Wall Street banks were optimistic Donald Trump’s second term would unleash a dealmaking boom. Instead, it’s delivered a trading bonanza. First-half trading revenue at the five biggest lenders jumped $10 billion from last year to a record level, with tariffs and tax policy driving a surge of activity across equity, currency and bond markets. Investment-banking revenue, meanwhile, nudged up less than $1 billion, and is still almost 40% below the 2021 peak as that same volatility weighed on merger and IPO volumes. For more on earnings results from the world's biggest banks, Tim Stenovec and Katie Greifeld speak with Ken Leon, Director of Equity Research at CFRA.See omnystudio.com/listener for privacy information.
--------
7:24
--------
7:24
Weekly Roundup: Palantir Gains, Citi Rises on Earnings, Centene Hits Low
On this edition of Stock Movers, we take a look at some of the week's biggest gainers and decliners:- Palantir (PLTR) shares posted another solid week of gains and is among the best performers of the year so far. Earlier in the week, President Donald Trump unveiled a $70 billion in investments in artificial intelligence and energy in Pennsylvania and hosted an event in Pittsburgh. Palantir CEO Alex Karp was in attendance. - Citi (C) shares had a good week after delivering earnings. The bank's traders rode the tariff-induced volatility in markets to their best second quarter in five years, with revenue buoyed by record trading volumes in the quarter. Revenue from Citi’s fixed-income trading business soared 20% to $4.3 billion, beating the $3.9 billion predicted by analysts in a Bloomberg survey. Citigroup’s stock traders hauled in $1.6 billion, also surpassing expectations, aided by a surge in prime balances to record levels during the period.Centene (CNC) shares slid 11% this week. The healthcare company has been under pressure amid changing regulations at the federal level, and since President Donald Trump's sweeping tax and spending bill and its impact on Medicaid.See omnystudio.com/listener for privacy information.
--------
4:40
--------
4:40
Closing Bell: Schwab Rises, Robinhood Higher on GENIUS Act, Humana Falls
On this episode of Stock Movers:Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Scarlet Fu, Vonnie Quinn, Tim Stenovec and Isabelle Lee.- Charles Schwab (SCHW) shares climbed after the company reported second-quarter earnings that topped estimates as client assets hit a new record and trading revenue increased. Schwab posted adjusted earnings per share of $1.14 while total client assets climbed 14% to $10.76 trillion compared to the same period last year, according to a statement. Revenue from client trades also jumped 23% to $952 million. “Retail investors and RIAs continued to turn to Schwab as a trusted partner, opening over 1 million new brokerage accounts,” said Chief Executive Officer Rick Wurster. Daily average revenue trades just narrowly topped analyst forecasts at 7.57 million in a quarter characterized by market turmoil from President Donald Trump’s tariff and policy changes. The firm attracted $73.6 billion in total net new assets, which was below analyst expectations.- Robinhood (HOOD) shares rose along with the broader crypto space as President Donald Trump signed key crypto legislation into law. The President signed the first federal bill to regulate stablecoins, hailing it as a “giant step to cement American dominance of global finance and crypto technology” and delivering a major victory for the digital asset industry. “The Genius Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins,” Trump said Friday at a White House ceremony. “This could be perhaps the greatest revolution in financial technology since the birth of the internet itself.” The measure sets regulatory rules for US dollar-backed stablecoins, including a requirement for firms to hold dollar-for-dollar reserves in short-term government debt or similar products overseen by state or federal regulators. Advocates see it as allowing for the broader adoption of digital assets in finance.- Humana (HUM) shares fell after it lost a lawsuit seeking to reverse cuts to its Medicare bonus payments, a blow for the insurer that had hoped the court would restore billions in revenue. A Texas judge ruled in favor of a government motion to dismiss the case, allowing a downgrade of Humana’s Medicare quality ratings that’s set to squeeze the company’s profits in 2026. Humana shares dropped as much as 7.5%. The judge called Humana’s federal court claim “premature” because the company hadn’t exhausted all the administrative procedures over the decision. The lawsuit was dismissed “without prejudice,” which means Humana could file the court case again. “Plaintiffs can seek review, just not until the end of the administrative appeal process,” the judge wrote.See omnystudio.com/listener for privacy information.
--------
4:42
--------
4:42
Netflix Lower, Lululemon Falls, 3M Climbs After Jeffries Note
On this episode of Stock Movers:- Netflix (NFLX) shares are lower today. Netflix reported second-quarter results that exceeded investor expectations in every major metric, saying revenue grew to $11.1 billion and earnings jumped to $7.19 a share. The company also raised its forecast for full-year sales and profit margins. The second quarter is historically slow for Netflix, which typically adds more customers at the beginning and end of the year.- Lululemon (LULU) shares are lower today following a note from an analyst at Jefferies that said the company is facing slowing sales, fewer store visitors and waning demand for its iconic black leggings. Lululemon’s core black leggings, which are vital products that rarely are discounted, are piling up at outlet stores, the note said.- 3M (MMM) shares climb after the company raised its profit forecast and beat Wall Street’s estimates for the second quarter as Chief Executive Officer William Brown’s effort to reinvigorate the company gained momentum. Adjusted earnings will be $7.75 to $8 a share this year, including the expected impact of tariffs, the maker of Post-it notes and Ace bandages said. See omnystudio.com/listener for privacy information.
On this episode of Stock Movers:- Hess (HES) and Chevron (CVX) are both higher as Hess Corp. won its arbitration battle with Exxon Mobil Corp., clearing the way for it to be bought by Chevron Corp. The decision is a major victory for Chevron, according to the text, ending a period of strategic limbo that hurt its stock. Exxon Mobil Corp. said it "disagree[s] with the ICC panel's interpretation but respect[s] the arbitration and dispute resolution process", according to a company statement.- Norfolk Southern (NSC) shares are higher as Union Pacific Corp. (UNP) is exploring an acquisition of Norfolk Southern Corp., according to people familiar with the matter. A deal would merge the No. 1 and No. 5 North American railroads by revenue, companies with a combined market value of almost $200 billion. Union Pacific Chief Executive Officer Jim Vena and Norfolk Southern's chief financial officer Jason Zampi have expressed support for a merger, with Vena saying he thinks it would be beneficial for the country and Zampi noting there would be a lot of benefit.- Netflix (NFLX) is lower despite its earnings beat. The streaming-video company reported second-quarter results that beat expectations and raised its full-year forecast. The stock has been a strong performer this year, up nearly 50% off an April low. JPMorgan wrote, While Netflix is executing well and boosted its forecast as expected, “the shares need a breather.”- 3M (MMM) is higher after it raised its profit forecast to $7.75 to $8 a share this year, including the expected impact of tariffs. The company's adjusted second-quarter earnings were $2.16 a share, better than analysts' average estimate of $2.01. Under Chief Executive Officer William Brown, 3M has put measures in place to mitigate tariffs, including shifting production and pricing changes.See omnystudio.com/listener for privacy information.
Stock Movers features five-minute conversations on today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.
USA