Here’s a look at the companies making headlines in midday trading: Tesla — The electric car maker’s robo-taxi scandal impressed investors, sending its shares down more than 7%. Morgan Stanley analysts noted that the event was “generally disappointing” due to a lack of details in several areas, including how the company will compete with ride-sharing companies such as Lyft and Uber. After the incident, the share prices of these companies rose by about 10%. Wells Fargo — Shares of Wells Fargo rose 6% after the San Francisco-based bank reported better-than-expected profits. Adjusted earnings per share in the third quarter were $1.52, higher than the $1.28 per share expected by analysts polled by LSEG. However, revenue of $20.37 billion was slightly below the consensus estimate of $20.42 billion. JPMorgan Chase – JPMorgan Chase, the largest U.S. bank, reported third-quarter results that beat profit and revenue expectations, sending its shares up 4.7%. The company generated more interest income than expected and said profits fell 2% from a year earlier, while revenue grew 6%. Symbotic — Shares rose 6%, extending gains from the previous session. On Thursday, robotics company Symbotic announced a deal with Walmex, also known as Walmart de México y Centroamérica, to deploy multiple warehouse automation systems at two of the retailer’s locations, sending its shares up more than 18%. Fastenal — The industrial stock rose more than 8% after the company reported third-quarter results that beat expectations. In the period, Fastenal posted earnings of 52 cents per share on revenue of $1.91 billion. Analysts polled by FactSet expected earnings of 51 cents per share on revenue of $1.9 billion. Confirmation — Wells Fargo shares rose 10% after upgrading the stock to overweight from equal weight. The investment firm expects the buy now, pay later company’s profitability to continue to improve, citing its partnership with Apple Pay and a lower interest rate environment as catalysts for growth. Bank of America — Shares of Bank of America rose even as Warren Buffett’s Berkshire Hathaway cut its stake in the bank below 10%, a threshold that requires frequent disclosures Nearly 5%. Late Thursday, Buffett disclosed in a filing with the U.S. Securities and Exchange Commission that he sold more than 9.5 million shares, bringing his current shareholding to about 9.987%. Stellantis — Shares fell more than 2%. The automaker announced a major shakeup of the company. Treasurer Natalie Knight will leave the company and Doug Ostermann will take over the role. Stellantis also confirmed that it is already looking for a successor to Chief Executive Carlos Tavares, who will retire in early 2026. BlackRock shares rose 2.8% after beating analysts’ expectations. BlackRock reported adjusted earnings of $11.46 per share on revenue of $5.20 billion, while analysts polled by LSEG expected earnings of $10.33 per share on revenue of $5.01 billion. Kinder Morgan — Energy infrastructure stocks rose 3% after Bank of America upgraded its rating to buy from neutral. The bank said Kinder Morgan is in “growth mode” after stabilizing its underlying business. Ferrari – The luxury car stock rose nearly 3% after JPMorgan upgraded the stock to overweight from neutral. The company expressed optimism about the development of Ferrari’s electric cars and its ability to recover from China’s economic weakness. Bank of New York Mellon — Shares of the bank fell 1% despite a stronger-than-expected quarterly report. Bank of New York announced adjusted earnings per share of $1.52 and revenue of $4.65 billion. Both fee income and non-interest income grew year by year. Analysts polled by London Stock Exchange Group (LSEG) expected earnings of $1.42 per share on revenue of $4.54 billion. —CNBC’s Alex Harring, Lisa Kailai Han, Pia Singh, Hakyung Kim, Jesse Pound and Michelle Fox contributed reporting.
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