On Tuesday, a review of North American equities revealed a mixed performance as companies navigate the current economic landscape. Here’s a look at the movers on Wall Street.

Stocks on the Rise:

1. Bank of America (BAC-N)

Bank of America has seen its stock rise despite a decline in third-quarter profits, which dropped to $6.9 billion from $7.8 billion a year earlier. This reduction stemmed from increased expenses associated with attracting and retaining customer deposits. However, the bank’s earnings per share of 81 cents exceeded analyst expectations of 77 cents, driven by an impressive 18% increase in investment banking fees to $1.4 billion due to a resurgence in client confidence and a rise in debt and equity issuance.

Chief Financial Officer Alastair Borthwick expressed optimism about future growth, stating, “Our customers’ deposit balances and asset quality are healthy.” The robust performance echoes the trends observed in rival financial institutions such as JPMorgan Chase and Wells Fargo.

2. Goldman Sachs (GS-N)

Goldman Sachs outperformed expectations with a profit surge of 45% to $2.99 billion, or $8.40 per share, thanks to a boom in bond sales and mergers. The investment bank reported a 20% increase in investment banking fees, reaching $1.87 billion, reflecting a growing confidence among corporate clients.

CEO David Solomon noted, “Our performance demonstrates the strength of our world-class franchise in an improving operating environment.” Despite facing challenges in its consumer business, Goldman Sachs remains focused on its core investment banking competencies.

3. Charles Schwab (SCHW-N)

Shares of Charles Schwab soared after it reported a 25% increase in net income to $1.41 billion, driven by a record rise in client assets to $9.92 trillion. While net interest revenue saw a slight decline, the overall results highlight the firm's robust business model.

As CEO Walt Bettinger prepares for retirement at the end of 2024, this performance could lay a solid foundation for incoming CEO Rick Wurster.

4. Wolfspeed (WOLF-N)

Wolfspeed shares skyrocketed following the announcement of a $750 million government grant for its North Carolina silicon carbide wafer manufacturing plant. The investment will enable the company to expand its production capabilities significantly.

Stocks on the Decline:

1. Walgreens Boots Alliance (WBA-Q)