Plunge

Bank

Strong

Gains

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">In today’s trading session so far, Wells Fargo &amp; Company (<a href="https://tokenist.com/investing/how-to-buy-stocks/" rel="dofollow" class="deco-link">NYSE: WFC</a>), The Bank of New York Mellon Corporation (<a href="https://tokenist.com/investing/how-to-invest-in-stocks/" class="deco-link">NYSE: BK</a>), and Monolithic Power Systems (<a href="https://tokenist.com/investing/how-to-buy-shares-online/" class="deco-link">NASDAQ: MPWR</a>) are making significant moves. The first two stocks are moving in reaction to earnings results reported today, while the third one is increasingly being seen as a proxy AI investment.</p> 
<h3 id="wells-fargo-company-wfc-shares-plunge-after-net-interest-income-drops-by-9">Wells Fargo &amp; Company (WFC) Shares Plunge After Net Interest Income Drops by 9%</h3> 
<p>Wells Fargo reported mixed results for the second quarter of 2024, with net income reaching $4.9 billion, or $1.33 per diluted share. The bank’s total revenue of $20.689 billion slightly exceeded last year’s figures and beat analyst expectations of $20.22 billion.</p> 
<p>Despite a 19% increase in noninterest income to $8.766 billion, <a href="https://tokenist.com/wells-fargo-reports-net-interest-income-decline-in-q2-shares-dip/" rel="dofollow" class="deco-link">net interest income decreased by 9%</a> to $11.923 billion. The company’s efficiency ratio improved to 64% from 69% in the previous quarter.</p> 
<p>However, net charge-offs rose significantly to $1.303 billion, up 71% from the previous year. As of 10:52 AM EDT, WFC stock was trading at $55.94, down 7.01% from the previous close, as investors reacted to the decline in net interest income despite the overall earnings beat.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Telegram group&nbsp;and never miss a breaking story.</a></p> 
 </div> 
</div> 
<h3 id="the-bank-of-new-york-mellon-corporation-bk-gains-on-strong-q2-results">The Bank of New York Mellon Corporation (BK) Gains on Strong Q2 Results</h3> 
<p>BNY posted strong <a href="https://tokenist.com/bny-mellon-exceeds-q2-expectations-with-1-52-eps-and-4-6-b-in-revenue/" rel="dofollow" class="deco-link">second-quarter results</a>, with earnings per share (EPS) of $1.52, marking a 16% increase year-over-year.</p> 
<p>The bank’s total revenue grew by 2% to $4.6 billion, driven by a 4% rise in fee revenue to $3.4 billion. Net income applicable to common shareholders increased by 10% to $1.143 billion. The bank’s performance was further bolstered by a 1% decrease in noninterest expenses to $3.1 billion and an improved pre-tax operating margin of 33%.</p> 
<p>BNY’s stock responded positively to the earnings beat, trading at $64.11, up 4.30% from the previous close, as of 10:52 AM EDT.</p> 
<h3 id="monolithic-power-systems-mpwr-sees-stock-price-boost-after-nvidia-association">Monolithic Power Systems (MPWR) Sees Stock Price Boost After Nvidia Association</h3> 
<p>Monolithic Power Systems saw a significant boost in its stock price following an <a aria-label="increased price target (opens in a new tab)" href="https://www.wallstreetzen.com/news/keybanc-analyst-john-vinh-raises-price-target-on-mpwr-expects-dominance-in-power-market" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">increased price target</a> from KeyBanc Capital Markets. The new target of $975, up from $850, reflects the company’s strong position in Nvidia’s (NASDAQ: NVDA) power segment for its Hopper and Blackwell platforms.</p> 
<p>Analysts expect MPWR to retain over 80% market share in this segment, with a projected 40% increase in average selling price due to higher power requirements for the Blackwell platform. <br><br>The company’s association with Nvidia and its growing presence in the AI and data center markets are seen as key drivers for future growth.</p> 
<p>As of 10:52 AM EDT, MPWR stock was trading at $862.00, up 3.74% from the previous close, reflecting investor optimism about the company’s prospects in the expanding AI and data center markets.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/stocks-to-watch-today-wells-fargo-bny-and-monolithic-power-systems/">Stocks to Watch Today: Wells Fargo, BNY, and Monolithic Power Systems</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Stocks to Watch Today: Wells Fargo, BNY, and Monolithic Power Systems

Daftar Isi

Tokenist

Artikel lain yang dipublikasikan pada 12 Jul 2024

Must-Have Cryptocurrencies for Every Investor

Ambitious Bitcoin (BTC) Statements from the US Senator!

Cardano (ADA) Climbs to Weekly High, Poised For More Upside

Investors Analyze US Producer Inflation Data

SEC eases crypto reporting rules for banks and brokerages

Whales shift focus to ETH staking and Ethereum ecosystem tokens

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!