(Updated with State Street, Citigroup)
PARIS, April 12 (Reuters) – Main stocks to follow on Friday on Wall Street, where futures contracts on the main indices suggest an opening down 0.31% for the Dow Jones, 0.44% for the Standard & Poor’s 500 and 0.56% for the Nasdaq:
* JPMORGAN CHASE falls around 4% in pre-market trading after announcing that it expects annual income from interest payments to be lower than expected, as the sector prepares for rate cuts from the US Federal Reserve (Fed) in the course of the year. The largest US bank forecasts net interest income for 2024, excluding transactions, of $89 billion, compared to $90.68 billion expected by analysts, according to LSEG.
* WELLS FARGO fell 2.5% in pre-market trading after publishing a lower profit for the first quarter, to 4.62 billion dollars, against a backdrop of an 8% decline in net interest income, to 12 .23 billion dollars. The banking group also anticipates net interest income for 2024 down by 7% to 9% compared to the 2023 financial year.
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* BLACKROCK rises 1.7% in pre-market trading. The group announced record assets under management of around $10.5 trillion in the first quarter on Friday and posted profit up 36% as the rebound in global stock markets boosted its investment advisory revenue.
* CITIGROUP is up 1.6% before the opening after publishing a quarterly profit of $1.58 per share, against a consensus of $1.23 per share.
* STATE STREET rises 4.2% before the opening, after posting quarterly revenue of $3.13 billion, compared to a consensus of $3.06 billion, according to LSEG data.
* SOUTHWEST AIRLINES expects to receive only 23 planes from BOEING this year, compared to 46 previously, according to three sources familiar with the matter.
* ALPHABET – Epic Games, the publisher of the video game “Fortnite”, asked a federal judge in California to force Google, a subsidiary of Alphabet, to open its Play Store application store more widely to competition in execution of a court decision against the undue monopoly exercised by the technology giant.
* CHIPS – At the start of the year, Chinese authorities asked the country’s largest telecommunications operators to gradually remove foreign processors from their networks by 2027, the Wall Street Journal reported on Friday. INTEL and ADVANCED MICRO DEVICES lost 1.3% and 1.7% before the opening on Wall Street.
* APPLIED DIGITAL – The data center operator reported Thursday evening a larger than expected quarterly loss after power outages which affected operations at one of its sites in January. The stock fell 10.7% in pre-market trading. (Written by Corentin Chappron and Claude Chendjou, edited by Sophie Louet)
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