JPMorgan, Delta Air Lines, PayPal

JP Morgan Chase & Co. headquarters, JP Morgan Chase Park Avenue Tower, Midtown, Manhattan, New York.

Tim Clayton – Corbis | Corbis Sport | Getty Images

Check out the companies that make headlines in the afternoon trade.

JPMorgan Chase – Shares fell 3.2% after JPMorgan Chase reported a $524 million loss due to market turmoil caused by sanctions against Russia over the war in Ukraine. The bank reported better-than-expected earnings and earnings in the first quarter, but earnings fell 42% year-over-year.

Delta Air Lines – Airline stocks are up 6.2% as Delta forecasts a return to earnings in the current quarter. Delta posted a smaller-than-expected loss per share in the first fiscal quarter and beat consensus earnings guidance.

American Airlines – Shares of other travel companies jumped after Delta’s report. Shares of American Airlines rose 10.6%, Southwest Airlines rose 7.5% and Norwegian Cruise Line rose 6.2%.

paypal holdings, walmart — Walmart on Tuesday after Bell announced it had hired PayPal CFO John Rainey. Rainey will replace Brett Biggs, who has been Chief Financial Officer since 2015. PayPal fell about 2.9% and Walmart shares rose 2.6%.

Fastenal – Shares rose 2.2% after a stronger-than-expected quarterly earnings report. The company reported earnings of 47 cents per share on $1.7 billion in revenue. Analysts polled by Refinitiv had expected earnings of 45 cents per share on $1.69 billion in revenue.

Charles Schwab: The brokerage rose 4.7% after Morgan Stanley called it a “best bet” and said higher rates would boost stocks. The company’s price target for BlackRock suggests upside potential of around 65%.

Warner Bros. Discovery – Shares rose 5.4% after Bank of America initiated media shares with a buy recommendation. The firm said the merger of the two media companies creates a “powerhouse”.

The Gap – Retail shares rose 8.2% after Activist Insight reported that the company could be a potential target for activists. CNBC did not confirm the report.

– Reporting by Samantha Subin and Tanaya Machil from CNBC.

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