In a day of mixed trading on Wall Street, several companies made significant moves following the release of earnings reports and corporate announcements. Bank of New York Mellon (BNY) shares surged by 8% after the bank exceeded Wall Street's expectations with its fourth-quarter earnings. Meanwhile, Beacon Roofing Supply saw its shares jump 7.7%, reaching a new 52-week high, on the news that QXO has proposed to acquire the company for $124.25 per share in cash, valuing the transaction at $11 billion.
JPMorgan reported robust earnings of $4.81 per share, generating revenue of $43.74 billion, adding to the positive momentum in the financial sector. BlackRock also reported an earnings beat, driving its stock up by 5.2%. Notably, Wells Fargo's shares increased by 6.7% as the bank posted better-than-expected adjusted earnings and provided strong guidance on net interest income for 2025. Citigroup also performed well, reporting earnings of $1.34 per share on revenue of $19.58 billion, surpassing the consensus estimate.
In contrast, some companies faced declines. Calavo Growers experienced a 6.8% drop despite posting adjusted earnings of $11.93 per share, which exceeded the $11.19 per share expected by analysts polled by LSEG. The company's fiscal fourth-quarter results did not meet investor expectations, leading to a downside in its stock price.
On the technological front, Nvidia announced a quantum day at its annual GTC conference, stirring interest in quantum computing stocks. IonQ shares soared by an impressive 33.5%, while Rigetti Computing and D-Wave Quantum rallied 22.2% and 22.4%, respectively, reflecting heightened investor enthusiasm in this emerging field.
However, not all responses to corporate developments were positive. QXO's shares fell by 2.3% following its announcement to acquire Beacon Roofing Supply, indicating some investor apprehension regarding the proposed $11 billion transaction.
In another notable move, CBRE Group shares advanced by 5.1% after Morgan Stanley upgraded the real estate stock from equal weight to overweight, suggesting increased confidence in the company's prospects.
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