Pedestrians pass by a sign outside a Charles Schwab office in San Francisco, April 17, 2023.
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Explore the latest developments in the stock market during midday trading.
Morgan Stanley — The bank led by James Gorman saw its shares surge over 6% after surpassing analysts’ expectations with its second-quarter earnings and revenue. Morgan Stanley achieved record revenue from its wealth management division, contributing to the positive results.
Bank of America — Bank of America experienced a more than 4% increase in its stock price upon reporting its second-quarter financial results. The company’s earnings per share stood at 88 cents, surpassing the estimated profit of 84 cents per share. Additionally, Bank of America posted $25.33 billion in revenue, driven by a 14% rise in net interest income due to higher rates. Analysts had predicted revenue of $25.05 billion.
Charles Schwab — The brokerage firm’s stock surged 12.6% following the release of its better-than-expected second-quarter results. Charles Schwab reported adjusted earnings of 75 cents per share and generated $4.66 billion in revenue. Refinitiv analysts had projected earnings of 71 cents per share on $4.61 billion in revenue.
Microsoft — Microsoft experienced a 4% increase in its shares. The software giant announced the pricing details for its artificial intelligence Copilot tool and revealed an expanded partnership with Meta PlatformsFollow Google News
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