Stocks making the biggest moves midday: JPMorgan Chase, Wendy’s, Virgin Galactic, Delta Air Lines, Tesla and more

A sign is posted in front of a Wendy’s restaurant on August 10, 2022 in Petaluma, California. Justin Sullivan | Getty Images Check out the companies making headlines in midday trading. JPMorgan – Shares of the biggest U.S. bank by assets rose more than 2% after the firm posted fourth-quarter profit and revenue that topped expectations. The New York-based bank said profit jumped 6% from the year earlier period to $11.01 billion, or $3.57 per share. Interest income at the bank surged 48% on higher rates and loan growth. related investing news…

Read More

‘Flash’ star Ezra Miller avoids jail with plea deal for unlawful trespass in Vermont

Actor Ezra Miller arrives at the premiere of Warner Bros. Pictures’ ‘Justice League’ at Dolby Theatre on November 13, 2017 in Hollywood, California. Axelle/bauer-griffin | Filmmagic | Getty Images Ezra Miller agreed to a plea deal Friday to avoid jail time related to a May 2022 incident in which they allegedly stole alcohol from a neighbor’s home in Vermont. “The Flash” actor pleaded not guilty to these charges in October, which could have carried a maximum sentence of 25 years. Under the deal, Miller agreed to plead guilty to unlawful…

Read More

Saudi Arabia’s $500 billion bet to build a futuristic city in the desert

Saudi Arabia is building a futuristic city in the middle of a vast desert— from scratch. A vital element of the country’s Vision 2030 plan, the project is the brainchild of Saudi’s de facto leader, Crown Prince Mohammed bin Salman, also known as MBS. The site covers an area of more than 10,000 square miles, about the same size as Massachusetts. And it could cost $500 billion to complete. “So Mohammed bin Salman wants to project himself as a liberal leader within the conservative royal family in Saudi Arabia,” Ali…

Read More

Jim Cramer’s Investing Club meeting Friday: Overbought market, Wells Fargo, Estee Lauder

Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Friday’s key moments. Look to trim in an overbought market Don’t sell Wells Fargo Hold onto Estee Lauder 1. Look to trim in an overbought market Stocks were mostly down Friday, pressured by a decline in financials after several major banks reported fourth-quarter results. The S & P 500 fell 0.42% in midmorning trading. It’s likely that the overbought nature of the market – our trusted S &…

Read More

Key Senate Democrats push Southwest CEO for answers on holiday meltdown

Southwest Airlines Executive Vice President Bob Jordan speaks as he is interviewed by CNBC outside the New York Stock Exchange (NYSE) in New York City, U.S., December 9, 2021. Brendan McDermid | Reuters Fifteen senators, including Bernie Sanders, Elizabeth Warren and Cory Booker, sent a letter to Southwest CEO Bob Jordan on Friday demanding answers about the airline’s management of 2022 holiday travel disruptions, which left thousands of passengers stranded in airports. The questions push for details about the causes of the meltdown, including Southwest’s outdated software and staffing failures.…

Read More

Nelson Peltz’s Trian won’t pursue Wendy’s takeover

David Paul Morris | Bloomberg | Getty Images Nelson Peltz isn’t interested in acquiring Wendy’s, according to a regulatory filing made on Friday. Peltz serves as non-executive chair on the burger chain’s board and as chief executive of activist firm Trian Fund Management, which is its largest shareholder. In May, Trian said it was exploring a potential deal with the company to “enhance shareholder value” that could include an acquisition or merger. “Trian believes that the Company is well-positioned to deliver significant long-term value for shareholders and looks forward to…

Read More

Rupert Murdoch deposition in Dominion-Fox lawsuit delayed until next week

Rupert Murdoch, chairman of News Corp and co-chairman of 21st Century Fox, arrives at the Sun Valley Resort of the annual Allen & Company Sun Valley Conference, July 10, 2018 in Sun Valley, Idaho. Drew Angerer | Getty Images Fox Corp. Chairman Rupert Murdoch is now slated to appear for a deposition later in January as part of Dominion Voting’s defamation lawsuit against the company and its cable news networks. Murdoch had initially been scheduled to appear for a deposition in December, but he’s now set for Thursday and Friday…

Read More

Crypto.com lays off 20% of workforce after FTX collapse blunted ambitious growth

The exterior of Crypto.com Arena on January 26, 2022 in Los Angeles, California. Rich Fury | Getty Images Crypto.com announced on Friday that it’s laying off 20% of its workforce. CEO Kris Marszalek said in a blog post that the crypto exchange grew “ambitiously” but was unable to account for the collapse of Sam Bankman-Fried’s crypto empire FTX. “All impacted personnel have already been notified,” Marszalek said in a post. Crypto exchanges and lenders have been forced to aggressively pare back headcount, a move accelerated by FTX and the wave…

Read More

Lithium company Ioneer scores $700 million conditional loan from Energy Department for Nevada plant

Lithium company Ioneer said Friday that it’s secured a conditional commitment for a loan of up to $700 million from the Department of Energy as the U.S. seeks to develop new supply chains for materials that are critical to the energy transition. Ioneer is developing the Rhyolite Ridge Lithium-Boron Project in Esmeralda County, Nevada. When fully operational, the site will produce enough lithium for 400,000 electric vehicles, the company said, while also producing boron. The plant isn’t yet operational, but Ioneer has already secured offtake agreements with Ford and Toyota.…

Read More

Delta CEO urges Washington to increase FAA funding after ‘unacceptable’ outage

Ed Bastian, chief executive officer of Delta Air Lines Inc., during an interview in New York, US, on Monday, Nov. 7, 2022. Bastian said that he sees ‘strong demand’ for flights carrying into 2023.  Jeenah Moon | Bloomberg | Getty Images Delta Air Lines CEO Ed Bastian called on Washington to increase funding for the Federal Aviation Administration after an outage of a pilot-alert system that grounded thousands of flights across the U.S. this week. The FAA halted U.S. flight departures on Wednesday morning after it reset the Notice to…

Read More