Stocks making the biggest moves noon: Poshmark, JPMorgan, Wells Fargo, Zoom, Spotify & more

Check out the corporations making headlines in noon buying and selling. 

Zoom Video — Shares of the video conferencing big popped almost 2% after an analyst at Bernstein named the inventory a high decide for 2021. The analyst mentioned his name was primarily based on the progress in Zoom’s Phone enterprise.

Exxon — The oil big slid more than 3% after The Wall Street Journal reported that the SEC launched an investigation into Exxon. According to the report, the probe focuses on how the firm valued a key asset in the oil wealthy Permian Basin.

Wells Fargo — Shares of the banking big slipped more than 7% after Wells Fargo reported weaker-than-expected income for the fourth quarter. Revenue got here in at $17.93 billion, which was wanting the $18.127 billion anticipated by analysts polled by Refinitiv. “Although our financial performance improved … our results continued to be impacted by the unprecedented operating environment and the required work to put our substantial legacy issues behind us,” CEO Charlie Scharf mentioned in an announcement.

Snap – The social media firm jumped more than 2% after MoffettNathanson upgraded the firm to purchase from impartial. The agency mentioned Snap has the potential to speed up its income and earnings, which continues to be underappreciated by the remainder of Wall Street.

Poshmark — Shares of the on-line clothes reseller dropped more than 13%, reversing course after a pink sizzling debut on Thursday. The inventory continues to be buying and selling more than 100% larger than its IPO worth of $42 per share.

Spotify — The music streaming firm’s inventory shed more than 4% after Citi downgraded the inventory to promote from impartial. The funding agency mentioned in a observe that it believes Spotify’s push into podcasts is overvalued by the market.

Petco – Shares of the pet provide retailer pulled again about 5% after its IPO surge in the earlier session. The inventory soared 63% in its market debut on Thursday as buyers remained bullish on the pandemic-fueled pet growth.

Plug Power – Shares of the hydrogen gas cell firm slipped more than 8% as buyers took earnings after the inventory’s huge week. Despite Friday’s decline, shares are nonetheless up more than 80% yr to this point.

JPMorgan — The inventory dipped 2% regardless of the financial institution beating analysts’ estimates for fourth-quarter revenue and income. JPMorgan reported earnings of $3.79 per share, larger than the anticipated $2.62 per share revenue, in keeping with estimates from Refinitiv. The financial institution reported income of $30.16 billion, topping estimates of $28.7 billion.

Citigroup — The financial institution slipped 4% after Citi reported combined earnings for the fourth quarter. The financial institution earned $2.08 per share, topping estimates of $1.34 per share, in keeping with Refinitiv. Revenue got here in at $16.50 billion, decrease than the forecast for $16.71 billion.

Accolade — Shares of the healthtech agency jumped more than 12% after Accolade mentioned it was shopping for telemedicine start-up 2nd.MD for about $460 million. The acquisition will bolster Accolade’s capability to supply customers with second opinions for medical considerations.

– CNBC’s Yun Li, Maggie Fitzgerald, Fred Imbert and Jesse Pound contributed reporting.

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