Check out the companies making headlines in extended trading. Palantir Technologies — Shares dropped nearly 7% after the defense tech company reported first-quarter earnings that were in line with Wall Street’s expectations. Adjusted earnings of 13 cents per share came in-line with the consensus estimate, per LSEG. Palantir reported $884 million in revenue, topping the $863 million forecast by analysts. Vertex Pharmaceuticals — The biotech stock dropped 2% on disappointing quarterly results. Adjusted earnings came in at $4.06 per share, below the $4.32 per share forecast by analysts surveyed by LSEG. Revenue of $2.77 billion also missed analysts’ estimates for $2.85 billion. Mattel — Shares of the toymaker declined 2.5% after management paused its 2025 full-year guidance due to tariff uncertainty. Meanwhile, first-quarter results topped analysts’ estimates. Neurocrine Biosciences — The maker of neurological drugs jumped 11% postmarket after first-quarter revenue of $572.6 million topped a $559.6 million estimate from analysts surveyed by FactSet. Sales of Ingrezza, used to treat movement disorders, rose 8% year-over-year to $545 million. Lattice Semiconductor — The chip stock fell 3.8% after first-quarter earnings and revenue both were in-line with consensus estimates. Lattice guided toward current quarter revenue between $118.5 million to $128.5 million, while analysts polled by LSEG expected $123.6 million. Adjusted earnings are estimated to range from 22 cents to 26 cents per share, versus the 24 cents per share analysts were looking for. Hims & Hers Health — The telehealth company dropped 1%. Guidance for second-quarter revenue came in lighter than expected, ranging from $530 million to $550 million, while analysts polled by FactSet sought $564.6 million. Earnings and revenue for the first quarter surpassed the Street’s expectations, however. Ford Motor — The maker of F-series pickup trucks fell 2.7% after hours on first-quarter results showing earnings ex-items before interest and taxes (EBIT) plunged to $1.02 billion from $2.76 billion a year ago, according to FactSet. Ford estimated the net cost of higher tariffs on EBIT in 2025 at about $1.5 billion and withdrew forward guidance. Clorox – Shares of the cleaning products manufacturer fell 2.8%. Clorox posted adjusted earnings of $1.45 per share on revenue of $1.67 billion in the fiscal third quarter. That fell short of analysts’ call for $1.57 per share in earnings and $1.73 billion in revenue, per LSEG. Diamondback Energy – The energy stock advanced nearly 1% after reporting better-than-expected results. Diamondback earned $4.54 per share, ex-items, in the first quarter, topping FactSet consensus estimates for $4.18 per share. Cash capital expenditures of $942 million in the period was less than the $952.8 million forecast by Wall Street. — CNBC’s Darla Mercado and Scott Schnipper contributed reporting
Check out the companies making headlines in midday trading. Chinese autos — Chinese auto stocks retreated after BYD said it would lower prices on 22 electric and plug-in hybrid models until the end of June, igniting fears of a fresh price war in the Chinese market. U.S.-traded shares of Li Auto and Nio respectively slipped 2% and 4%. AMC Entertainment — The movie theater chain saw shares skyrocket more than 22% after it set a Memorial Day weekend record for revenues on the strength of live-action Lilo & Stitch and Mission: Impossible – The Final Reckoning. Trading volume was extremely heavy during Tuesday’s session, more than twice its 30-day average volume of 8.6 million shares as of midday. Newmont — Shares of the gold miner slipped 1% as news of President Donald Trump’s delayed tariffs on the European Union dragged down the price of spot gold. The precious metal, seen as a safe-haven asset, was last down more than 1%. V.F. Corporation — Shares surged 12% after the apparel company — which owns brands such as Timberland, The North Face and JanSport — disclosed that president and CEO Bracken Darrell had bought about 85,800 shares . COO Abhishek Dalmia also disclosed buying 50,000 shares . Wingstop — Shares climbed 4% following an upgrade to buy from hold at Truist. Analyst Jake Bartlett noted that customer spending at Wingstop appears to be improving. Nvidia — The graphics processing unit manufacturer added 3% after Reuters reported that Nvidia will be launching a cheaper Blackwell chip exclusively for China. The company plans to start mass production as early as June, Reuters said, citing sources familiar with the matter. LifeStance Health — Shares climbed nearly 8% after UBS upgraded the outpatient behavioral health services provider to a buy rating from neutral. Analyst Kevin Caliendo said that investors may be undervaluing the stock compared to the company’s potential performance. Cummins — The industrial components manufacturer added almost 3% following an upgrade to buy from neutral at Goldman Sachs. Analyst Jerry Revich cited strong demand for Cummins’ power generation products as a catalyst. Tesla — The electric vehicle maker added 6% after Elon Musk reiterated his intention to redirect his focus back to his companies in a Saturday post on X . The billionaire wrote that he needs to be “super focused” on X, artificial intelligence company xAI and Tesla as they go forward with launching “critical technologies.” CoreWeave — The AI infrastructure provider surged 14% despite receiving its first Wall Street downgrade following its post-IPO rally. Barclays downgraded shares to equal weight from overweight, citing that upside appears limited in the short term. Informatica , Salesforce — Informatica’s stock popped nearly 6% after the cloud data management company said it was being acquired by Salesforce in a deal valued at $8 billion. Informatica’s shareholders will receive $25 in cash per share, a roughly 11% premium to Friday’s closing price. Salesforce’s stock added more than 1%. PDD Holdings — The U.S.-listed shares of PDD Holdings plunged more than 15% after the Chinese online retailer posted disappointing first-quarter earnings results. The parent company of Temu posted revenue of 95.67 billion yuan ($13.28 billion) that fell short of the FactSet consensus estimate of 103.13 billion yuan ($14.32 billion). Trump Media & Technology — Shares of the social media and tech company fell more than 8% after Trump Media announced that it was raising $2.5 billion in capital to buy bitcoin. SoundHound AI — Shares of the voice AI platform popped 12% after Piper Sandler initiated coverage of SoundHound AI with an overweight rating. The firm highlighted several ways SoundHound can expand its growth runway, including further integrating its conversational AI technology into auto. Champion Homes — Shares dropped more than 16% after the maker of modular homes reported fourth-quarter that missed estimates on the top and bottom lines, while separately announcing it has agreed to acquire manufactured home maker Iseman Homes. Champion Homes posted adjusted earnings of 65 cents per share on revenue of $593.9 million. Analysts polled by FactSet expected earnings of 76 cents per share on revenue of $595.4 million. — CNBC’s Michelle Fox, Yun Li, Sarah Min, Jesse Pound and Pia Singh contributed reporting.
A living space in the new J.P. Morgan financial center branch format in Palm Beach.
Courtesy: JP Morgan
JPMorgan Chase thinks it has cracked the code on managing more money for America’s millionaires.
It’s not a new financial product, a novel software program or an enticing sign-up bonus. Instead, it’s a refurbished take on an old concept — the brick-and-mortar bank branch — along with new standards for service that are at the heart of its aspirations.
The bank is unveiling 14 of these new format branches — each acquired when JPMorgan took over First Republic in 2023 — in tony ZIP codes in New York, California, Florida and Massachusetts, including Napa, Palm Beach and Wellesley Hills.
It’s part of JPMorgan’s push to convince affluent Americans, many who already use Chase checking accounts or credit cards, that the bank is ready to manage their millions.
JPMorgan is the country’s biggest bank by deposits and assets and has a top share in areas as disparate as Wall Street trading and retail credit cards. But one of the only major categories where it isn’t a clear leader is in wealth management; peers like Morgan Stanley and Bank of America exceed it there.
While half of the 19 million affluent households in the U.S. bank with JPMorgan, it has just a 10% share of their investing dollars, according to Jennifer Roberts, CEO of Chase Consumer Banking.
“We have this giant opportunity to convince customers to have their wealth management business with us in addition to their deposit relationship,” Roberts said in a recent interview.
Helped by its acquisition of First Republic, which was known for catering to rich families living on either coast, JPMorgan decided to launch a new tier of service. Called J.P. Morgan Private Client, it is anchored by the new physical locations, of which there will be 31 by the end of next year.
The service comes with its own mobile banking app, but its main appeal is the in-person experience: Instead of being handed off to multiple employees like at a Chase branch, J.P. Morgan Private Client members are assigned to a single banker.
“What First Republic did really well was deliver a concierge-level of service where if you have an issue, a person owned it for you and you didn’t have to worry about it,” Roberts said. “So with this experience we are going to deliver a more elevated concierge type of service, like you would expect at a high-end hotel.”
The price of entry: at least $750,000 in deposits and investments, though Roberts said the bank is aiming for those with around $2 million to $3 million in balances.
Quiet opulence
The new locations, dubbed J.P. Morgan Financial Centers, have a warm feel and an earth-tone color palette that intentionally sets them apart from the nearly 5,000 Chase branches operated by the bank.
During a recent visit to a Manhattan location, the vibe is family office-meets hotel, with soaring ceilings, living room-style seating areas and art-filled meeting rooms scattered over two floors.
Gone is the traditional row of bank tellers; there is instead a concierge desk and a solitary ATM machine. Instead of lollipops, visitors are offered squares of Dylan’s chocolate. The space is quiet, except for the crack of a Perrier being opened or the whir of an espresso machine.
JP Morgan’s Palm Beach Reception.
Courtesy: JP Morgan
The design elements and hushed environment are “really meant to illustrate that we’re there to have a more serious, less-transactional conversation about your wealth planning over the course of time,” said Stevie Baron, JPMorgan’s head of affluent banking.
Those conversations involve planning for long-term goals and examining clients’ portfolios to see whether they are on track to reach them, he said.
Elements of the new high-end branch format could find their way to regular Chase branches, especially the 1,000 or so that are in high-income areas, Baron said.
JPMorgan executives have said the bank’s branch network has already succeeded as a feeder into the firm’s wealth management offerings.
The new service tier — which sits above the bank’s Chase Private Client offering, which is for those with at least $150,000 in balances and is delivered in the regular branches — is expected to help JPMorgan’s retail bank double client assets from the $1.08 trillion it reached in March.
“Obviously it’s a big challenge, because clients already have their established wealth managers, but it’s something that we’ve been making really strong progress in,” Roberts said.
Come one, come all
But attempting to create a new, more luxurious brand from a mainstream one — think the difference between Toyota and its luxury brand Lexus — is not without its risks. Or at least, momentary confusion.
So far, the two flagship financial centers in New York and San Francisco opened late last year haven’t seen heavy foot traffic, Roberts admitted.
“Our biggest challenge is that we don’t have people walking in because they don’t really understand what they are,” Roberts said. “So we just need to get the awareness out there.”
While JPMorgan is leaning on the first part of its name, rather than Chase, to signal exclusivity for the new branches, that may deter people from walking through the doors and starting conversations.
“I just want this to be acknowledged: We’re never going to turn someone away. Any customer can come and leverage any of our branches at any time,” Roberts said.
“We want people walking in, having the experience, meeting with our experts and understanding how we can help support their financial goals over time,” she said.
Check out the companies making headlines before the bell. Newmont — The gold miner’s stock shed 2% alongside the decline in the precious metal’s price. Spot gold, considered a safe haven, was down 1.5% after President Donald Trump delayed tariffs on the European Union. Tesla — Shares of the electric vehicle maker rose more than 2% after CEO Elon Musk said in a Saturday post on X he will give greater attention to his companies, writing: “I must be super focused on /xAI and Tesla (plus Starship launch next week), as we have critical technologies rolling out.” Musk has been criticized for focusing too much on his work with the Trump administration. Tesla has notably suffered due to Musk’s political work, and its Europe April sales were down 49% year-on-year , according to fresh data from the European Automobile Manufacturers’ Association. CoreWeave — Shares rose more than 4%, even after the stock got its first Wall Street downgrade since its post-IPO rally. Barclays downgraded CoreWeave to equal weight from overweight on Monday, saying it is optimistic on the stock for the long run but that short-term upside is limited. Informatica , Salesforce — Informatica shares jumped 6.5% on news that the cloud data management company is being acquired by Salesforce, whose shares rose 1%. The deal is valued at $8 billion and is expected to boost Salesforce’s AI component. A deal between the two companies fell apart last year. PDD Holdings — The U.S.-listed shares of the Chinese online retailer tumbled more than 20% after the company posted disappointing first-quarter earnings results , amid rising trade tensions between the U.S. and China. The parent company of Temu posted revenue of 95.67 billion yuan ($13.28 billion) that fell short of the FactSet consensus estimate of 103.13 billion yuan ($14.32 billion). Trump Media & Technology Group — Shares of the Truth Social parent company jumped about 9% after the Financial Times reported that the company plans to raise $2 billion in fresh equity and $1 billion through a convertible bond, in order to spend on cryptocurrencies. SoundHound AI — Piper Sandler initiated coverage of the AI stock with an overweight rating, leading shares 4.3% higher in early morning trading. The firm highlighted several areas SoundHound can expand its growth runway, including further integration of its conversational AI technology into auto. Champion Homes — Shares of the company, which produces of factory-built housing in North America, slipped 1.5% on the back of lackluster fourth-quarter financial results. Champion posted adjusted earnings of 65 cents per share on revenue of $593.9 million, while analysts polled by FactSet called for earnings of 76 cents per share, excluding items, on revenue of $595.4 million. Champion also announced an agreement to acquire Iseman Homes, which sells manufactured and modular homes in the Midwest. — CNBC’s Sarah Min, Jesse Pound and Michelle Fox contributed reporting.