Stocks making the biggest moves midday: JPMorgan, Delta Air Lines, PayPal

Market Insider

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The JP Morgan Chase & Co. headquarters, The JP Morgan Chase Tower in Park Avenue, Midtown, Manhattan, New York.
Tim Clayton – Corbis | Corbis Sport | Getty Images

Check out the companies making headlines in midday trading.

JPMorgan Chase – Shares fell 3.5% as JPMorgan Chase reported a $524 million hit from market dislocations caused by sanctions against Russia due to the war in Ukraine. The bank posted better-than-expected earnings and revenue in the first quarter, but profit fell 42% from the year prior.

Delta Air Lines — The airline stock rose 4.6% as Delta forecast a return to profit in the current quarter. Delta posted a narrower-than-expected loss per share in its fiscal first quarter and beat consensus revenue expectations.

American Airlines — Other travel stocks jumped after Delta’s report. American Airlines soared 9.5%, Southwest Airlines jumped 6.8%, and Norwegian Cruise Line added 5.9%.

PayPal Holdings, Walmart – Walmart on Tuesday after the bell announced it hired PayPal chief financial officer John Rainey. Rainey will replace Brett Biggs, who was CFO since 2015. PayPal fell about 4%, while Walmart shares rose about 2%.

Fastenal – Shares rose 1.8% after a stronger-than-expected quarterly earnings report. The company reported profit of 47 cents per share on revenue of $1.7 billion. Analysts surveyed by Refinitiv expected a profit of 45 cents per share on revenue of $1.69 billion.

Charles Schwab – The brokerage company advanced 3.4% after Morgan Stanley named it a “top pick” and said rising rates will boost the stock. The firm’s price target on BlackRock implies upside of about 65%.

Warner Bros. Discovery – Shares rose 7.7% after Bank of America initiated the media stock with a buy rating. The firm said the merger of the two media companies creates a “powerhouse.”

Gap – The retail stock surged 9.5% after a report from Activist Insight speculating the company could be a potential activist target. CNBC has not confirmed the report.

— CNBC’s Samantha Subin and Tanaya Macheel contributed reporting.

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