Midday Movers: Stocks Make Headlines as Quantum Computing and Bank Earnings Take the Spotlight
Quantum computing stocks surged after Microsoft’s plan to prepare businesses for the rise of quantum computers. Nvidia’s GTC conference also announced a quantum day, driving shares of Rigetti Computing, D-Wave Quantum, and IonQ higher by 18%, 20%, and 33%, respectively.
In the financial sector, several banks reported strong quarterly results, driving their stocks higher. Wells Fargo rose 6% after releasing better-than-expected adjusted earnings and strong guidance on net interest income for 2025. Goldman Sachs, Citigroup, and Bank of New York Mellon also reported exceeding expectations, with their shares jumping 5%, 7%, and 6%, respectively. JPMorgan Chase’s strong fourth-quarter results, which surpassed analysts’ expectations, contributed to a 2% gain in its shares.
BlackRock, the world’s largest asset manager, posted a fourth-quarter earnings beat, driving its stock 4.7% higher. CBRE Group, a real estate company, gained nearly 5% after being upgraded to overweight by Morgan Stanley.
On the flip side, Calavo Growers, an avocado distributor, saw its shares drop 7% despite posting a 20% revenue increase in its latest fiscal quarter and an 11.4% rise in total net sales for the year.
