HomeNewsMarket Highlights: Five stocks that saw significant activity on Wednesday

Market Highlights: Five stocks that saw significant activity on Wednesday

Ruchi Gupta
  • Shares of Morgan Stanley, Procter & Gamble, and Bank of America jump on quarterly results release
  • UCB is acquiring Zogenix for $1.9 billion
  • Sofi Technologies receives OCC approval to be a bank holding firm

Morgan Stanley tops Q4 2021 results

Morgan Stanley (NYSE: MS) shares were up 3.2% after the company topped its Q4 2021 results. Robust equities trading revenue was the trigger behind the better than anticipated results.

The company has net earnings of $3.7 billion or $2.01 per share, beating estimates of $1.91 and representing a 9.2% increase. The company posted revenue of $14.52 billion, a 6.8% increase. In addition, the company kept compensation expenses in check at $5.49 billion same as a year before.

Bank of America produces mixed Q4 results

Bank of America Corp (NYSE: BAC) shares popped almost 5% on Wednesday despite the company reporting mixed Q4 2021 results. The company reported a net income of $6.77 billion or $0.82 per share, beating earnings estimates of $0.77 per share.

However, the company missed in its revenue estimates printing revenue of $22.06 billion versus forecasts of $22.18 billion. Markets revenue dropped 2% sequentially because of a 10% drop on FICC, but equities were up 3%.

Procter and Gamble facing headwinds in 2022

On Wednesday, Procter & Gamble Co (NYSE: PG) was up almost 4% after the company reported Q2 earnings that topped estimates and revised its full-year sales outlook. Although the consumer products company has pricing power, its CEO Jon Moeller stated that transportation and high commodity costs would continue being a headwind this year.  

The company reported a net income of $4.22 billion or $1.66 per share compared to $3.85 billion or $1.47 a year ago. Sales were up 6% from a year ago to $20.95 billion attributed to organic sales growth across all segments.

Sofi Technologies becomes a bank holding firm

Sofi Technologies Inc. (NASDAQ: SOFI) received regulatory approval to be a bank holding firm leading to shares jumping by 20%. The company had proposed to acquire Golden Pacific Inc. in March last year, and now the US Federal Reserve and Office of the Comptroller of the Currency have approved the proposal.

UCB to acquire Zogenix from $1.9 billion

Zogenix (NASDAQ: ZGNX) shares jumped 60% after the biopharma company disclosed that UCB planned to purchase it for $1.9 billion.

According to the formal agreement, UCB will pay $26 per share for all of Zogenix's shares outstanding, with a contingent value right (CVR) for a possible $2 cash payout if the EU approves the orphan drug for the treatment of Lennox-Gastaut Syndrome identified as FINTEPLA.