Bank stocks slid at midday as longer-dated Treasury yields climbed to levels not seen in 24 years, while a mixed batch of earnings drove sharp single-stock swings. Webull tumbled on a national-security report, Worthington Steel missed on profit, and Penguin Solutions and Constellation Brands both beat expectations.
Banks slide as Treasury yields climb
Citigroup, Wells Fargo and Goldman Sachs each fell nearly 2% at midday. JPMorgan Chase, Bank of America and Morgan Stanley were all down around 1%. The pressure on the stock market group came as longer-dated Treasury yields rose to levels not seen in 24 years.
Webull drops on national security report
Shares of Webull tumbled 20% after CNBC reported that a congressional panel found that the company's ties to the Chinese government create a national security risk.
Earnings split Worthington Steel and Penguin Solutions
Worthington Steel's stock tumbled 10% after first-quarter earnings came in sharply lower than a year earlier. The metals processor earned 57 cents per share on an adjusted basis, compared with 77 cents a share a year earlier, with results reflecting the impact of its acquisition of a majority interest in Klöckner & Co.
Penguin Solutions moved the other way. Shares of the builder of artificial intelligence factory platforms advanced 15% after fourth-quarter results surpassed expectations. The company posted adjusted earnings of $1 per share on revenue of $566.7 million, against analyst estimates polled by FactSet of 77 cents per share and $521 million in revenue.
Constellation Brands also topped forecasts. The beer distributor's shares added 2% after it reported fiscal second-quarter results. The company earned $3.74 per share on revenue of $2.63 billion, beating FactSet estimates of $3.55 per share on $2.54 billion in revenue.
NetApp and Micron rise on analyst calls
NetApp rose 3%, bucking the broader market, after Evercore ISI upgraded the stock to outperform from in line. According to Evercore: "upside without needing a significant contribution from products that are only beginning to ramp".
Micron shares rose 3% after D.A. Davidson said it expects the chipmaker to triple, pointing to AI-driven memory demand that the firm said is due to outstrip supply in 2027 and 2028.
Source: CNBC
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