Stockwinners Market Radar for April 12, 2024 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

20:12 EDT Cathie Wood's ARK Investment bought 133K shares of Twist Bioscience today

19:50 EDT Summit Wireless Technologies trading halted, news pending

19:50 EDT Gorilla Technology Group Inc trading halted, news pending

17:38 EDT Customers Bancorp names Philip Watkins CFO - According to a regulatory filing, on April 12, 2024, Customers Bancorp promoted Philip Watkins to Chief Financial Officer of the company. Watkins has served as the Chief Financial Officer of Customers Bank since January 2023. He joined Customers Bank in January 2020, where he served in various roles including Head of Real Estate and Head of Digital Lending. From August 2018 through January 2021, Watkins was the CFO of Megalith Financial Acquisition Corp. Since 2013, Watkins also served as Principal of Megalith Capital Management, a real estate focused private equity firm. There are no family relationships between Mr. Watkins and any director or executive officer of the Company, and there are no arrangements or understandings with any person pursuant to which he has been selected as an officer of the Company.

16:31 EDT Aon plc raises quarterly dividend 10% to 67.5c per share - Aon plc announced that its Board of Directors has approved a 10% increase to its quarterly cash dividend on Aon's outstanding Class A Ordinary Shares. Consistent with the increase in the dividend, the Board of Directors has declared a quarterly cash dividend of 67.5c per outstanding Class A ordinary shares, reflecting a 10% increase from 61.5c per share. The dividend is payable May 15, 2024 to shareholders of record on May 1, 2024.

16:13 EDT C3is Inc. to acquire Bulk Carrier Eco Spitfire for $16.19M - C3is Inc. announced that it has entered into an agreement to acquire the Bulk Carrier Eco Spitfire for $16.19M from Brave Maritime, an affiliated company. Eco Spitfire, a Marshall Islands registered vessel, was built at a Japanese ship yard in 2012, and has a cargo carrying capacity of approximately 33,664 dwt. Payment of 10% of the purchase price will be effected within April, with the remaining balance due by of April 10, 2025, at the latest. The vessel is currently trading under a time charter, scheduled to expire at the beginning of May. The transaction with Brave Maritime, which is an affiliated company, was approved by the company's audit committee comprising of independent directors.

14:45 EDT Envoy Medical Inc trading resumes

14:31 EDT Trimble announces new financial reporting segments - Trimble announced that it will change the reporting of its segment financial results to better reflect the company's organizational structure and business models. Starting with the Q1 results, Trimble will report revenue and operating income based on three operating segments as follows: Architects, Engineers, Construction and Owners, Field Systems and Transportation and Logistics.

13:02 EDT Baker Hughes reports U.S. rig count down 3 to 617 rigs - Baker Hughes reports that the U.S. rig count is down 3 from last week to 617 with oil rigs down 2 to 506, gas rigs down 1 to 109 and miscellaneous rigs unchanged at 2. The U.S. Rig Count is down 134 rigs from last year's count of 751 with oil rigs down 84, gas rigs down 49 and miscellaneous down 1. The U.S. Offshore Rig Count is down 1 to 19, up 2 year-over-year. The Canada Rig Count is up 5 from last week to 141, with oil rigs up 5 to 70, and gas rigs unchanged at 71. The Canada Rig Count is up 14 from last year's count of 127, with oil rigs up 18, and gas rigs down 4.

12:00 EDT XPeng falls -8.2% - XPeng is down -8.2%, or -68c to $7.59.

12:00 EDT GCT Semiconductor falls -12.0% - GCT Semiconductor is down -12.0%, or -84c to $6.18.

12:00 EDT Globe Life rises 11.9% - Globe Life is up 11.9%, or $5.83 to $55.00.

11:52 EDT Citi sees NCL rate for Retail Services at high end of FY guidance range

11:15 EDT Citi seeing strength in digital payments - Says Q1 was a "good start" to a "pivotal year." Says Services continuing to perform well. Says seeing strength in digital payment options.

10:59 EDT Bethesda's 'Fallout 76' seeing highest engagement on Xbox since October 2022 - Circana analyst Mat Piscatella said that Bethesda's 2018 game "Fallout 76" is currently seeing its highest engagement rate on Microsoft's (MSFT) Xbox Series consoles since October 2022. The Fly notes that Amazon Prime Video (AMZN) recently released a TV show based on the "Fallout" game franchise. Reference Link

10:37 EDT Tyco enters $750M settlement with nationwide class of public water systems - In a regulatory filing, Johnson Controls said, "On April 12, 2024, Tyco Fire Products, a wholly-owned, indirect subsidiary of Johnson Controls, agreed to a settlement with a nationwide class of public water systems that detected PFAS in their drinking water systems that they allege to be associated with the use of Aqueous Film Forming Foam products manufactured and sold by Tyco. Under the terms of the agreement, Tyco agreed to contribute $750M to resolve these PFAS claims. The settlement releases these claims against Tyco, Chemguard and other related corporate entities. This settlement was entered in connection with the previously disclosed AFFF multi-district litigation being overseen by the United States District Court for the District of South Carolina. A charge for $750M was recorded by the Company in the quarter-ended March 31, 2024. Tyco expects to contribute an initial $250M on or about May 25, 2024, with the remaining $500M to be contributed six months after preliminary court approval of the settlement, which is expected to be addressed by the MDL Court in or around mid-May, 2024. Tyco has a significant amount of insurance through a number of insurers and expects to apply the proceeds recovered under its policies to cover a substantial portion of the total payment, although the specific amount and timing of any insurance recoveries are uncertain. There are still several procedural and legal steps that must occur before the settlement is final and payments are made. The settlement is subject to approval by the MDL Court and other contingencies, and that process is expected to take several months. The class of public water systems included in this settlement broadly includes any public water system that has detected PFAS in its drinking water sources as of May 15, 2024. The following systems are excluded from the settlement class: water systems owned and operated by a State or the United States government; systems that have not detected the presence of PFAS as of May 15, 2024; small transient water systems; privately-owned drinking water wells; and the water system in the city of Marinette, Wisconsin. The settlement does not resolve claims of public water systems that request exclusion from the class pursuant to the process to be established by the MDL Court. It also does not resolve potential future claims of public water systems that detect PFAS in their water systems for the first time after May 15, 2024, or certain claims not related to drinking water, such as separate alleged claims relating to real property damage or stormwater or wastewater treatment. Finally, this settlement does not affect the other categories of cases that remain at issue in the AFFF MDL, such as personal injury cases, property damage cases, other types of class actions, claims brought by state or territory attorneys general, or other types of damages alleged to be related to the historic use of AFFF manufactured and sold by Tyco and Chemguard, which we describe in further detail in our most recently filed Quarterly Report on Form 10-Q for the quarter ended December 31, 2023. The settlement does not constitute an admission of liability or wrongdoing by Tyco or Chemguard. If the MDL court does not approve the agreement or certain terms are not fulfilled, Tyco and Chemguard will continue to defend themselves in the litigation. Tyco and Chemguard also intend to continue to vigorously defend themselves in all remaining AFFF matters."

10:11 EDT State Street says delivered a strong start to the year - Says first quarter was an important milestone. Says targeting further productivity gains. Says remains intensely focused on executing against strategic priorities. Says 2024 started strongly. Says priority to grow fee revenue this year. Saw continued momentum in defined contribution business. Says streamlining operating model in India, consolidated second operations JV in in India. Says pivoting capital return to more normalized levels. Comments taken from Q1 earnings conference call.

10:10 EDT Wells Fargo: Consumer credit performing as expected - CEO says whole sale credit continues to perform well. Says markets, rates will likely remain volatile.

10:08 EDT Wells Fargo continues to see strength in U.S. economy, says CEO

10:05 EDT Wells Fargo continuing to execute on efficiency initiatives - Wells Fargo is continuing to execute on efficiency initiatives, including headcount reductions, the company says.

10:00 EDT Argan rises 17.7% - Argan is up 17.7%, or $8.72 to $58.07.

10:00 EDT AMTD Digital rises 20.2% - AMTD Digital is up 20.2%, or 64c to $3.81.

10:00 EDT Zoetis falls -8.4% - Zoetis is down -8.4%, or -$13.74 to $148.99.

09:47 EDT a.k.a. Brands falls -7.0% - a.k.a. Brands is down -7.0%, or -85c to $11.25.

09:47 EDT GCT Semiconductor falls -12.3% - GCT Semiconductor is down -12.3%, or -86c to $6.16.

09:47 EDT AMTD Digital rises 17.4% - AMTD Digital is up 17.4%, or 55c to $3.72.

09:45 EDT Xponential Fitness names Jeffrey Lawrence to board, effective April 10 - Xponential Fitness last night announced that Jeffrey Lawrence has been appointed to the company's Board of Directors, effective April 10. Lawrence will serve on the Board's Audit Committee. Mark Grabowski, Chairman of the Board of Xponential, said, "Jeff is an accomplished executive and board member with decades of leadership experience at some of the most well-known consumer brands, including Domino's, FIGS and Shake Shack."

09:39 EDT Rent the Runway trading resumes

09:32 EDT JPMorgan says continuing to buy back stock at $2B per quarter - Says not planning to increase buybacks beyond current pace at this time. Says increased dividend because "capital cup runneth over." Expects 12% card loan growth for full year. Says consumers, businesses are in "pretty good shape." Expects real estate to "muddle through" high rates. Says currently "under-earning" in investment banking, but sees upside potential. Says in "very strong capital position."

09:26 EDT ContextLogic adjourns special meeting to allow additional time to vote - ContextLogic announced its Special Meeting of Stockholders will convene and then adjourn without conducting any business. The Special Meeting will reconvene at 11:30 a.m. Pacific Time on April 18, 2024. The Special Meeting was being held in connection with the Company's proposed asset sale transaction to Qoo10, as described in the Company's definitive proxy statement filed with the Securities and Exchange Commission on March 15, 2024. To realize the benefits of this value-maximizing Asset Sale, the holders of a majority of ContextLogic outstanding shares must vote in support of the transaction. Approximately 97% of the shares voted have been "FOR" the Asset Sale. ContextLogic currently needs approximately 500,000 additional shares to vote "FOR" the transaction in order to achieve the necessary threshold. The adjournment will provide time to solicit additional proxies necessary to obtain the requisite approval. Stockholders who have previously submitted their proxy or otherwise voted do not need to take any action. The proxy card included with the previously distributed proxy materials will not be updated to reflect the adjournment and may continue to be used to vote shares in connection with the Special Meeting.

09:08 EDT Roku down 2% after publishing update on recent security incidents - Shares of Roku are down $1.00, or 2%, to $60.95 in pre-market trading after the company published an update regarding recent security incidents.

09:06 EDT Roku says second security incident impacted 576,000 additional accounts - Roku published an update regarding recent security incidents, stating in part in a blog post: "Earlier this year, Roku's security monitoring systems detected an increase in unusual account activity. After a thorough investigation, we determined that unauthorized actors had accessed about 15,000 Roku user accounts using login credentials (i.e. usernames and passwords) stolen from another source unrelated to Roku through a method known as 'credential stuffing.'... After concluding our investigation of this first incident, we notified affected customers in early March and continued to closely monitor account activity to protect our customers and their personal information. Through this monitoring we identified a second incident, which impacted approximately 576,000 additional accounts. There is no indication that Roku was the source of the account credentials used in these attacks or that Roku's systems were compromised in either incident. Rather, it is likely that login credentials used in these attacks were taken from another source, like another online account, where the affected users may have used the same credentials. In less than 400 cases, malicious actors logged in made unauthorized purchases of streaming service subscriptions and Roku hardware products using the payment method stored in these accounts, but they did not gain access to any sensitive information, including full credit card numbers or other full payment information... In closing, we sincerely regret that these incidents occurred and any disruption they may have caused. Your account security is a top priority, and we are committed to protecting your Roku account." Reference Link

09:04 EDT Sunshine Biopharma announces 1-for-100 reverse stock split - Sunshine Biopharma announced a one for one hundred reverse split of its common stock, effective at market open on April 17, 2024. The reverse stock split was undertaken to regain compliance with Nasdaq's minimum bid price requirement for continued listing.

09:03 EDT CleanSpark exceeds 17 EH/s, options to purchase 100,000 Bitmain S21 Pros - CleanSpark announced it has exceeded 17 exahashes per second of operating hashrate and has exercised its option to purchase 100,000 Bitmain S21 Pros, or 23.4 EH/s of machines. Under the agreement, the new S21 Pros are scheduled for delivery between June and December 2024.

08:58 EDT Nelnet Renewable Energy to discontinue residential solar operations - Nelnet Renewable Energy announced a strategic shift in its solar engineering, procurement, and construction operations to focus exclusively on the commercial solar market. This decision underscores the company's commitment to leveraging its technical and project management strengths in a market that has shown robust growth potential and aligns with its long-term vision for sustainability, operational excellence, profitability, and energy innovation. "Nelnet is committed to being an industry leading commercial solar EPC contractor and consultant with resources, knowledge, and people to deliver high quality projects and solutions for our customers," said Jim Kruger, Nelnet CFO. In the face of challenging regulatory and economic conditions within the residential solar market and after careful deliberation, Nelnet Renewable Energy has made the difficult decision to discontinue its residential solar operations. Nelnet Renewable Energy will honor its existing warranty and contractual obligations for residential projects installed to date and will proactively communicate with customers and other relevant stakeholders about available service and support. Nelnet Renewable Energy will strive to make the transition as seamless as possible.

08:44 EDT JPMorgan says consumers remain 'financially healthy,' labor market 'resilient' - Says wages keeping pace with inflation. Says advisory business still faces "structural headwinds." Says "remains to be seen" if recent pace of capital market activity continues. Says tax to remain at about 23% in FY24. Says economic, geopolitical challenges "remain prominent." Comments taken from Q1 earnings conference call.

08:33 EDT CSW Industrials raises quarterly dividend 10.5% to 21c per share - The Board of Directors of CSW Industrials declared a regular quarterly cash dividend of $0.21 per share. This represents an increase of $0.02 per share, or approximately 10.5%, as compared to the declared dividend in the prior quarter. The dividend is payable on May 10, 2024, to shareholders of record as of the close of business on April 26, 2024.

08:14 EDT State Street closes second consolidation of operations JV in India - Says total revenue of $3.1B, up 1% YoY; Fee revenue up 4%, reflecting higher Management fees, Front office software and data revenue, and Servicing fees, partially offset by lower Securities finance and FX trading services revenues; Says NII down (7)% largely due to a deposit mix shift and lower average non-interest-bearing deposit balances, partially offset by the impact of higher average interest rates, client lending growth, and investment portfolio positions. Says total expenses of $2.5B, up 6%, primarily driven by a $130M notable item representing the increased FDIC special assessment; Up 1% ex-notables, as continued business investments were largely offset by productivity savings; Operating leverage of (4.9)%pts; 0.6%pts ex-notables; Fee operating leverage of (2.4)%pts; 3.1%pts ex-notables. Investment Servicing: Says new servicing fee revenue wins of $67M primarily related to Back office wins across Asset Managers and Alternatives client segments in North America and Europe; Record AUC/A of $43.9T at quarter-end; AUC/A wins of $474B and AUC/A yet to be installed of $2.6T; State Street Alpha reported 2 new Alpha mandates, including our second win associated with Alpha for Private Markets; ARR for Front office software solutions of $326M, up 19%, driven by continued SaaS client implementations and conversions; Completed the acquisition of CF Global Trading, strengthening State Street's outsourced trading services capabilities in Europe. Investment Management: Says tecord AUM of $4.3T at quarter-end, with continued market share gains in U.S. Low Cost ETFs. Transformation: Says closed the second consolidation of an operations joint venture in India, advancing our productivity and transformation efforts. Balance sheet and capital: Reports CET1 ratio of 11.1% at quarter end; Returned $308M of capital in 1Q24, consisting of $100M in common share repurchases and $208M of declared common stock dividends. Comments taken from presentation slides for Q1 earnings conference call.

08:09 EDT Aeries Technology enters subscription agreement totaling $5M - Aeries Technology entered into a Subscription Agreement totaling $5 million at a purchase price of $2.21 per share in a private placement.

08:07 EDT Verses applauds Spatial Web Protocol, Architecture, Governance in final stage - VERSES AI applauds the progress of the Standard for Spatial Web Protocol, Architecture and Governance moving to the final balloting process at the Institute of Electrical and Electronics Engineers. "We believe yesterday's vote is a historical milestone approving the readiness of the specifications in moving the current version into the "balloting process" to then be voted upon to become a standard," said Gabriel Rene, founder and CEO of VERSES. "We look forward to seeing this process completed next quarter, and with that, we believe that the adoption of these standards for Artificial Intelligence will help define a clearer path as we work towards a smarter, safer connected world."

08:06 EDT GD Culture Group unveils AI Advertising solution - GD Culture Group Limited and its subsidiary, AI Catalysis Corp., have unveiled an AI Advertising solution, which offers efficient AI-powered digital marketing content creation and a holistic strategy. The solution is designed to optimize the ad creative process and maximize social marketing influence, which is potentially reshaping the digital advertising landscape. "Our goal is to revolutionize the digital advertising landscape by tapping into the full potential of AI technology," said Xiaojian Wang, Chairman and Chief Executive Officer of the Company. "Our AI-powered solutions could empower our clients' marketing campaigns to optimize ad creation for maximum impact and navigate the complexities of digital marketing with ease. We're proactively leveraging our solution to enhance our clients' brand awareness on social platforms, such as TikTok."

08:05 EDT Syntec Optics secures order to develop new disposable optics - Syntec Optics announced the launch of process development for a high-volume production line to make disposable medical optics. After nearly three years of concept proposals, Syntec Optics secured the order and plans to install a fully automated advanced production line for this new product. "We are excited to develop and provide the next-generation disposable optics for biomedical camera functionalities that push the boundaries on accuracy," said Louie Salinas, Program Manager at Syntec Optics. "We believe the new development order will create a new standard for fully automated high-volume production in the US to support an existing user base. Syntec has the automated equipment for intricate replicative manufacturing, a vertically integrated thin-film coating facility, and over twenty years of expertise to be selected to supply mission-critical optics."

08:04 EDT EZGO Technologies enters procurement agreement with Huiyu Zhichuang - EZGO Technologies announced that it entered into a procurement agreement with Hangzhou Huiyu Zhichuang Industrial Co., Ltd., a subsidiary of Huiyu Holdings Group, which is a China-based company primarily engaged in real estate development business and ranked one of the top 500 civilian-run enterprises in China, for the sale of twelve security patrol robots and one intelligent patrol platform for an aggregate sales price of approximately $1.84M. The entry of the Procurement Agreement demonstrates market recognition of the company's strong R&D and manufacturing capabilities. Pursuant to the Procurement Agreement, the company agrees to complete the delivery and installation of the Products within 9 months after the execution of the Procurement Agreement. The Robots stand out with a myriad of modern features, including self-navigation, live video streaming, proficient face and license plate detection, vocal notifications, an emergency SOS button, self-charging capabilities, infrared vision, and full compatibility with smart patrol systems. This suite of features reinforces EZGO's efforts to advancements in short-distance transport solutions.

08:03 EDT Portage to expand review of alternatives, pauses ADPORT-601 trial enrollment - Portage Biotech reported that it is expanding its evaluation of strategic alternatives and implementing additional measures to extend its available cash runway. After a review of the Company's future funding needs for clinical development of its adenosine antagonist platform as well as the current capital raising market for the Company, the Board of Directors has made the decision to pause further enrollment in the ADPORT-601 clinical trial of PORT-6 and PORT-7. The Company will explore strategic alternatives, which may include finding a partner for one or more of its assets, a potential sale of one or more of its assets, a sale of the Company, a merger, restructurings, both in and out of court, company wind down or other strategic action.

07:33 EDT SBM Offshore awarded contracts for Exxon Mobil Guyana's FPSO Jaguar - SBM Offshore (SBFFF)announce that ExxonMobil Guyana (XOM) has confirmed the award of contracts for the Whiptail development project located in the Stabroek Block in Guyana. Under these contracts, SBM Offshore will construct and install FPSO Jaguar. Ownership will transfer to EMGL prior to the FPSO's installation in Guyana, and SBM Offshore expects to operate the FPSO for 10 years under the Operations and Maintenance Enabling Agreement signed in 2023. The award follows completion of front-end engineering and design studies, receipt of requisite government approvals and the final investment decision on the project by ExxonMobil and block co-venturers. The Whiptail development is the sixth development within the Stabroek block, circa 200 kilometers offshore Guyana. EMGL is the operator and holds a 45 percent interest in the Stabroek block, Hess Guyana Exploration Ltd. holds a 30 percent interest and CNOOC Petroleum Guyana Limited, holds a 25 percent interest. The FPSO Jaguar's design is based on SBM Offshore's industry leading Fast4Ward program that incorporates the Company's 7th new build, multi-purpose floater hull combined with several standardized topsides modules. The FPSO will be designed to produce 250,000 barrels of oil per day, will have associated gas treatment capacity of 540 million cubic feet per day and water injection capacity of 300,000 barrels per day. The FPSO will be spread moored in water depth of about 1,630 meters and will be able to store around 2 million barrels of crude oil. SBM Offshore remains committed to working with Guyanese companies and will continue to expand these activities. More Guyanese engineers will be recruited and employed as part of the FPSO Jaguar project team.

07:32 EDT Invivyd appoints Gowler as interim CEO - Invivyd announced that the company's Board of Directors has appointed Jeremy Gowler as Interim Chief Executive Officer, effective immediately, while the Board institutes a search for a permanent CEO. Gowler succeeds Dave Hering. "The Invivyd Board of Directors is positioning the company for its next phase of growth," said Marc Elia, Chairperson. "Invivyd is poised to lead a brand-new paradigm in delivering novel, impactful monoclonal antibody therapies for the pre-exposure prophylaxis of COVID-19, and we wish to fully unlock this capability and associated value creation. In the interim, we are pleased to align the day-to-day leadership of the company with Jeremy, who is primarily responsible for our commercial execution, and I personally look forward to partnering with him on the success of the company."

07:18 EDT Exxon Mobil announces final investment decision on $12.7B Whiptail project - ExxonMobil has made a final investment decision for the Whiptail development offshore Guyana, after receiving the required government and regulatory approvals. Whiptail, the sixth project on the Stabroek block, is expected to add approximately 250,000 barrels of daily capacity by the end of 2027. The $12.7B Whiptail project will include up to 10 drill centers with 48 production and injection wells. Production from the six Stabroek block developments will generate tens of billions of dollars of revenue and significant economic development for Guyana. Since first production in 2019, more than $4.2B has been paid into the Guyana Natural Resource Fund. There are currently 6,200 Guyanese working in support of Stabroek block operations-which is 70% of the workforce. The cumulative spend of ExxonMobil Guyana and its contractors with Guyanese suppliers since 2015 surpassed $1.5B at the end of 2023.

07:05 EDT Wells Fargo sees 2024 NII 7%-9% lower than 2023's level of $52.4B - This is unchanged from prior guidance, Wells Fargo says. 2024 noninterest expense is expected to be ~$52.6B, unchanged from prior guidance. Comments taken from Q1 earnings conference call presentation slides.

07:02 EDT Beamr Imaging CEO issues letter to shareholders - Beamr issued a Letter to Shareholders from Sharon Carmel, Chief Executive Officer. "I am happy to update you on our Q1 2024 activities and progress. Q1 2024 was a transformative quarter for our company as we built upon the progress and achievements that we reached in 2023, which resulted in several significant milestones for our company... On February 20 2024, we launched the Beamr Cloud SaaS solution...Also in February 2024, we raised gross proceeds of $13.8 million in an underwritten offering, prior to deducting underwriting discounts and other offering expenses. We intend to use the raised capital to substantially expand the reach of our video cloud services by investing in research and development efforts, sales and marketing activities, cloud operating costs... Throughout Q1 2024, we have teamed up with other industry leaders... In March 2024, we presented accelerated video AI workflows and our plans to integrate AI workflows into Beamr Cloud.... During Q2 2024, we plan to focus on enabling vision AI processes in Beamr Cloud... In Q1 2024, we generated approximately $0.39M in revenues compared with $0.33M in Q1 2023, representing a 18% increase, and as of March 31, 2024, we had approximately $19M of cash and cash equivalents including accrued interest. The revenues are driven from existing customers, and we expect contribution of the Beamr Cloud revenues to start realizing later this year."

06:53 EDT JPMorgan reports Q1 average loans up 16% - Average loans up 16%, or up 3% excluding First Republic; average deposits up 2%, or flat excluding First Republic. Credit costs of $1.9B included $2B of net charge-offs and a $72M net reserve release.

06:50 EDT Wells Fargo CEO says 'solid first quarter results' - CEO Charlie Scharf commented, "Our solid first quarter results demonstrate the progress we continue to make to improve and diversify our financial performance. The investments we are making across the franchise contributed to higher revenue versus the fourth quarter as an increase in noninterest income more than offset an expected decline in net interest income. Net charge-offs were stable from the fourth quarter as credit trends remained consistent with recent performance, and we repurchased $6.1 billion of common stock while maintaining a strong capital position. We reached an important milestone in the first quarter when the OCC announced the termination of a consent order it issued in 2016 regarding sales practices misconduct. The closure of this order is an important step forward and is confirmation that we operate much differently today around sales practices. It is the sixth enforcement action against Wells Fargo that our regulators have closed since 2019. The remaining risk and control work continues to be our top priority and we will not be satisfied until all work is complete. We remain committed to improving our efficiency while we also invest in both core infrastructure and new products and services to better serve our customers. In the first quarter we continued to enhance our credit card offerings with the introduction of Autograph JourneySM, which is designed for frequent travelers. Our new products continued to drive strong spend on our cards, and our investments in talent and technology in the Corporate and Investment Banking businesses helped drive fee-based growth."

06:48 EDT JPMorgan CEO: We reported strong results in the first quarter - Jamie Dimon, Chairman and CEO, commented: "We reported strong results in the first quarter, delivering net income of $13.4 billion, or $14.0 billion excluding a $725 million increase to the FDIC special assessment. Last month, we announced a 10% increase to the common dividend. Our exceptionally high CET1 capital ratio of 15.0% and peer-leading returns provide us with the capacity and flexibility to both reinvest for growth and maintain an attractive capital-return profile, without compromising our fortress balance sheet." Dimon continued: "This quarter, NII declined 4% sequentially, and as expected, NII ex. Markets declined 2% sequentially due to deposit margin compression and lower deposit balances, mostly in CCB. Looking ahead, we expect normalization to continue for both NII and credit costs." Dimon continued: "Our lines of business saw strong underlying performance. In CCB, client investment assets were up 25% excluding First Republic, and we continued to add new customers. In CIB, IB fees increased 21%, reflecting improved DCM and ECM activity. In CB, we saw strong growth in Payments fees and onboarded a significant number of new client relationships. Finally, in AWM, asset management fees were up 14%, with continued strong net inflows." Dimon added: "Many economic indicators continue to be favorable. However, looking ahead, we remain alert to a number of significant uncertain forces. First, the global landscape is unsettling - terrible wars and violence continue to cause suffering, and geopolitical tensions are growing. Second, there seems to be a large number of persistent inflationary pressures, which may likely continue. And finally, we have never truly experienced the full effect of quantitative tightening on this scale. We do not know how these factors will play out, but we must prepare the Firm for a wide range of potential environments to ensure that we can consistently be there for clients." Dimon concluded: "We continue to be a pillar of strength for our clients, communities and markets across the world - while also delivering for shareholders. This quarter, we grew customers, continued to position the Firm for the future, maintained our fortress principles, raised the dividend and played a critical role in driving economic growth by extending credit and raising capital totaling more than $655 billion."

06:10 EDT BlackRock reports $76B of quarterly long-term net inflows in Q1 - $57B of quarterly total net inflows also reflect seasonal outflows from cash management. Issued $3B of debt to fund a portion of the cash consideration for the planned acquisition of Global Infrastructure Partners.

06:03 EDT High Tide CFO Sergio Patino to transition out of role - High Tide announced that the company and Sergio Patino have agreed to transition the CFO role to a new candidate, who has already accepted the position, effective May 1. The new candidate's name and biographical information will be provided in a subsequent press release. As part of Patino's transition, he will remain engaged with the company for a mutually agreed upon period. High Tide thanks Patino for his services and wishes him well in his future professional endeavors.