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    Citigroup’s fourth-quarter profit declines by 21% as bank sets aside more money for credit losses

    Citigroup profit fell by 21% in the fourth quarter of 2022
    The bank also set aside more money for credit losses as it prepares for a weaker economic backdrop going forward.
    There were bright spots. Fixed income trading posted record fourth-quarter revenue.

    Citigroup said it had identified the cause of the flash crash and corrected the error “within minutes.”
    Jim Dyson | Getty Images News | Getty Images

    Citigroup said fourth-quarter net income decreased by more than 21% from a year ago as the bank set aside more money for potential credit losses.
    Shares rose 1.7% as investors looked to some positives in the report including a record fourth quarter for fixed income trading.

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    Here are the fourth-quarter numbers versus what Wall Street expected:

    Net income: $2.5 billion versus $3.2 billion a year ago.
    Earnings: $1.10 a share, excluding certain divestitures. (It was not clear if that was comparable to the $1.14 a share estimate from analysts.)
    Revenue: $18.01 billion in revenues, above the $17.9 billion expected from analysts polled by Refinitiv.
    Net Interest Income: $13.27 billion, above the 12.7 billion expected by analysts, according to StreetAccount
    Trading Revenue: Fixed Income $3.16 billion, above expectations. Equities trading was $789 million, below expectations.
    Provision for credit losses: $1.85 billion compared to $1.79 billion expected by analysts polled by StreetAccount.

    CEO Jane Fraser’s turnaround efforts at Citigroup have hit a snag amid concerns over a global economic slowdown and as central banks around the world battle inflation. Like the rest of the industry, Citigroup is also contending with a sharp decline in investment banking revenue, partly offset by an expected boost to trading results in the quarter.
    Citigroup’s net income slumped 21% to $2.5 billion from $3.2 billion in the previous year, largely due to slowing loan growth in its private bank alongside expectations for a weaker macroeconomic environment going forward. The weakness was partially offset by higher revenues and lower expenses.
    The bank said it set aside more money for credit losses going forward, increasing provisions 35% from the previous quarter to $1.85 billion. This build included $640 million for unfunded commitments due to loan growth in the private bank.
    Revenues in services and markets divisions increased 32% and 18% respectively, driven by growth in interest income and in fixed income markets. The fixed income markets division saw revenues jump 31% to $3.2 billion, the highest fourth-quarter results ever, due to strength in rates and currencies.

    “With their revenues up 32%, Services delivered another excellent quarter, and we have gained significant share in both Treasury and Trade Solutions and Securities Services,” Fraser said in a press release. “Markets had the best fourth quarter in recent memory, driven by a 31% increase in Fixed Income, while Banking and Wealth Management were impacted by the same market conditions they faced throughout the year.”
    There was also strength in banking, with private bank revenues gaining 5% and U.S. personal bank revenues up 10%. Retail banking revenues, however, fell 3% due to lower mortgage volumes.
    JPMorgan, Bank of America and Wells Fargo also reported earnings on Friday. JPMorgan topped analyst estimates for the quarter and said that it now sees a mild recession as the base case for 2023. Bank of America also beat Wall Street’s expectations as higher interest rates offset losses in investment banking.
    Wells Fargo shares rose despite the bank reporting that profits fell in the latest quarter due to a recent settlement and the bank’s boosted reserves amid economic weakness.

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    Stocks making the biggest moves midday: JPMorgan Chase, Wendy’s, Virgin Galactic, Delta Air Lines, Tesla and more

    A sign is posted in front of a Wendy’s restaurant on August 10, 2022 in Petaluma, California.
    Justin Sullivan | Getty Images

    Check out the companies making headlines in midday trading.
    JPMorgan – Shares of the biggest U.S. bank by assets rose more than 2% after the firm posted fourth-quarter profit and revenue that topped expectations. The New York-based bank said profit jumped 6% from the year earlier period to $11.01 billion, or $3.57 per share. Interest income at the bank surged 48% on higher rates and loan growth.

    Citigroup — Citigroup’s stock added 1.7% as the company reported a record fourth quarter for fixed income. The bank said net income decreased during the period by more than 21% over last year as it set aside more money for potential credit losses.
    Delta Air Lines — The airline stock edged 3.5% lower after the company said in its outlook that higher labor costs would hurt its first-quarter profits. Delta topped analysts’ expectations on the top and bottom lines for the fourth quarter.
    Wendy’s — The fast-food chain’s stock added 6% after Wendy’s shared positive preliminary fourth-quarter results and announced a handful of reshuffles within its corporate structure. A regulatory filing also indicated that Nelson Peltz does not want to take over Wendy’s.
    Wells Fargo – The bank stock added 3.2% even after the firm reported shrinking profits, weighed down by a recent settlement and the need to build up reserves amid a deteriorating economy. Wells Fargo’s net income tumbled 50% to $2.86 billion from $5.75 billion a year ago. The bank set aside $957 million for credit losses after reducing its provisions by $452 million a year ago.
    Bank of America —The financial stock rose less than 1% on Friday after Bank of America beat estimates on the top and bottom lines for the fourth quarter. A sharp rise in net interest income helped the results, though management cautioned that the metric could decline sequentially in the first quarter. CEO Brian Moynihan also said that a mild recession was the firm’s baseline assumption for 2023.

    Virgin Galactic Holdings — The space tourism company jumped 12.3% after it said it was on track for a commercial launch in the second quarter of 2023. The company also announced its president of aerospace systems, Swami Iyer, was leaving.
    Tesla — Shares of the electric-vehicle maker shed about 1% after being downgraded to sell from neutral by Guggenheim and cutting prices on its vehicles in the U.S. and Europe. In its downgrade, Guggenheim cited concerns with Tesla’s fourth-quarter estimates.
    Bank of New York Mellon — Shares of the mid-sized bank rose 1.8% on Friday after the company reported net income of $509 million for the fourth quarter. That was down 38% year over year but up about 60% from the third quarter. That profit rose to $1.1 billion, or $1.30 per share, when excluding certain items, but it is unclear if those results were comparable to analysts’ estimates.
    UnitedHealth — The health-care stock advanced closed over 1% lower after the company surpassed Wall Street’s fourth-quarter expectations. UnitedHealth reported adjusted earnings of $5.34 a share on $82.8 billion in revenue. Analysts polled by Refinitiv expected earnings of $5.17 per share on revenues of $82.59 billion.
    Lockheed Martin — The defense stock slipped 2.6% after Goldman Sachs downgraded shares to sell from a neutral rating. The firm said shares could fall if the government trims defense spending. Northrop Grumman shares also dove 5.4% on Goldman’s downgrade to a sell from neutral rating.
    Salesforce — The software stock closed flat following a downgrade to neutral from overweight by Atlantic Equities. The firm said the stock would likely be hurt by executive departures and slowed growth.
    Logitech — Shares of the consumer electronics company dipped 3.4% after Deutsche Bank downgraded the shares to a hold from a buy rating. The decline built on Thursday’s losses after reporting preliminary results that signaled slowing sales and earnings.
    Warner Music Group – Shares of Warner Music Group shed 5.4% after Guggenheim cut its rating on the stock to neutral from buy and trimmed its price target to $35 from $38, citing worries about revenue from the music streaming service.
    Copa — Shares of the Latin American airline jumped 6.4% following an upgrade to overweight from a neutral rating by analysts at JPMorgan. The bank said shares could rally 50% as air travels resurges.
    AutoNation — AutoNation’s stock fell 4.7% as Wells Fargo downgraded the automotive retailer to equal weight from an overweight rating, saying that its valuation looks “reasonable” and estimates look too high.
    — CNBC’s Jesse Pound, Yun Li, Michelle Fox, Alex Harring and Carmen Reinicke contributed reporting

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    U.S. uninsured rate fell during Covid pandemic as Medicaid and Obamacare coverage grew

    In the first quarter of 2022, the uninsured rate for people under 65 dropped to an all-time low of 8%, according to a report from the Health and Human Services Department.
    The uninsured rate dropped from 11% in 2019 to 10.5% in 2021, according to HHS.
    Many of the coverage gains are due to a pandemic-era policy that prevented states from kicking people off Medicaid, which led to a surge in enrollment.
    But this year that policy ends, which will result in millions losing Medicaid coverage.

    An Obamacare sign is seen outside of the Leading Insurance Agency, which offers plans under the Affordable Care Act (also known as Obamacare) on January 28, 2021 in Miami, Florida.
    Joe Raedle | Getty Images

    The number of people in the U.S. without health insurance declined during the Covid-19 pandemic even as millions of people lost coverage through their employers due to layoffs.
    The uninsured rate in the U.S. for people under age 65 dropped from 11% in 2019 to 10.5% in 2021, according to a report released Friday by the Health and Human Services Department.

    By the first quarter of 2022, the uninsured rate dropped to an all-time low of 8%, according to the report. It then rose slightly to 8.6% in the second quarter of 2022, HHS said.
    The uninsured rate dropped despite a huge spike in unemployment in early 2020 that resulted in an estimated 1.6 million to 3.3 million people losing coverage through their employers, according to HHS.
    But pandemic health policies created a safety net for people who lost private coverage and made it easier for them to find insurance.
    Congress basically barred states from kicking people off Medicaid during the public health emergency, in exchange for increased funding for the states. Medicaid enrollment swelled by more than 20 million from February 2020 through September 2022 as a consequence.
    But these Medicaid protections are coming to an end soon. Millions of people are expected to lose coverage they gained through the program. Federal spending legislation passed by Congress in December allows states to start kicking people off Medicaid in April if they no longer meet eligibility requirements.

    HHS has estimated that up to 15 million people could lose Medicaid as pandemic-era protections are wound down and the program returns to normal operations. Many of these people are expected to transition to Obamacare marketplace coverage.
    Enrollment in Obamacare through the marketplaces has also increased during the pandemic due to a special enrollment period in 2021, expanded tax credits and more funding for outreach to those who are eligible, according to HHS.
    Nearly 16 million people have signed up during the current enrollment period, a 13% increase over last year. Three million of them are getting covered through the marketplace for the first time. The current open enrollment period ends Sunday.
    The HHS estimates for the uninsured from 2019 through 2021 are based on data from the American Community Survey, which collects information from 3.5 million households in the U.S. The 2022 estimates come from the National Health Interview Survey, which uses a much smaller sample of more than 17,000 people.

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    Read CNBC’s latest global health coverage:

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    Take profits on Starbucks after its huge run, and check out these 3 other stocks

    In Friday’s “Morning Meeting,” we dug into our inbox and found an excellent question raised by a member of the Investing Club. Starbucks – like Halliburton – has had a nice run lately. The Club trimmed some Halliburton on Thursday . Why not trim Starbucks too? I have a double-digit percent gain on shares accumulated over the past five months. It seems like I should take some off the table. I would appreciate your perspective on what I see as a similar situation, but two different stocks. -Clay In our video, we debated if it was time to take profits and pledged to come back with a definitive response. Our answer is yes, we would make a very small trim — 50 shares of our 750 share position in Starbucks (SBUX) — if we were not restricted from trading. We’ll also downgrade our rating to a 2, meaning we would wait for a pullback before buying. As Clay points out, Starbucks has had quite the run lately. The first leg was due to a bullish Investor Day event we centered our August investment thesis around . At the event, Starbucks management laid out an expansive reinvention plan to unlock efficiencies at its stores and an ambitious growth strategy. The second leg of the recent rally has been fueled by China loosening its once stringent Covid-related restrictions much faster than anyone expected six months ago. It was a complete 180 from the fears in October when SBUX tumbled on concerns that China would prolong its zero-Covid policy for longer after Chinese President Xi Jinping tightened his grip on power . This speculation hit the stock hard that day because China is a huge growth opportunity for the coffee retailer. Starbucks is targeting 3,000 new stores in China by its fiscal year 2025, implying a new store every nine hours over the next few years. While there was a lot of fear in the air about China, we kept our eye on the ball and added to our position into that weakness in the stock. Since that buy, Starbucks has rallied about 22% compared to a 1% gain in the S & P 500 . SBUX 1Y mountain Starbucks (SBUX) 1-year performance There is a lot to be bullish about in Starbucks’ future, but a lot of that good news is starting to get priced in. Shares are now trading at around 31 times its next twelve-month earnings. That’s a four-multiple turn from when we first started buying in August at around $85 per share. The higher multiple is justified by the improving margin outlook and China growth plan, but it also raises the stakes around execution. Out of prudence and general discipline after a big run, we’ll take some stock off the table the next time we are unrestricted. We’ll also increase our price target up to $120 as we still believe there is more upside here over the long term as China comes back and we see the benefits of the U.S. store investments. In addition, we believe it’s prudent to let a little stock go when the market is this overbought. Following Thursday’s positive session for stocks, the market pushed even deeper into overbought territory, according to the S & P Oscillator . The value on this technical indicator increased from plus 6.46% to plus 9.46%. As a reminder, any value north of 4% means the market is technically in overbought territory and potentially due for a pullback. It’s a sign that the buyers may have exhausted themselves and any piece of negative news could trigger some selling, kind of like what we saw Friday morning when the market freaked out over bank earnings that actually weren’t bad at all. It’s uncommon for the Oscillator to reach a value that high. The last time it happened was in November 2020. We went back and looked at how the market fared in the time it took to work off its then-overbought condition. The result was surprising. There was a pullback of about 2% five sessions later. But in the days it took for the overbought condition to completely work off, the Dow Jones Industrial Average actually moved slightly higher. The action was similar to the previous time before that in June 2020. Now, of course, the market back then was in a bull market fueled by a zero-interest rate policy by the Federal Reserve to support an economy on the ropes due to Covid shutdowns. Rates are much higher today, and it’s hard to figure out exactly where earnings will land in 2023, especially for tech. Ultimately, earnings are what drive stock prices. .DJI 5Y mountain Dow 5 years However, our interpretation of the S & P Oscillator and the recent stock market gains is that things could get choppy over the next few days, maybe weeks. But we don’t want to be too negative with the charts looking favorable , signs indicating that inflation is finally starting to come down, and the Fed no longer needing to be as aggressive as thought a few months ago. Bottom line Again, earnings will be the most important driver of stocks over the next few weeks and we will need to see them hold up. But with the Fed winning its battle against inflation, we’ll be looking for pullbacks and weakness to add to positions of profitable companies that trade at reasonable price-to-earnings multiple valuations. Some Bullpen names we are taking a hard look at are Deere (DE) and Caterpillar (CAT). We would love to see their prices come down. Another potential name is BlackRock (BLK), and we’ll follow up next week with a formal Bullpen post on the investment management company. BlackRock on Friday beat estimates with fourth-quarter earnings and revenue. (Jim Cramer’s Charitable Trust is long SBUX, HAL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

    A Starbucks store is seen inside the Tom Bradley terminal at LAX airport in Los Angeles, California.
    Lucy Nicholson | Reuters

    In Friday’s “Morning Meeting,” we dug into our inbox and found an excellent question raised by a member of the Investing Club.

    Starbucks – like Halliburton – has had a nice run lately. The Club trimmed some Halliburton on Thursday. Why not trim Starbucks too? I have a double-digit percent gain on shares accumulated over the past five months. It seems like I should take some off the table. I would appreciate your perspective on what I see as a similar situation, but two different stocks.-Clay More

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    Mega Millions jackpot is $1.35 billion. Here are 3 tips for navigating a win’s ‘cycles of surprise,’ says advisor

    This $1.35 billion jackpot marks Mega Millions’ second-largest grand prize ever and the fourth-largest in lottery history.
    The odds of a hitting the grand prize are 1 in 302.6 million.
    If you win, be aware that there’s “an emotional component to this type of newfound wealth that is almost as large as the winnings,” said one expert.

    Fatih Aktas | Anadolu Agency | Getty Images

    There’s a chance a Mega Millions player is on the verge of joining a very short list: winners who snag a jackpot worth more than $1 billion.
    The grand prize is an estimated $1.35 billion for Friday night’s drawing. That’s how much you’d win if you were to take the windfall as an annuity paid out over three decades. (The upfront cash option is $724.6 million as of mid-day Friday). 

    Between Mega Millions and Powerball, there have been winners of five other jackpots totaling more than $1 billion, including one worth more than $2 billion. If Friday’s drawing produces a winner (or winners), the amount would mark Mega Millions’ second-largest jackpot ever and the fourth-largest lottery prize in history.

    With only a tiny chance of a single number combination hitting the motherlode — 1 in 302.6 million — the amount has been growing through twice-weekly drawings since Oct. 14. That’s when the jackpot was reset to $20 million after two tickets sold in Florida and California split a $502 million grand prize.
    If you happen to beat the odds stacked against you, be aware that winning won’t be as simple as claiming your prize and carrying on with life, experts say.
    “There is an emotional component to this type of newfound wealth that is almost as large as the winnings,” said Emily Irwin, managing director of advice and planning at Wells Fargo Wealth & Investment Management.

    “Part of that is you most likely would go through cycles of surprise, shock, relief and then probably a sense of ‘what do I do next?'” Irwin said. “It can be incredibly overwhelming.”

    Here are some tips to help guide you in the initial phase of being a jackpot winner.

    1. Avoid sharing the news

    2. Protect your ticket

    Be sure you have somewhere safe to store your ticket, such as a lockbox. Experts also suggest snapping a photo of yourself with the ticket.
    Additionally, while it’s often recommended that you sign the back of the ticket right away, it may be worth knowing your state laws first.
    Some jurisdictions let you remain anonymous. Others do not — but in those states, you might be able to create a legal entity such as a trust that claims the windfall and shields your name from the public. In other words, the trust’s name would need to be what’s on the back of the ticket.

    3. Don’t be in a rush

    There’s no need to rush to lottery headquarters. Depending on where you bought the ticket, you get anywhere from 60 or 90 days to a year to claim your windfall. Be aware that in some states, there may be a shorter window to claim if you want the cash instead of the annuity.
    This pre-claiming time is when you should assemble a team of experts. That group should include at least an experienced attorney, a tax advisor and financial advisor. 
    This group can help guide you in your decision-making as you navigate your new-found wealth.
    For example, one of the first decisions you’d make is whether to take the $1.35 billion as an annuity or as a one-time lump sum payment of $724.6 million.

    Either way, there would be taxes withheld and more likely owed. You also would need to consider how and when to share your windfall.
    However, you don’t need to begin handling those big money matters right off the bat.
    “As you begin working with your team … your goals and values are an incredible place to begin the conversation,” Irwin said. “You don’t want to get so caught up in the taxes and [other financial aspects] before you think about what’s really important, because that will inform all your other decisions.”
    Meanwhile, Powerball’s jackpot is $404 million (with $211.7 million cash option) for its next drawing, set for Saturday night. The chance of hitting the grand prize in that game is about 1 in 292 million.

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    Key Senate Democrats push Southwest CEO for answers on holiday meltdown

    Fifteen senators signed a letter to Southwest CEO Bob Jordan demanding answers about the airline’s year-end meltdown that left thousands of passengers stranded during the holiday season.
    The senators have given Jordan until Feb. 2 to respond.
    Southwest is still working through reimbursement requests from impacted customers and expects the disruptions to amount to significant losses in the company’s fourth quarter.

    Southwest Airlines Executive Vice President Bob Jordan speaks as he is interviewed by CNBC outside the New York Stock Exchange (NYSE) in New York City, U.S., December 9, 2021.
    Brendan McDermid | Reuters

    Fifteen senators, including Bernie Sanders, Elizabeth Warren and Cory Booker, sent a letter to Southwest Airlines CEO Bob Jordan this week demanding answers about the airline’s management of 2022 holiday travel disruptions, which left thousands of passengers stranded in airports.
    The questions push for details about the causes of the meltdown, including Southwest’s overloaded crew scheduling software that buckled from all the flight changes. The mass cancellations came alongside severe winter weather across the U.S. and elevated holiday travel demand, which forced U.S. airlines to cancel thousands of flights.

    When other airlines recovered from the storm, Southwest’s problems got worse. It canceled much of its schedule to try to reset its operation, spoiling the travel plans of hundreds of thousands of customers.
    “Although winter storm Elliott disrupted flights across the country, every other airline operating in the United States managed to return to a regular flight schedule shortly thereafter — except Southwest,” the letter sent Thursday reads.
    The airline canceled nearly 17,000 flights between Christmas Eve and New Year’s Eve. The company projected the meltdown would cost it between $725 million and $825 million in the fourth quarter.
    “We appreciate the concerns expressed in the letter from the Senators and share in the commitment to ensuring Southwest’s Customers are properly cared for and that actions are taken to mitigate risks of this happening again,” Southwest said in a statement. “We hope the recent refunds, reimbursements of expenses, and goodwill gestures to our Customers and Employees demonstrate that we want to go above and beyond in earning their trust once again.”
    The senators also asked the airline for details on compensating affected passengers via ticket refunds, returning lost baggage and reimbursements for alternate travel arrangements made in the wake of Southwest cancellations.

    Southwest is still in the process of reviewing requests for reimbursement and refunds from impacted customers.
    The senators’ letter also highlights Southwest’s use of funds, claiming it neglected to update companywide systems that have long been out of date.
    “Southwest has long known that its software was outdated, and the Southwest Airlines Pilots Association had warned that such a debacle was inevitable unless Southwest invested in new scheduling systems,” the letter says. “Instead of making those investments, Southwest distributed over $1.8 billion in dividends to its shareholders and bought back over $11 billion in its shares between 2011 and 2020.”
    Sanders previously bashed Southwest on Twitter for its “corporate greed,” noting the airline used $5.6 billion of its $7 billion in Covid relief on stock buybacks for shareholders rather than investing in its internal infrastructure.
    The senators are giving Jordan until Feb. 2 to respond to their questions.
    Sen. Maria Cantwell, D-Wash., chair of the Senate Commerce Committee, has already said she plans to hold a hearing on Southwest’s meltdown.
    — CNBC’s Leslie Josephs contributed to this report.
    Correction: The senators sent the letter to Southwest on Thursday. An earlier version misstated the day.

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    ‘Flash’ star Ezra Miller avoids jail with plea deal for unlawful trespass in Vermont

    Ezra Miller agreed to a plea deal to avoid jail time related to an incident in which they allegedly stole alcohol from a neighbor’s home in Vermont.
    Under the deal, “The Flash” actor agreed to plead guilty to unlawful trespass, a misdemeanor, and will serve one year probation and pay a $500 fine.
    Despite Miller’s multiple legal problems, Warner Bros. Discovery has nonetheless stuck with the actor ahead of the June release of “The Flash.”

    Actor Ezra Miller arrives at the premiere of Warner Bros. Pictures’ ‘Justice League’ at Dolby Theatre on November 13, 2017 in Hollywood, California.
    Axelle/bauer-griffin | Filmmagic | Getty Images

    Ezra Miller agreed to a plea deal Friday to avoid jail time related to a May 2022 incident in which they allegedly stole alcohol from a neighbor’s home in Vermont.
    “The Flash” actor pleaded not guilty to these charges in October, which could have carried a maximum sentence of 25 years.

    Under the deal, Miller agreed to plead guilty to unlawful trespass, a misdemeanor, and will serve one year probation and pay a $500 fine. Their sentence of around 90 days is suspended for one year pending the competition of probation. As part of the agreement, Miller agreed not to consume alcohol and to continue their rehabilitation efforts centered on their mental health treatment.
    “Ezra would like to thank the court and the community for their trust and patience throughout this process, and would once again like to acknowledge the love and support they have received from their family and friends, who continue to be a vital presence in their ongoing mental health,” attorney Lisa Shelkrot said in a statement on Miller’s behalf.
    Miller has made headlines in recent years following a pattern of disturbing behavior and allegations of misconduct.
    The first incident was in 2020 after a video surfaced showing them appearing to violently choke a fan. Incidents of impropriety escalated in 2022 when they were arrested and charged with disorderly conduct and harassment at a karaoke bar in Hawaii.
    Soon after, Miller was arrested again after an altercation in which they were accused of throwing a chair and injuring a woman. Additionally, there were accusations of grooming against Miller.

    Warner Bros., the studio behind “The Flash,” had remained quiet during Miller’s assault arrests early in 2022. Yet sources within the company reportedly said emergency meetings were held last April to discuss their controversies and how the studio would proceed going forward. At that time, it was determined that the film would remain on the slate, but Warner Bros. would pause future projects involving the actor. “The Flash” is set for release on June 16.
    Miller has been associated with the DCEU since the release of “Batman v Superman: Dawn of Justice” in 2016 and has been a key part of the Warner Bros.-produced “Fantastic Beasts” film series, which still has two movies left to film.
    The DCEU is in flux regardless, as James Gunn and Peter Safran have taken over direction of projects associated with the superhero universe. The duo is expected to announce official plans for future in early 2023.

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    Jim Cramer’s Investing Club meeting Friday: Overbought market, Wells Fargo, Estee Lauder

    Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Friday’s key moments. Look to trim in an overbought market Don’t sell Wells Fargo Hold onto Estee Lauder 1. Look to trim in an overbought market Stocks were mostly down Friday, pressured by a decline in financials after several major banks reported fourth-quarter results. The S & P 500 fell 0.42% in midmorning trading. It’s likely that the overbought nature of the market – our trusted S & P 500 Short Range Oscillator is at 9.46% – is contributing to the loses. Despite the Oscillator’s high reading, we have so far held off on making any sales due to the sheer breadth of stocks that have gained in the past week. However, that doesn’t mean we have ruled out selling entirely, and we’re on the lookout for light trimming opportunities. 2. Don’t sell Wells Fargo Shares of Wells Fargo (WFC) were down 0.63% on midmorning trading Friday after the bank reported decreasing profits in its latest quarter, hurt by expenses from a $3.7 billion settlement and an effort to build up its reserves. However, we urge investors not to sell their shares of WFC, given the fundamentals of its business are strong. The company forecasted about $50.2 billion in expenses for 2023, lower than the roughly $51.58 billion analysts predicted. And with the bank appearing to be making headway on its costly regulatory troubles, the expenses that weighed down its balance sheet will likely be a thing of the past sooner rather than later. 3. Hold onto Estee Lauder JPMorgan Chase on Friday raised its price target for Estee Lauder (EL) to $285 from $274, citing potential upside from abating foreign exchange headwinds. We continue to like this stock, especially as China — a crucial market for the cosmetics giant — reopens its economy and welcomes back travelers . We expect EL shares to climb higher, and have no plans to sell more shares right now. (Jim Cramer’s Charitable Trust is long EL, WFC. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. More