Check out the companies making headlines in premarket trading. Apple — Stock in the iPhone maker climbed 4%. Apple’s first-quarter results surpassed analyst estimates on the top and bottom line on Thursday, with the company’s strong services revenue helping to offset weaker-than-expected iPhone sales. Chevron — The oil giant’s stock fell more than 1% after it missed on earnings in the fourth quarter. Chevron reported adjusted earnings of $2.06 per share, while analysts had forecast $2.11 per share, according to LSEG. The weakness was attributed to its refining business, which posted its first loss in four years. Meanwhile, revenue came in at $52.23 billion, topping the consensus call for $46.75 billion. Intel — Shares ticked up 1.5% after marginally beating fourth-quarter earnings expectations. The chipmaker posted earnings per share of 13 cents, excluding items, while analysts polled by FactSet forecast 12 cents. Walgreens Boots Alliance — Shares of the beleaguered pharmacy chain slipped nearly 12% after the company said on Thursday that it would suspend its quarterly cash dividend. Walgreens said in a press release that it’s in the midst of “long-term turnaround efforts” and is aiming to strengthen its balance sheet by reducing debt and improving free cash flow. Exxon Mobil — Shares inched higher after the company reported fourth-quarter earnings that beat analyst expectations. Exxon earned $1.72 per share, excluding items, beating an LSEG estimate of $1.56 per share. Revenue, however, came in at $83.43 billion, below the consensus forecast of $86.63 billion. Shares were little changed in the premarket. KLA Corporation — Shares jumped almost 4% after the chip equipment maker’s fiscal second-quarter earnings beat analysts’ estimates. KLA Corp. posted adjusted earnings of $8.20 per share on revenue of $3.08 billion, above the $7.75 per share and $2.94 billion in revenue that analysts surveyed by LSEG were expecting. Beazer Homes — Shares dropped 9% after Beazer Homes posted first-quarter results that fell short of expectations. Per-share earnings of 10 cents missed the 31 cents expected by analysts. On the other hand, revenue of $468.9 million exceeded the $464.4 million consensus estimate. Eastman Chemical — Shares advanced nearly 4% after fourth-quarter earnings beat analyst estimates. Eastman reported earnings per share of $1.87, excluding items, while analysts polled by FactSet were looking for $1.57. The top end of the company’s full-year earnings outlook also beat analyst estimates. Deckers — Shares were down 15% in the premarket despite the Hoka and Ugg parent reporting better-than-expected quarterly results. The company earned $3 per share on revenue of $1.83 billion. Analysts polled by LSEG expected a profit of $2.56 per share on revenue of $1.73 billion. The company raised its full-year earnings guidance as well. Atlassian — The software stock surged 20% after both its quarterly report and forecast beat expectations. Atlassian earned 96 cents per share, on an adjusted basis, on $1.29 billion of revenue in its fiscal second quarter. Analysts surveyed by LSEG were projecting a profit of 76 cents per share and $1.24 billion of revenue. — CNBC’s Sean Conlon, Jesse Pound, Pia Singh, Hakyung Kim, Sarah Min and Fred Imbert contributed reporting
Check out the companies making headlines in after-hours trading. Delta Air Lines – Shares of the airline operator slid about 14%. The company dialed back its forecast for the first quarter, citing “the recent reduction in consumer and corporate confidence caused by increased macro uncertainty.” Delta now sees year-over-year revenue growth of 3% to 4% for the period, down from a projected increase of 7% to 9%. The company also dialed back its earnings outlook to 30 cents to 50 cents per share, compared to an earlier forecast of 70 cents to $1 per share. Oracle – The cloud computing stock gained 3%. Oracle announced it was raising its quarterly dividend by 25% to 50 cents per share. Separately, fiscal third quarter results missed Wall Street’s expectations on the top and bottom lines. Asana – Shares plunged more than 25% after CEO Dustin Moskovitz announced he’s going to retire . The company also issued weak guidance. Asana expects first-quarter revenue of between $184.5 million and $186.5 million, below the $191 million analysts were expecting, according to LSEG. Meanwhile, the company anticipates full-year revenue will come in at $782 million to $790 million, while analysts had estimated $803.5 million. Redfin – Shares of the real estate company pulled back more than 3%, giving back some of Monday’s nearly 68% gain. On Monday, Redfin announced that Rocket Companies will acquire the company in an all-stock $1.75 billion deal , which is expected to close in the second or third quarter this year. Vail Resorts – The stock gained more than 4% on the heels of its better-than-expected fiscal second-quarter earnings report. Vail reported earnings of $6.56 per share, above the $6.31 per share that analysts surveyed by LSEG had sought. Revenue for the period came in line with expectations at $1.14 billion. — CNBC’s Darla Mercado contributed reporting.
Check out the companies making headlines in midday trading: Bank stocks — Major banks came under pressure during Monday’s session amid rising concerns about a potential slowdown in the U.S. economy. JPMorgan Chase and Goldman Sachs fell roughly 4%. Citigroup slid more than 4%, and Wells Fargo dropped 5%. Bank of America shed more than 2%, and Morgan Stanley declined more than 5%. Robinhood — Shares of the financial services platform plunged more than 14% on the heels of Finra saying on Friday that it has ordered Robinhood to pay $3.75 million in restitution to customers. The self-regulatory organization also fined Robinhood Financial and Robinhood Securities $26 million, alleging a failure to “establish and implement reasonable anti-money laundering programs,” among other issues. Crypto-related names — Bitcoin slid 3% in midday trading as investors fled speculative corners of the market. Stocks tied to cryptocurrencies also fell, with crypto exchange Coinbase losing 10% and bitcoin proxy Strategy shedding 13%. Redfin — The real estate company soared about 70% after it announced that Rocket Companies will acquire the company in an all-stock deal valued at $1.75 billion . The deal is expected to close in the second or third quarter of 2025. Shares of Rocket Companies moved almost 15% lower following the announcement. Nvidia — Shares of the chipmaker dropped 4%, extending the megacap stock’s recent rout. After shares plunged more than 9% last week, Nvidia is down more than 20% in 2025. Chip plays — The VanEck Semiconductor ETF (SMH) slid more than 4% as investors sold out of last year’s high-flying chip names. Broadcom and ASML lost about 6%. Taiwan Semiconductor Manufacturing tumbled more than 3%. Tesla — Elon Musk’s electric vehicle company saw shares dropping 10% to below $240 apiece, giving up its postelection gain. The EV maker has slid for seven straight weeks after Musk joined the Trump administration, its longest losing streak in its 15 years as a public company. The stock closed at $251.44 on Nov. 5, Election Day. Novo Nordisk — Shares slipped more than 8% after trial results for the Danish pharmaceutical company’s weight loss drug CagriSema showed the treatment resulted in a smaller impact for patients compared to previous tests. Palantir Technologies — The stock pulled back 7%, extending its underperformance in recent weeks. Over the past month, shares have fallen more than 32%. Cracker Barrel — Shares of the restaurant brand popped 6% after Truist Securities upgraded the company to buy. The firm said the restaurant chain’s recent results have led to increased confidence in Cracker Barrel’s turnaround efforts that do not appear reflected in its valuation. Oracle — Shares of cloud computing company fell more than 4% as trades linked to artificial intelligence came under pressure Monday. Oracle, which is set to report earnings after the closing bell, has now seen its stock fall more than 10% this year. Cognizant Technology — The IT stock gained more than 4% after The Wall Street Journal, citing people familiar with the matter, reported that activist investor Mantle Ridge has built a stake of more than $1 billion in the company and thinks its shares are undervalued. — CNBC’s Alex Harring, Brian Evans, Jesse Pound, Yun Li, Pia Singh, Michelle Fox and Darla Mercado contributed reporting. Correction: An earlier version misstated the amount of restitution Robinhood Financial was ordered to pay to customers. The firm was ordered to pay $3.75 million to customers, and Finra fined Robinhood Financial and Robinhood Securities $26 million for alleged violations.
Jamie Dimon, CEO of JPMorgan Chase, leaves the U.S. Capitol after a meeting with Republican members of the Senate Banking, Housing and Urban Affairs Committee on the issue of debanking on Thursday, February 13, 2025.
Tom Williams | Cq-roll Call, Inc. | Getty Images
For years, American financial companies have fought the Consumer Financial Protection Bureau — the chief U.S. consumer finance watchdog — in the courts and media, portraying the agency as illegitimate and as unfairly targeting industry players.
Now, with the CFPB on life support after the Trump administration issued a stop-work order and shuttered its headquarters, the agency finds itself with an unlikely ally: the same banks that reliably complained about its rules and enforcement actions under former director Rohit Chopra.
That’s because if the Trump administration succeeds in reducing the CFPB to a shell of its former self, banks would find themselves competing directly with non-bank financial players, from big tech and fintech firms to mortgage, auto and payday lenders, that enjoy far less federal scrutiny than FDIC-backed institutions.
“The CFPB is the only federal agency that supervises non-depository institutions, so that would go away,” said David Silberman, a veteran banking attorney who lectures at Yale Law School. “Payment apps like PayPal, Stripe, Cash App, those sorts of things, they would get close to a free ride at the federal level.”
The shift could wind the clock back to a pre-2008 environment, where it was largely left to state officials to prevent consumers from being ripped off by non-bank providers. The CFPB was created in the aftermath of the 2008 financial crisis that was caused by irresponsible lending.
But since then, digital players have made significant inroads by offering banking services via mobile phone apps. Fintechs led by PayPal and Chime had roughly as many new accounts last year as all large and regional banks combined, according to data from Cornerstone Advisors.
“If you’re the big banks, you certainly don’t want a world in which the non-banks have much greater degrees of freedom and much less regulatory oversight than the banks do,” Silberman said.
Keep the exams
The CFPB and its employees are in limbo after acting Director Russell Vought took over last month, issuing a flurry of directives to the agency’s then 1,700 staffers. Working with operatives from Elon Musk’s Department of Government Efficiency, Vought quickly laid off about 200 workers, reportedly took steps to end the agency’s building lease and canceled reams of contracts required for legally-mandated duties.
In internal emails released Friday, CFPB Chief Operating Officer Adam Martinez detailed plans to remove roughly 800 supervision and enforcement workers.
Senior executives at the CFPB shared plans for more layoffs that would leave the agency with just five employees, CNBC has reported. That would kneecap the agency’s ability to carry out its supervision and enforcement duties.
That appears to go beyond what even the Consumer Bankers Association, a frequent CFPB critic, would want. The CBA, which represents the country’s biggest retail banks, has sued the CFPB in the past year to scuttle rules limiting overdraft and credit card late fees. More recently, it noted the CFPB’s role in keeping a level playing field among market participants.
“We believe that new leadership understands the need for examinations for large banks to continue, given the intersections with prudential regulatory examinations,” said Lindsey Johnson, president of the CBA, in a statement provided to CNBC. “Importantly, the CFPB is the sole examiner of non-bank financial institutions.”
Vought’s plans to hobble the agency were halted by a federal judge, who is now considering the merits of a lawsuit brought by a CFPB union asking for a preliminary injunction.
A hearing where Martinez is scheduled to testify is set for Monday.
‘Good luck’
In the meantime, bank executives have gone from antagonists of the CFPB to among those concerned it will disappear.
At a late October bankers convention in New York, JPMorgan Chase CEO Jamie Dimon encouraged his peers to “fight back” against regulators. A few months before that, the bank said that it could sue the CFPB over its investigation into peer-to-peer payments network Zelle.
“We are suing our regulators over and over and over because things are becoming unfair and unjust, and they are hurting companies, a lot of these rules are hurting lower-paid individuals,” Dimon said at the convention.
Now, there’s growing consensus that an initial push to “delete” the CFPB is a mistake. Besides increasing the threat posed from non-banks, current rules from the CFPB would still be on the books, but nobody would be around to update them as the industry evolves.
Small banks and credit unions would be even more disadvantaged than their larger peers if the CFPB were to go away, industry advocates say, since they were never regulated by the agency and would face the same regulatory scrutiny as before.
“The conventional wisdom is not right that banks just want the CFPB to go away, or that banks want regulator consolidation,” said an executive at a major U.S. bank who declined to be identified speaking about the Trump administration. “They want thoughtful policies that will support economic growth and maintain safety and soundness.”
A senior CFPB lawyer who lost his position in recent weeks said that the industry’s alignment with Republicans may have backfired.
“They’re about to live in a world in which the entire non-bank financial services industry is unregulated every day, while they are overseen by the Federal Reserve, FDIC and OCC,” the lawyer said. “It’s a world where Apple, PayPal, Cash App and X run wild for four years. Good luck.”
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