Start of earnings season sees gains for financials.
As earnings season gets underway in earnest, stocks of particular interest to readers of TheStreet traded mixed Friday.
Shares of Wells Fargo & Co.., (WFC) – Get Free Report, one of the four major banks that kick off earnings season, rose 2.35% to $43.82.
Wells Fargo posted stronger-than-expected fourth-quarter earnings Friday, but set aside a larger portion of its reserves to compensate for rising loan risks as interest rates rise and the economy slows.
Another major bank, Bank of America Corp (BAC) – Get Free Report, saw shares rise 1.74% to $35.06 after it too posted better-than-expected earnings. Bank of America is one of the largest holdings in Warren Buffett’s Berkshire Hathaway (BRK.A) – Get Free Report (BRK.B) – Get Free Report portfolio, as of its latest filing with the SEC.
Among other notable gainers, shares of Expedia Group Inc (EXPE) – Get Free Report rose 1.93% to $105.04. Expedia was recently upgraded by analysts at Oppenheimer.
Shares of Etsy Inc (ETSY) – Get Free Report rose 1.79% to $133.99. Etsy shares have seen recent gains as the niche online market platform draws more attention from analysts following a strong second half share performance in 2022.
Shares of American Airlines Group Inc (AAL) – Get Free Report rose 0.62% to $16.93. For information on what Real Money columnists are saying about American Airlines Group Inc, please click here.
FedEx Leads Decliners
Among decliners, shares of FedEx Corporation (FDX) – Get Free Report fell 1.69% to $188.64. FedEx posted better-than-expected results last month but continues to face concerns over potential economic slowdowns in the U.S.
Shares of Best Buy Co Inc (BBY) – Get Free Report fell 0.72% to $85.79. To find out more about what our experts on Real Money are saying about Best Buy Co Inc, please click here.
Shares of Verizon Communications Inc. (VZ) – Get Free Report fell 0.67% to $41.54.
Shares of eBay Inc (EBAY) – Get Free Report fell 0.41% to $46.24.
Shares of Walgreens Boots Alliance Inc (WBA) – Get Free Report fell 0.34% to $36.53.
Broader Markets Edge Higher
In the broader markets, the Dow Jones Industrial Average rose 6.52, or 0.02% to 34,196.49.
The S&P 500 rose 1.54, or 0.04% to 3,984.71. Losers outpaced winners 264 to 235 in the S&P 500. Within the S&P 500, financials stocks led, while communication services lagged.
The Nasdaq Composite rose 39.04, or 0.35% to 11,040.14.
