Check out the companies making headlines in midday trading. JPMorgan – The bank's stock fell 5% after revealing that the level of net interest income may be lower than Wall Street analysts expected in 2024, despite beating top and bottom estimates last quarter. CEO Jamie Dimon also stressed the risk of inflationary pressures. Wells Fargo – Shares of the bank fell less than 1% after it reported a decline in net interest income during the first quarter. Wells Fargo beat analysts' expectations for its first-quarter adjusted earnings and revenue. BlackRock – BlackRock shares are down nearly 2%. The asset manager reported total net inflows that fell short of expectations, according to StreetAccount. BlackRock reported first-quarter adjusted earnings of $9.81 per share on revenue of $4.73 billion, higher than the $9.35 per share on revenue of $4.68 billion that analysts polled by LSEG, formerly Refinitiv, had expected. Globe Life – Life insurance stock rebounded 10% after falling more than 50% during Thursday's session. The slide was caused by a report from Fuzzy Panda Research, in which the company revealed a short position in the stock and made allegations of insurance fraud. Paramount – The entertainment company fell nearly 2% after revealing plans to reduce its board of directors to seven directors from 11. Paramount is currently in talks about merging with Skydance Media. Corteva – The agrichemical stock lost 3.8% after JPMorgan downgraded its rating to Neutral from Overweight. The company said that the shares are not worth buying before the first quarter earnings report, given the expected weakness. Ciena – Shares fell nearly 3% after Citi initiated coverage of the software company with a sell rating. The bank said investors are very optimistic about the potential tailwinds for artificial intelligence, which are farther away than they expect. Zoetis – The pet drug company sank more than 7%. The decline came after a report from The Wall Street Journal that looked into potential side effects of arthritis drugs produced by Zoetis Librela and Solensia. Arista Networks – Shares fell 9% after Rosenblatt's double downgrade to sell from buy. The company warned that Arista's AI opportunity may be smaller than expected. – CNBC's Michelle Fox, Alex Haring, Tanaya Machel and Pia Singh contributed reporting.
