2% Friday, sending West Texas Intermediate futures below $88 a barrel. Oil prices are threatening to give back a large part of Thursday’s rebound.
Stock Market Rally Attempt
On Thursday, the Dow Jones Industrial Average sold off as much as 1.6% before closing with a 2.8% advance. The tech-heavy Nasdaq composite reversed an early dive of more than 3% into a 2.2% climb. The Nasdaq staged its best comeback since Feb. 24, according to Dow Jones Market Data.
Thursday’s The Big Picture commented, “With the market in correction mode, investors should be tracking companies that handily beat earnings results and have strong upside reactions. They could be among the stock market’s leaders if the market is able to extend its rebound.”
Thursday was Day 1 of the stock market’s latest rally attempt, so investors now await a follow-through day, which can occur as early as Tuesday of next week. A follow-through day confirms the beginning of a new uptrend. Be mindful that not all follow-throughs work, so it’s important to raise exposure slowly and methodically, as the uptrend proves itself.
Check out IBD Stock Lists, like the IBD 50 and Stocks Near A Buy Zone, for stock ideas.
Five Dow Jones Stocks To Watch Now
Dow Jones Stocks To Watch: Chevron, Merck
Energy giant Chevron found support at its 50-day line Thursday, with a near-5% advance. Shares are consolidating below a 182.50 buy point ahead of the company’s Oct. 28 earnings release. Chevron shares fell 1.2% early Friday, tracking lower with oil prices.
CVX stock boasts a strong 98 out of a perfect 99 IBD Composite Rating, per the IBD Stock Checkup. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical metrics.
Dow Jones member and IBD 50 stock Merck is closing in on a double bottom’s 93.12 buy point, according to IBD MarketSmith pattern recognition. The relative strength line hit a new high this week, as the stock decisively regained its key 50-day moving average. Third-quarter earnings results are due Oct. 27 before the opening bell.
Merck shares fell 0.1% Friday morning.
4 Top Growth Stocks To Watch In The Current Stock Market Correction
Top Stocks To Watch: Cardinal, Conoco, Denbury, Vertex
IBD Leaderboard stock and medical leader Cardinal Health is shaping a flat base that has a 72.38 buy point, according to IBD MarketSmith chart analysis. Shares of the drug distribution heavyweight are again receiving support around their key 10-week moving average, per Leaderboard commentary. Earnings are due Nov. 4. Shares traded up 0.7% Friday.
Energy giant ConocoPhillips regained a 118.49 buy point in a cup with handle amid Thursday’s 5.5% advance. The stock’s RS line hit a new high Thursday, illustrating strong stock market outperformance. Earnings are due Nov. 3. Shares moved down 1.1% Friday.
Denbury tested its cup base’s 94.05 buy point Thursday, briefly giving up that level before closing above it. Shares broke out earlier this week following reports that Exxon Mobil (XOM) is considering a takeover. Shares are in the 5% chase zone that runs up to 98.75, though the market remains in a correction. The company will report earnings are Nov. 3. Shares dipped 0.75% Friday.
Biotech leader Vertex Pharmaceuticals continues to build a flat base with a 306.05 buy point and an early entry at 296.90. Its RS line made a new high this week, confirming the biotech leader as a key stock to watch. VRTX stock found support at its 50-day line Thursday. Earnings are due out Oct. 27. Shares traded up 0.8% Friday.
Join IBD experts as they analyze leading stocks in the current stock market rally attempt on IBD Live
Tesla Stock
Tesla stock rose 2.1% Thursday, reversing from big morning losses. Shares are still at their lowest level since early July and about 47% off their 52-week high. Tesla stock fell 1.6% Friday morning.
The EV giant’s third-quarter results are Oct. 19. Tesla is expected to earn an adjusted $1.03 per share on sales of $22.4 billion.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple shares rallied 3.4% Thursday, rebounding from new recent lows. Still, shares are around 22% off their 52-week high and below their 50- and 200-day lines. Apple stock moved up 0.3% Friday.
Microsoft rose 3.8% Thursday, rebounding from this week’s 52-week low price. The software giant is about 33% off its 52-week high. Microsoft shares gained 1% early Friday.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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Yeezy, owned by Ye, aka Kanye West, cut ties to JPMorgan before ‘White Lives Matter,’ antisemitism controversy
‘Black Victim to Black Victor’ author Adam B. Coleman reacts to rapper Ye West’s claim that Hollywood ‘bullied’ him for being a Trump supporter on ‘Varney & Co.’
JPMorgan Chase is severing ties with Yeezy Brands, owned by Ye, the artist formerly known as Kanye West.
The bank sent Ye a letter on Sept. 20, weeks before he mired himself in controversy after wearing a “White Lives Matter” shirt at his Paris fashion show and writing antisemitic social media posts.
The letter was shared by Ye’s friend conservative activist Candace Owens on Twitter who commented, “We have reached extremely frightening times in this country.” She didn’t specify in her tweet when the letter was sent.
Ye told the New York Post of the news Wednesday, “Hey, if you call somebody out for bad business, that means you’re being antisemitic. I feel happy to have crossed the line of that idea so we can speak openly about things like getting canceled by a bank.”
KANYE WEST ERUPTS AFTER ADIDAS PUTS YEEZY PARTNERSHIP ‘UNDER REVIEW’ FOLLOWING ‘WHITE LIVES MATTER’ STATEMENT
FILE – In this Feb. 9, 2020, file photo, Kanye West arrives at the Vanity Fair Oscar Party in Beverly Hills, Calif. Rapper and fashion mogul Ye’s high-end clothing company Yeezy has agreed to pay $950,000 to settle a lawsuit over slow shipping to cus (Photo by Evan Agostini/Invision/AP, File) / AP Newsroom)
Ye said he planned to cut his corporate ties in an interview a week before the bank’s letter, telling Bloomberg, “It’s time for me to go it alone.”
He added, “It’s fine. I made the companies money. The companies made me money. We created ideas that will change apparel forever. Like the round jacket, the foam runner, the slides that have changed the shoe industry. Now it’s time for Ye to make the new industry. No more companies standing in between me and the audience.”
He had also criticized executives at JPMorgan before the interview on Instagram and said he couldn’t get the CEO on the phone.
KANYE WEST DROPS THE GAP, STARTS HIS OWN STORES
The JP Morgan Chase & Co. headquarters, The JP Morgan Chase Tower in Park Avenue, Midtown, Manhattan, New York. JPMorgan Chase & Co. is an American multinational banking and financial services holding company. It is the largest bank in th (Photo by Tim Clayton/Corbis via Getty Images / Getty Images)
“I feel like there’s a lot of controlling and handling to suppress my ability to affect the American economy and industry,” Ye told Bloomberg of JPMorgan.
Adidas said its partnership with the mogul is “under review” last week following the “White Lives Matter” controversy. (REUTERS/Andrew Kelly/File Photo/Steve Eichner/WWD/Penske Media via Getty Images)
The bank gave Yeezy 60 days from the letter to find a new institution for its money.
Yeezy has already ended its relationship with Gap and Adidas said its partnership with the mogul is “under review” following the “White Lives Matter” controversy.
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“After repeated efforts to privately resolve the situation, we have taken the decision to place the partnership under review,” the company said on Oct. 6, three days after Ye’s fashion show. “We will continue to co-manage the current product during this period,” the company said in a statement.
No reason has been specified by JPMorgan’s severing of ties.
JPMorgan Chase Actually Cut Ties With Kanye West Before His Antisemitic Tweets
Contrary to what Candace Owens has insinuated, JPMorgan ended its banking relationship with Kanye West last month, weeks before the rapper and fashion designer lost access to his social media accounts over an antisemitic tweet.
On Wednesday, Owens posted a photo of a letter addressed to West from JPMorgan Chase saying that the bank “has decided to end its banking relationship with Yeezy, LLC and its affiliated entities.” The bank gave West until Nov. 21 to move his assets to another bank or receive the remainder of his funds via check.
Owens, a conservative commentator who has grown close to the Yeezy founder in recent weeks, claimed that the bank gave no official reason for the severance. However, she appeared to frame JPMorgan’s decision as backlash against West’s recent controversies, including when he vowed to go “death con 3” on Jewish people in a tweet this past weekend, and when he wore a “White Lives Matter” shirt at Paris Fashion Week last week.
“I want to say that I do not care what you think about Ye West—but I very much care what you think about this,” Owens tweeted alongside the letter. “We have reached extremely frightening times in this country.”
But the bank’s move was unrelated to West’s recent caustic remarks; a source close to the situation tells The Daily Beast that the letter was sent on Sept. 20, weeks before his antisemitic tweet and his fashion show.
The source added that the letter was actually sent after West’s interview with CNBC last month, in which he announced his intention to stop banking with JPMorgan while also railing against his corporate partnerships with Gap and Adidas.
“I’m moving my money over from JPMorgan over to Bank of America, possibly, because I go and move $140 million over to JPMorgan and [CEO] Jamie Dimon never calls me,” West said at the time. “I find out Jing Ulrich is one of the heads of the board at Adidas and one of the heads of the board at JPMorgan, and they already treat me a certain way at Adidas. It doesn’t matter how much money you move over there.”
It remains unclear how the termination between JPMorgan and West actually unfolded, and whether it was a mutual decision after all.
West ended his partnership with Gap last month. Adidas placed its own partnership with West under review days before his antisemitic remarks.
“The Adidas Yeezy partnership is one of the most successful collaborations in our industry’s history,” the company said in a statement last week. “We are proud of our team that has worked tirelessly throughout our collaboration with Ye and the iconic products that were born from it. We also recognize that all successful partnerships are rooted in mutual respect and shared values. After repeated efforts to privately resolve the situation, we have taken the decision to place the partnership under review.”
JPMorgan Chase Ends Banking Relationship With Ye’s YEEZY
Following weeks of controversial news headlines and negative backlash, JPMorgan Chase has now officially ended its banking relationship with YEEZY. In an official statement sent to Ye and his team, the American multinational investment bank and financial services holding company noted a recent discussion with a redacted entity that led to it deciding to end its banking relationship with YEEZY, LLC and its affiliated entities.
The statement goes on to note that JPMorgan Chase will offer sufficient time to transition to another financial institution, maintaining accounts, including all products and services, until November 21. After the date, YEEZY’s open accounts will be closed, after the deduction of any permissible service charges and pending transactions.
It is currently unclear exactly why JPMorgan Chase has decided to end its banking relationship with YEEZY, but in recent weeks Ye has been critical of his relationship with the financial institution.
Stay tuned for more details as they become available.
NEWS: JPMorgan Chase has decided to end its banking relationship with Kanye West’s Yeezy, LLC pic.twitter.com/H9kxF0bM9k
— Exec Sum (@exec_sum) October 13, 2022
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