US Stocks had biggest midday moves on Q4 earnings

Shares of JPMorgan, which is the biggest US bank by assets, surged more than 2% after the firm posted Q4 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.

Citigroup’s stock added more than 1% as the company reported a record Q4 for fixed income. The bank said net income decreased during the period by more than 21% over last year as it set aside more money for potential credit losses.

Delta Air Lines’ stock edged about 4% lower after the company said in its outlook that higher labor costs would hurt its Q1 profits. Delta topped analysts’ expectations on the top and bottom lines for the Q4.

Wendy’s stock added 5.7% after Wendy’s shared positive preliminary Q4 results and announced a handful of reshuffles within its corporate structure. A regulatory filing also indicated that Nelson Peltz does not want to take over Wendy’s.

Bank of America’s financial stock rose less than 1% on Friday after Bank of America beat estimates on the top and bottom lines for the Q4. A sharp rise in net interest income helped the results, though management cautioned that the metric could decline sequentially in the first quarter.