Shares of BlackRock advanced more than 4% after the company beat top and bottom line estimates during the third quarter. BlackRock, which is the world’s largest asset manager, earned $9.22 per share compared with the $7.80 expected by analysts surveyed by Refinitiv.
The company saw $129 billion in inflows during the quarter, boosted by the fixed income and cash management divisions. The shares of the furniture company (Ethan Allen) surged more than 12% after reporting preliminary fiscal first quarter results of 34 to 36 cents per share, compared to the Refinitiv estimate of 2 cents per share. Revenue also topped estimates, coming in at $151.1 million.
Disney shares advanced more than 4% after the company announced a major reorganization that will make streaming a “primary focus.” To accelerate its direct-to-consumer strategy, Disney will centralize its media businesses into a single organization that will be responsible for content distribution, ad sales and Disney+.
JP Morgan stock lost 1.8% despite beating Wall Street expectations for its third quarter results, thanks in part strong trading revenues and reducing loan-loss reserves. CEO Jamie Dimon said that, under a worst-case scenario that the bank considers unlikely, JPMorgan would need to book another $20 billion in reserves.
Shares of the e-commerce giant (Amazon) ticked up about 1% as the first day of Prime Day started on Tuesday. The two-day event could become the biggest online shopping day of the year, according to NPD, with 57% of consumers planning to do some if not all of their holiday shopping this week.