Webull Plunges 20% After Congressional Panel Flags China Ties as Security Risk

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Summary · why it matters

Webull shares tumbled 20% after CNBC reported that a congressional panel found the brokerage's ties to the Chinese government create a national security risk. Banks also fell as longer-dated Treasury yields rose to levels not seen in 24 years, with Citigroup, Wells Fargo and Goldman Sachs each down nearly 2%, while JPMorgan Chase, Bank of America and Morgan Stanley each slipped around 1%. Worthington Steel dropped 10% after first-quarter adjusted earnings of 57 cents per share came in sharply below the 77 cents a share reported a year earlier, results that reflect the impact of its acquisition of a majority interest in Klöckner & Co. Penguin Solutions jumped 15% on fourth-quarter adjusted earnings of $1 per share and revenue of $566.7 million, beating the 77 cents per share and $521 million analysts polled by FactSet expected. Constellation Brands added 2% on better-than-expected fiscal second-quarter results, earning $3.74 per share on revenue of $2.63 billion versus FactSet consensus of $3.55 per share and $2.54 billion, while Micron rose 3% after D.A. Davidson said it expects the chipmaker to triple, and NetApp gained 3% on an Evercore ISI upgrade to outperform from in line.

Impact on assets 18

Financials▲
Digital Finance & Tokenization▼
Webull Corp
BULL
▼ NegativeRegulationrelevance

Congressional panel flagged Webull's China ties as a national security risk, sending shares down 20%.

Materials▲
Artificial Intelligence▲
Consumer Staples▲
Critical Materials & Supply Chain▼
Worthington Steel Inc
WS
▼ NegativeCapitalrelevance

First-quarter adjusted earnings of 57 cents per share came in sharply below the 77 cents a year earlier, reflecting the Klöckner acquisition.

Semiconductors▲
Cloud & Digital Infrastructure▲
NetApp Inc
NTAP
▲ PositiveCapitalrelevance

Evercore ISI upgraded NetApp to outperform from in line, sending shares up 3%.

Consumer Discretionary▲
Biotech & Genomic Medicine▲
Others▲