Closing Bell: Big Banks Gain, Lucid Plunges, IBM Drops

Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:

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- Wall Street CEOs described their impressive second-quarter earnings in confident terms on Tuesday, as all five banks that reported results notched double-digit profits. The banks — JPMorgan, Goldman Sachs (GS), Citi (C), Wells Fargo (WFC), and Bank of America (BAC) — generally reported big gains in equities trading revenue and investment banking fees.

- Lucid Group (LCID) shares sank Tuesday after a news report said the electric vehicle maker is working with restructuring adviser AlixPartners and weighing options that include filing for bankruptcy protection or going private. Lucid confirmed in a statement to Bloomberg News that it is working with the adviser while saying that rumors circulating in industry publications about a possible bankruptcy filing are “completely false.” The stock tumbled as much as 57%, in its worst intraday drop ever, triggering multiple trading halts due to volatility, following the report on the website for the trade publication EV.

- International Business Machines (IBM) shares slid by the most in almost six decades after the company reported preliminary second-quarter sales that fell short of expectations, attributing the miss to customers shifting their spending to chips and servers amid AI-fueled shortages. Sales from IBM’s infrastructure division were especially hard hit, dropping 7%. The company said it’s still reviewing its books and final results, set to post next week, may be slightly different.

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