Shares in the software and services firm BlackBerry Ltd (NASDAQ:BBRY) were under pressure early on Friday after its quarterly sales undershot analysts expectations. This was despite a surprise rise in profits. Pre-market, the stock was off almost 7% and during the day.shares plunged over 12% to $9.71 each.
Caterpillar Inc (NYSE:CAT) held steady despite a Deutsche Bank downgrade to ‘hold’ from ‘buy’. Later in the day shares nudged up a gear - up 0.26% to around $104.
Sonic Corp (NASDAQ:SONC) and Bed Bath and Beyond Inc (NASDAQ:BBBY) both sounded the earnings alert after the bell Thursday. The latter saw shares tank over 12% on the day.
Banks under pressure
Goldman Sachs Group Inc (NYSE:GS) and Morgan Stanley (NYSE:MS) were under pressure early on. A Wall Street Journal article suggested the two banks may find their headroom to return cash capped by the US Federal Reserve. This follows stress test on the pair’s balance sheets.
WSJ: Low scores on a new stress test metric could limit payouts from Goldman Sachs and Morgan Stanley-Heard on the… https://t.co/bo8LQvwHRo
— #Business Info (@360BizInfo) June 23, 2017
Goldman shares later fell 1.17% to $217.19.
Bank of America (NYSE:BAC), Citigroup (NYSE:C), JP Morgan Chase and Wells Fargo (NYSE:WFC) undergo regulatory scrutiny soon, according to CNBC. All three saw shares fall on the day. BoA dropped 0.48%; Wells dropped 0.08% and Citigroup shed 0.33%.
Stifel Nicolous has cut its price target for Costco Wholesale Corp (NASDAQ:COST) to US$173 a share from US$191; raises Anheuser-Busch InBev NV (NYSE:BUD) to US$140 from US$134.
