Bank and tech stocks swing as earnings, guidance and analyst calls move shares

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Stocks swing on earnings

Highlights

CleanSpark jumps 11% after securing a 20-year Georgia data center lease totaling $6.6 billion in contracted revenue.
Goldman Sachs surges 7% on Q2 earnings of $20.98 per share and $20.34 billion revenue, both far exceeding LSEG forecasts.
IBM plunges 25% after issuing preliminary Q2 profit guidance of $2.93 per share, missing FactSet consensus of $3.01 per share.

Earnings updates and company outlooks drive trading

As reported by CNBC, several widely watched U.S. stocks are making outsized midday moves as investors react to quarterly results, revised forecasts and major operating announcements.

CleanSpark surges 11% after the digital infrastructure company secures a 20-year data center lease in Georgia that totals $6.6 billion in contracted revenue. HCA Healthcare falls more than 7% after cutting full-year earnings guidance to a range of $28.70 to $30.50 per share, down from its earlier forecast of $29.10 to $31.50 per share, and also lowering the top end of its 2026 revenue outlook.

Among major banks, JPMorgan Chase rises 2% after reporting second-quarter earnings of $6.14 per share, excluding one-time items, on revenue of $58.02 billion, ahead of LSEG expectations for $5.85 per share and $50.19 billion in revenue. Bank of America adds 2% after second-quarter earnings of $1.21 per share and revenue of $31.7 billion both top analyst estimates, while Wells Fargo slips 3% even though it reports earnings of $2.00 per share and revenue of $22.62 billion, above consensus forecasts.

Goldman Sachs jumps 7% after posting second-quarter earnings of $20.98 per share on revenue of $20.34 billion, beating LSEG estimates of $14.48 per share and $16.13 billion. Citigroup, however, drops 5% despite reporting its strongest quarterly revenue in a decade, with earnings of $3.15 per share and revenue of $24.77 billion both exceeding analyst expectations.

Analyst downgrades and sector pressure hit other names

Outside the banks, IBM plunges 25% after issuing weaker-than-expected preliminary second-quarter earnings. The company says it expects profit of $2.93 per share, excluding certain items, below the FactSet consensus estimate of $3.01 per share.

Apple dips 1% after KeyBanc downgrades the stock to underweight from sector weight and sets a $250 price target, implying 21% downside from Monday's close. The brokerage says Apple may face pressure as customers rein in spending in response to rising prices.

O-I Glass slumps 8% after Bank of America cuts the stock twice, to underperform from buy, citing a recent 20% rally, weak glass demand, fewer restructuring benefits, limited improvement in Europe and currency headwinds. LM Ericsson drops 13% after reporting revenue of 52.70 billion Swedish kronor, below the 53.94 billion consensus estimate tracked by StreetAccount, though its adjusted gross margin of 48.4% tops expectations.

MBX Biosciences falls 8% after saying Chief Executive Kent Hawryluk steps down effective immediately and is being replaced by current executive chairman Steve Hoerter. The broad list of movers shows investors are rewarding earnings beats selectively while punishing weaker guidance, revenue misses and unfavorable analyst revisions.

In our earlier article on Wall Street banks’ second-quarter earnings, we explained how a rebound in investment banking fees and resilient trading revenue supported stronger profits at major lenders. We also noted that despite the upbeat results, executives pointed to risks such as elevated valuations, high leverage, and geopolitical tensions that could still pressure markets and deal activity.

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