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Wells Fargo (WFC), JPMorgan (JPM), Citigroup (C) Fell After Quarterly Results, Facebook (FB), Activision Blizzard (AVTI) Risen

The fourth-quarter accounts of three systemically significant financial giants, JPMorgan Chase, Citigroup, and Wells Fargo, were issued at once on 15 January. Citigroup’s revenue for the quarter plunged 7 percent relative to Q4 2019, causing a 6.93 percent decline in shares, despite the fact that EPS of $2.08 was marginally higher than the forecast of $1.35. A similar disorder was noticed for Citi’s rivals. With 4Q EPS 44.7 percent higher than expected, JPMorgan Chase “lost” 1.79 percent, and Wells Fargo shares plummeted 7.80 percent, relative to the estimated $0.59 for the same period, despite EPS of $0.64. The fall in bank stocks came in the face of an improvement in the previous few weeks, driven by a rise in returns from the US Treasury. Wells Fargo & Company (WFC) closed the trading at $32.04, Citigroup Inc. (C) ended at $64.23 while JPMorgan Chase & Co. (JPM) was at $138.64 ring of the bell on Friday.

On the basis of news about the investment firm MoffettNathanson, Facebook, Inc. (FB) was also one of the trading favorites, raising the target price for the company’s stock to $325. At the end of the day, Facebook was up +2.33% to $251.36. MoffettNathanson expressed optimism that the upcoming investigations on the issue of antitrust law would not have a significant effect on the activities and results of the company. The key reason behind the company’s growth is the growing amount of e-commerce and demand for advertising services on Facebook pages in the light of the pandemic.

In the meantime, we recall that Activision Blizzard, Inc. (ATVI) shares that are part of the “U.S. GS” (available only to qualifying investors) took a smaller jump of +0.78% to close the session at $90.69. The stock moved positively on the basis of data from the NPD Group polling company study, according to which US consumers spent a record $56.9 billion in video games and appliances in 2020. Around the same moment, ‘Call of Duty: Black Ops Cold War,’ developed by Activision, was the 2020 bestseller.

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