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

Table of Contents

Tokenist

دیگر آرٹیکلز 12 جولائی، 2024 پر پبلش کیے گئے ہیں

Must-Have Cryptocurrencies for Every Investor

Politician Pepe (POLPEPE) Memecoin Buyer Secures Over 400% Profit, But Waits For 18,000% Rally

Is AI Good for UK? 40% of Worker Tasks to be Automated, Boosting Efficiency- Breakthrough or Burden?

Dekabank and Metzler complete ECB’s trial with digital euro security

Minu Price Prediction: MINU Pumps 8%, But Experts Say Consider This P2E DOGE Derivative For Parab...

The Sandbox Reveals Vital Update on LAND Buying & Selling

Join our free newsletter for daily crypto updates!