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Goldman Sachs on Earnings Season Results and the Future

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10:39 a.m. May 8, 2021 - By Alessandra Malito
I’m a 57-year-old nurse with no retirement savings and I want to retire within seven years. What can I do? Have a question about retirement, including where to retire? Email HelpMeRetire@marketwatch.com Have a question about retirement, including where to retire? Email HelpMeRetire@marketwatch.com
12:09 p.m. May 6, 2021 - By Mark Decambre
Dow jumps over 300 points to log 23rd record close in 2021 and S&P 500 ends back above 4,200 amid late-session surgeU.S. stocks on Thursday finished a tumultous day firmly in positive territory and the Dow registered back-to-back record closes, supported by a round of strong corporate earnings and signs of continued improvement in the labor market as reflected in the jobless claims report ahead of a closely followed employment report due on Friday. The Dow Jones Industrial Average closed up by about 315 points, or 0.9%, to a record at 34,546, powered by gains in Goldman Sachs Group Inc. and Home Depot . The all-time closing high was the 23rd for the blue-chip index in 2021, outstripping all of the records produced in 2020, according to Dow Jones Market Data. The S&P 500 index closed up 0.8% at 4,200, while the Nasdaq Composite Index ended 0.4% higher at 13,633, snapping a four-session skid. A 1.4% rally in financials and a 1% rally in the technology sector helped to support Thursday's advance, which came as initial unemployment claims in the U.S. fell to 498,000 for first time in pandemic era, pointing to an improving labor market but also raising questions for some investors about the specter of rapidly rising inflation.
5:38 a.m. May 5, 2021 - By Sunny Oh
Stocks open higher after ADP jobs reportU.S. stocks opened higher at the start of Wednesday as investors sifted through a private-sector payrolls report showing significant job gains last month. The S&P 500 rose 0.4% to 4,183. The Dow Jones Industrial Average added 40 points, or 0.1%, to 34,173. The Nasdaq Composite climbed 0.8% to 13,741. Automatic Data Processing reported the U.S. economy added 742,000 jobs in April, ahead of the more widely watched nonfarm employment report at the end of the week. The continued job gains affirmed the U.S. recovery, and could put pressure on the Federal Reserve to start discussions on pulling back from its easy-money policies. Hilton Worldwide Holdings Inc. shares slid after the hotel chain's earnings fell short of estimates.
5:37 a.m. May 4, 2021 - By Mark Decambre
Dow slips to start Tuesday trade as investors weigh corporate quarterly results, economic reports, await Yellen remarksU.S. stock indexes opened lower Tuesday, a day after the S&P 500 index and the Dow Jones Industrial Average put in a strong start to May, pushing the equity benchmarks near records. Investors are awaiting comments from Treasury Secretary Janet Yellen at 11 a.m. ET and again at 4 p.m. at an event hosted by The Wall Street Journal, as they assess earnings from the likes of Pfizer and CVS Health Corp. and economic data that has recently helped to power a rotation into energy and banking assets. The Dow Jones Industrial Average [: DJIA] was off 0.1% at 34,066, the S&P 500 index declined 0.5% at 4,172, while the Nasdaq Composite Index was trading 1.1% lower at 13,743.
2:45 a.m. May 3, 2021 - By Tomi Kilgore
Payments company Flywire files to go public Flywire Corp., a Massachusetts-based global payments and software company, filed Monday to go public. The company has not yet determined the number of shares it will offer or what the expected pricing of its initial public offering would be. The company has applied for its stock to be listed on the Nasdaq under the ticker symbol "FLYW." Goldman Sachs, J.P. Morgan, Citigroup and BofA Securities are the undewriters of the IPO. Reuters reported earlier this year that in an IPO. The company recorded a net loss of $11.1 million on revenue of $131.8 million in 2020, after a loss of $20.1 million on revenue of $94.9 million in 2019. The company is looking to go public at time of tempered investor demand for IPOs, as the Renaissance IPO ETF has dropped 11.9% over the past three months while the S&P 500 has rallied 9.2%.
11:38 a.m. May 1, 2021 - By MarketWatch
These money and investing tips can help you decide whether to ‘sell in May and go away’These money and investing stories were popular with MarketWatch readers over the past week.
11:06 a.m. April 30, 2021 - By Tomi Kilgore
S&P 500 earnings growth at the half way point is nearly double what was expectedWith the S&P 500 first-quarter earnings reporting season finally more than half over, as 60.4% of the index's components having reported results, the blended EPS growth estimate is now nearly double what it was when the reporting started, and about triple what it was at the end of the fourth quarter. The overall blended earnings-per-share growth rate, which includes reported results and consensus analyst estimates for yet-to-be-reported EPS, is 45.7% through Friday morning, according to FactSet data, nearly three weeks ago. At the end of the fourth quarter, the growth estimate was 15.6%. The current growth outlook is the highest since the first quarter of 2010, when earnings increased 55.4%. The sectors showing the biggest growth are consumer discretionary at 180.1% and financials at 133.5%, while industrials is the only sector currently showing an EPS decline, of 6.4%. The reason for the big improvement in the growth outlook is that 86% of companies that have reported have beat expectations, which is on pace to the the highest percentage since FactSet started tracking beat percentages in 2008. The S&P 500 is down 0.6% in afternoon trading, but has gained 6.0% in April.
12:04 p.m. April 29, 2021 - By Joy Wiltermuth
S&P 500 sweeps to record close, ends 2-session skid, as tech earnings power higherThe S&P 500 Index closed at a fresh record Thursday at 4,211.61, up 0.7%, after booking a fresh intraday high and as investors weighed another round of upbeat earnings reports from tech heavyweights Apple, Inc. and Facebook, Inc. . Stocks shrugged off midday turbulence as 10-year Treasury yields climbed, leaving the Nasdaq Composite index up 0.2% at 14,082.55 and the Dow Jones Industrial Average up 0.7% at 34,060.43.
5:37 a.m. April 28, 2021 - By Sunny Oh
Stocks open mostly lower before end of Fed policy meetingU.S. stocks traded mostly lower at the opening bell on Wednesday as investors looked forward to the Federal Reserve's policy update, where the central bank may acknowledge the improvement in economic data. The S&P 500 was up less than 0.1% to 4,188. The Dow Jones Industrial Average retreated 134 points, or 0.4%, to 33,851. The Nasdaq Composite slid 0.3% to 14,053. Still, investors expect the U.S. central bank to emphasize its commitment to its accommodative policies. Shares of Dow component Microsoft Corp. were down even after delivering earnings late Tuesday that easily topped Wall Street forecasts.
3:13 a.m. April 26, 2021 - By Tomi Kilgore
Flagstar stock surges after buyout deal with New York Community valued at $2.6 billionShares of Flagstar Bancorp Inc. shot up 4.9% in premarket trading Monday, after the Michigan-based bank announced an agreement to be acquired by New York Community Bancorp. Inc. in a stock deal valued at $2.6 billion. New York Community's stock rose 0.9% ahead of the open. Under terms of the deal, Flagstar shareholders will receive 4.0151 New York Community shares for each Flagstar share they own. Based on Friday's closing prices, that values Flagstar stock at $48.14 each, or a 6.1% premium. The combined bank is expected to have more than $87 billion in assets and nearly 400 bank branches in nine states. The deal, which is expected to close by the end of 2021, is expected to add 16% to New York Community's earnings per share in 2022. "[I]n partnership with NYCB, we are positioned to further accelerate everything we've been doing during my tenure as Flagstar's CEO to build a best-in-class commercial bank, supported by one of the best mortgage and servicing businesses in the country," said Flagstar Chief Executive Alessandro DiNello. Flagstar's stock has rallied 22.5% over the past 12 months and New York Community shares have soared 112.1%, while the SPDR S&P Regional Banking ETF has hiked up 97.4% and the S&P 500 has advanced 47.4%.
8:08 a.m. April 25, 2021 - By Quentin Fottrell
Despite falling jobless claims, America’s poverty rate just reached the highest level since the pandemic began ‘This disconnect between poverty and unemployment is not surprising’‘This disconnect between poverty and unemployment is not surprising.’
3:39 a.m. April 23, 2021 - By Emily Bary
American Express stock dips after revenue falls short of expectationsAmerican Express Co. shares are falling in premarket trading Friday after the card company's first-quarter revenue came up short of expectations. The company posted first-quarter net income of $2.2 billion, or $2.74 a share, whereas it recorded net income of $367 million, or 41 cents a share, a year earlier. The net-income figure reflects the impact of $1.05 billion in credit-reserve releases as the economy and credit performance continue to improve. The FactSet consensus was for $1.61 in earnings per share. American Express's revenue, net of interest expense, came in at $9.06 billion, down from $10.31 billion a year prior. The declines reflected a drop in member spending and loan volumes, and a lower average discount rate versus the prior period. Analysts surveyed by FactSet were projecting $9.21 billion in revenue. Excluding the travel and entertainment categories, American Express saw card member spending that was 11% above what it was in the same period in 2019. In recent weeks, "all categories of travel and entertainment spending in the U.S." have increased, Chief Executive Stephen Squeri said in a release. "We view 2021 as a transition year, where we are focused on making investments to rebuild growth momentum in our core business," he continued. Shares are off 3.1% in premarket trading Friday. The stock has gained 16.7% over the past three months as the Dow Jones Industrial Average has risen 9.1%.
2:16 a.m. April 23, 2021 - By Tomi Kilgore
Regions Financial stock gains after profit, revenue rise above expectations, but NII comes up shyShares of Regions Financial Corp. rose 0.4% in premarket trading Friday, after the Alabama-based regional bank reported first-quarter profit and revenue that rose above expectations, while net interest income came up shy. Net income increased to $642 million, or 63 cents a share, from $162 million, or 14 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 48 cents. Total revenue grew 13.7% to $1.60 billion, topping the FactSet consensus of $1.55 billion. Net interest income increased 4.2% to $967 million but missed expectations of $987.5 million, while noninteret income rose 32.2% to $641 million to beat expectations of $565.7 million. The bank said net interest income was negatively impacted by lower loan balances and the remixing out of higher yielding consumer indirect categories. The bank declared $149 million in dividends during the quarter, but did not repurchase any shares. "While we are all still dealing with the lingering effects of the pandemic, our ongoing conversations with customers reflect optimism about further economic recovery and growth," said Chief Executive John Turner. The stock has rallied 25.9% year to date through Thursday, while the SPDR Financial Select Sector ETF has advanced 17.8% and the S&P 500 has gained 10.1%.
5:33 a.m. April 22, 2021 - By Sunny Oh
Stocks edge lower at open despite slide in jobless claimsU.S. stocks fell slightly at the start of Thursday's session as investors sifted through corporate earnings and a drop in unemployment claims to a pandemic low. The Dow Jones Industrial Average slid 0.3%, or 107 points, to 34,030. The S&P 500 fell 0.2% to 4,165. The Nasdaq Composite was down 0.1% to 13,940. First-time jobless claims fell by 39,000 to 547,000 in the week ended April 17, the lowest since before the pandemic struck. Continuing claims fell 34,000 to 3.67 million as of April 10. Shares of AT&T Inc. rose 4% after reporting first-quarter results early Thursday.
4:22 a.m. April 22, 2021 - By Tomi Kilgore
SmartRent to go public after merger with SPAC Fifth Wall, in a deal valuing combined company at $2.2 billionSmartRent.com Inc., a provider of smart home operating systems, said Thursday it will go public through a merger with special purpose acquisition company (SPAC) Fifth Wall Acquisition Corp. I , in a deal that values the combined company at $2.2 billion. When the deal closes, which is expected to occur in the third quarter of 2021, the combined company is expected to have about $513 million in cash. SmartRent said it expects to achieve positive Ebitda (earnings before interest, taxes, depreciation and amortization) by 2022, and that 80% of its unit projections through 2022 come from already committed units. Fifth Wall's stock, which started trading on Feb. 5, rose 1.7% in premarket trading.
3:00 a.m. April 22, 2021 - MarketWatch
Blackstone notches record $1.75 billion profitBlackstone Group Inc. swung to a record quarterly profit as its focus on fast-growing companies helped the value of its investments climb more than the broader market. The investment giant posted net income of $1.75 billion, or $2.46 a share, for the first quarter. That compares with a loss of $1.07 billion, or $1.58 a share, in the coronavirus-battered first quarter of 2020.
3:55 a.m. April 21, 2021 - MarketWatch
Nasdaq profit rises above view amid trading gainsNasdaq Inc. reported stronger earnings and revenue for the first quarter in part due to stronger trading and listing activity. The exchange operator on Wednesday said it earned net income attributable to the company of $298 million, up from $203 million in the year-earlier period. Profit increased to $1.78 from $1.22 on a per-share basis.
1:59 p.m. April 20, 2021 - By Andrew Keshner
Floyd family attorney Ben Crump says Derek Chauvin’s murder conviction is ‘painfully earned justice’ — here’s what gave him hope months earlier A jury found the former Minneapolis officer guilty on all three counts TuesdayA jury found the former Minneapolis officer guilty on all three counts Tuesday.
12:08 p.m. April 19, 2021 - By Sunny Oh
Dow books modest loss; Nasdaq slides 1%U.S. stocks recorded losses on Monday, pulling major equity benchmarks away from records as investors lacked clear and immediate reasons to push markets higher. The Dow Jones Industrial Average fell 0.4%, or 118 points, to 34,078, based on preliminary numbers. The S&P 500 slid 0.5% to end near 4,163. The Nasdaq Composite tumbled 1% to around 13,915. Investors also eyed talks around President Joe Biden's infrastructure plan after he held a meeting with a bipartisan group of lawmakers over the size of the bill. Shares of Dow component Coca-Cola Co. rose 1% after the beverage company reported earnings and revenues Monday that topped Wall Street forecasts.
3:01 a.m. April 19, 2021 - By Tomi Kilgore
Sterling Bancorp to be acquired by Webster Financial in a deal valuing Sterling at more than $5 billionSterling Bancorp announced Monday an agreement to be acquired by Webster Financial Corp. in a stock deal that values Sterling at more than $5 billion. Sterling shares gained 0.7% in premarket trading while Webster shares were still inactive. Under terms of the agreement, each Sterling shareholders will receive 0.463 Webster shares for each Sterling share they own. Based on Friday's stock closing prices, that values Sterling shares at $26.56 each, an 11.5% premium. With 193.46 million shares outstanding as of Feb. 25, the deal values Sterling at $5.14 billion. After closing, which is expected to occur in the fourth quarter of 2021, Webster shareholders will own 50.4% of the combined company. The banks expect the deal to add greater than 20% to Webster's earnings and greater than 10% to Sterling's earnings, and to result in $120 million in synergies. "This combination provides exceptional financial benefits and enables us to more aggressively invest in key businesses and activities to enhance value for our customers, our communities, our shareholders and our bankers," said Webster Chief Executive John Ciulla. Sterling's stock has rallied 32.5% and Webster shares have climbed 36.1% year to date through Friday, while the SPDR Regional Banking ETF has run up 30.3% and the S&P 500 has gained 11.4%.
12:12 p.m. April 16, 2021 - By Mark Decambre
Dow, S&P 500 log back-to-back record closes to end strong week for stocks, buoyed by strong economic data, earningsU.S. stocks on Friday finished the week on a strong note, with the Dow and S&P 500 posting their second consecutive closing records and the Nasdaq Composite ending within a stone's throw of its record. Bullish investors point to a strong start to earnings season from the likes of JPMorgan Chase & Co. and Goldman Sachs Group coupled with blowout economic reports, notably a 10% rise in retail sales in March and weekly jobless claims figures falling to a pandemic low. Further helping lift buying momentum was a momentary pause in a climb for bond yields, which had previously been a sign of rising borrowing costs for investors and companies. The 10-year Treasury note yield finished at 1.571% on Friday, up on the day but down nearly 10 basis points on the week, marking its sharpest weekly drop in about 10 months. Against that backdrop, the Dow Jones Indusrtrial Average closed up by about 165 points, or 0.5%, to reach around 34,200, extending its climb beyond the 34,000 milestone achieved on Thursday. The S&P 500 index closed at a record high, up 0.4% to 4,185, while the Nasdaq Composite Index closed up 0.1% at 14,052, about 0.3% from its closing high or a little over 40 points. For the week, the Dow booked a 1.2% gain and the S&P 500 ended 1.4% higher, marking their fourth consecutive weekly climbs. The Nasdaq Composite closed up 1.1% for the week to mark its third straight weekly advance.
3:47 a.m. April 16, 2021 - By Tomi Kilgore
Morgan Stanley's profit more than doubles to a record and beats expectations, but stock fallsShares of Morgan Stanley fell 1.3% in premarket trading Friday, even after the financial services company reported first-quarter profit that more than doubled and revenue that jumped 60% to record levels, boosted by strength in the institutional securities business. Net income rose to $3.98 billion, or $2.19 a share, from $1.59 billion, or $1.01 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came in at $2.22, above the FactSet consensus of $1.72. Revenue rose 60.7% to $15.72 billion, beating the FactSet consensus of $14.10 billion, as institutional securities (IS) revenue grew 65.6% to $8.58 billion to top expectations of $7.25 billion. Within IS, equity revenue increased 17.4% to $2.88 billion and fixed income revenue increased 43.8% to $2.97 billion. Net interest income rose 49.6% to $2.03 billion, above the FactSet consensus of $1.60 billion. The company said it repurchased $2.1 billion worth of its stock during the quarter. The stock has rallied 17.9% year to date through Thursday, while the SPDR Financial Select Sector ETF climbed 19.2% and the S&P 500 gained 11.0%.
2:44 a.m. April 16, 2021 - By Tomi Kilgore
Bank of New York Mellon profit and revenue fall, but beat expectationsShares of Bank of New York Mellon Corp. were indicated up fractionally in premarket trading Friday, after the bank reported first-quarter profit and revenue that fell from a year ago, given the impact of low interest rates, but topped expectations. Net income declined to $858 million, or 97 cents a share, from $944 million, or $1.05 a share, in the year-ago period. The FactSet consensus for earnings per share was 87 cents. Total revenue fell 5% to $3.92 billion, above the FactSet consensus of $3.84 billion, as total fee revenue fell 1% to $3.27 billion and net interest revenue dropped 20% to $655 million. Total revenue for the bank's largest, investment services business fell 8% to $2.99 billion, while investment and wealth management revenue rose 10% to $991 million. The bank resumed share repurchases during the quarter, and spent $699 million to buy back 16.8 million shares. The stock has advanced 13.1% year to date through Thursday, while the SPDR Financial Select Sector ETF has rallied 19.2% and the S&P 500 has gained 11.0%.
9:58 a.m. April 15, 2021 - By Andrea Riquier
Bank ETFs tumble even as earnings come in strongExchange-traded funds tracking the banking sector fell Thursday even as big banks reported quarterly results that blew away analyst expectations. The broad Financial Select Sector SPDR Fund lost 0.5% midday Thursday, while funds more focused on banks were down more sharply: the Invesco KBW Bank ETF slid 1.7% and the First Trust Nasdaq Bank ETF was off 1.2%. Shares of JPMorgan Chase , which reported on Wednesday, were flat, but Citigroup Inc. and Well Fargo & Company both lost 0.7%.
4:16 a.m. April 15, 2021 - By Ciara Linnane
Citigroup Q1 profit more than trebles as it announces shake-up of consumer business in Asia and EMEACitigroup Inc. shares jumped 3% in premarket trade Thursday, after the bank posted record profit for the first quarter as it released $1.8 billion from its loan loss reserves and announced a shake-up of its Asia and EMEA consumer banking business. The company posted net income of $7.9 billion, or $3.62 as share, for the quarter, more than triple the $2.5 billion, or $1.06 a share, posted in the year-earlier period. Revenue edged down to $19.3 billion from $20.7 billion. The FactSet consensus was for $2.60 in EPS and $18.8 billion of revenue. "It's been a better than expected start to the year, and we are optimistic about the macro environment," Chief Executive Jane Fraser said in a statement. The record net income was driven by a strong performance at the bank's institutional clients group and the big release from loan loss reserves/ And while global consumer banking revenue was down sequentially due to the pandemic, "this is the healthiest we have seen the consumer emerge from a crisis in recent history," she said. Citi is now planning to overhaul its global consumer banking business to focus in areas it has the greatest scale and growth potential. The bank will focus its presence in Asia and EMEA on four centers; Singapore, Hong Kong, the UAE and London. It will close its consumer franchises in 13 centers, namely Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. Citi had $666 billion of loans at quarter-end, down 8% from a year ago. Deposits stood at $1.3 trillion, up 10%. Shares have gained 18% in the year to date, while the Dow Jones Industrial Average and S&P 500 have both gained about 10%.
2:30 a.m. April 15, 2021 - By Tomi Kilgore
Bank of America stock jumps toward 13-year high after profit beat, new $25 billion buyback programShares of Bank of America Corp. rose 1.8% toward a 13-year high in premarket trading Thursday, after the bank reported profit that more than doubled and beat expectations, citing strong growth in capital markets and lower credit costs, and set a $25 billion stock repurchase program. Net income rose to $8.1 billion, or 86 cents a share, from $4.0 billion, or 40 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 66 cents. Total revenue was unchanged at $22.8 billion, but topped the FactSet consensus of $21.90 billion, while net interest income (NII) dropped 15.9% to $10.20 billion to fall shy of expectations of $10.27 billion. Consumer banking revenue fell 12% to $8.1 billion, as lower rates led to lower NII, while global markets revenue climbed 19% to $6.2 billion. Provision for credit losses improved to a benefit of $1.9 billion from a cost of $4.8 billion. Separately, the bank said it has authorized the repurchase of up to $25 billion worth of common stock over time. That represents about 7.3% of Bank of America's market capitalization of $344.29 billion. The stock, which is on track to open at the highest price seen since May 2008, has rallied 20.8% over the past three months through Wednesday, while the S&P 500 has gained 9.5%.
12:01 p.m. April 14, 2021 - By Sunny Oh
Dow gains but misses out on record as Fed's Beige Book points to U.S. growthU.S. stocks finished mostly lower on Thursday as the Federal Reserve's Beige Book showed growth and inflation was picking up in the U.S. economy. The S&P 500 fell 0.4% to 4,125. The Dow Jones Industrial Average advanced 55 points, or 0.2%, to 33,732, based on preliminary numbers. The blue-chip benchmark hit an intraday record earlier in the session but ended below the record close of 33,800.60 set last Friday. The Nasdaq Composite slid 1% to 13,858. Investors parsed through better-than-expected earnings from banks including Goldman Sachs, Wells Fargo and JPMorgan Chase. The strong results showed the broadening benefits of the recovery, Shares of cryptocurrency exchange Coinbase Global rose over 30%.
11:11 a.m. April 14, 2021 - By Tomi Kilgore
Bank of America stock swings to a gain ahead of earningsShares of Bank of America Corp. has swung to a gain of 1.5% in afternoon trading, reversing an earlier intraday loss of as much as 1.0%, a day before the bank is slated to report first-quarter results. The stock is trading just shy of the 13-year closing high of $40.05 on April 7. The bank is expected to reveal results before Thursday's open, with the FactSet consensus for earnings per share of 66 cents, total revenue of $21.90 billion and net interest income of $10.27 billion. BofA has beat EPS expectations the past three quarters, and in 19 of the past 20 quarters, according to FactSet data, while revenue has missed the past two quarters but beat in 12 of the past 20 quarters. Meanwhile, the stock has dropped on the day the past five quarterly results were released, by an average of 3.4%. Of Wells Fargo's peers that reported Wednesday, shares of . shed 1.7% while . gained 2.9% and . advanced 5.3%. The stock has rallied 31.6% year to date, while the SPDR Financial Select Sector ETF has climbed 19.4% and the S&P 500 has gained 9.9%.
10:13 a.m. April 14, 2021 - By Tomi Kilgore
Wells Fargo stock surges toward biggest post-earnings gain in a decadeShares of Wells Fargo & Co. enjoyed a rare post-earnings gain, and it happens to be the biggest in a decade, after the bank reported . The stock rallied 4.9% toward a 13-month high. That would be just the fourth gain for the stock on the day after the past 20 quarterly reports were released. It is also on track to be the biggest one-day post-earnings gain since it hiked up 5.7% after second-quarter 2011 results were released on July 19, 2011. The stock has now soared 38.4% over the past three months, while the SPDR Financial Select Sector ETF climbed 12.0% and the S&P 500 has gained 8.8%.
5:24 a.m. April 14, 2021 - By Tomi Kilgore
Goldman's stock gain, J.P. Morgan's stock drop would add a net 10 points to the Dow's priceThe Dow Jones Industrial Average's two earnings reporters are on the opposite ends of the premraket gainers/losers list, with Goldman Sachs Group Inc.'s stock leading the gainers with a 1.0% rise and J.P. Morgan Chase & Co. shares dropping 1.2% to pace the decliners. On a net basis, the earnings reporters' stock would add about 10 points to the Dow's price, while Dow futures slipped 12 points, or less than 0.1% ahead of the open, as Goldman's implied price gain would add 22 points and J.P. Morgan Chase's implied price decline would shave off about 12 points. Both and reported earlier first-quarter profit and revenue that beat expectations.
4:06 a.m. April 14, 2021 - By Ciara Linnane
Wells Fargo earnings boosted by release of $1.6 billion in loan loss reservesWells Fargo & Co. posted stronger-than-expected profit and revenue for the first quarter, boosted by the release of $1.6 billion in its reserves for credit losses. The San Francisco-based bank posted net income of $4.742 billion, or $1.05 a share, in the quarter, up from $653 million, or 1 cent a share, in the year-earlier period. Revenue rose to $18.063 billion from $17.717 billion. The FactSet consensus was for EPS of 71 cents and revenue of $17.518 billion. Chief Executive Charlie Scharf said earnings were boosted by an improving U.S. economy as well as the big reduction in loan loss reserves as loans did not sour during the pandemic as feared. "Charge-offs are at historic lows and we are making changes to improve our operations and efficiency, but low interest rates and tepid loan demand continued to be a headwind for us in the quarter," Scharf said in a statement. Net interest income fell 22%, mostly due to low interest rates. Noninterest income rose 45%, as the year-earlier period included securities impairments and lower deferred compensation plan investment results, mostly due to lower market valuations at the start of the coronavirus pandemic. Revenue at the consumer and small business segment was down 6%, while home lending was up 19%. Credit card revenue fell 2%, due to lower balances on elevated payment rates. Auto revenue rose 6%, while personal lending was down 18%. Corporate and investment banking revenue fell 6%. Markets revenue rose 19%, on higher demand for asset-backed finance products, other credit products and municipal bonds, which were offset by lower demand for rates products and lower revenue in equities and commodities. Shares were slightly lower premarket, but have gained 31%n the year to date, while the S&P 500 has gained 10%.
3:40 a.m. April 14, 2021 - By Tomi Kilgore
Goldman Sachs stock rises after record profit and revenue beat by wide marginsShares of Goldman Sachs Group Inc. rose 1.7% in premarket trading Wednesday after the bank and brokerage company reported record profit and revenue that beat expectations, amid a big beat in its equities business and as provisions for credit losses swung to a benefit. Net income grew to $6.71 billion, or $18.60 a share, from $1.12 billion, or $3.11 a share, in the year-ago period. The FactSet consensus was for earnings per share of $10.22. Total revenue doubled, to $17.70 billion from $8.74 billion, to beat the FactSet consensus of $12.56 billion, as net interest income increased 12.9% to $1.48 billion to beat expectations of $1.34 billion. Among business segments, investment banking revenue soared 73% and global markets revenue increased 47%. Within global markets, rixed income, currencies and commodities (FICC) revenue grew 31% to $3.89 billion, above the FactSet consensus $3.04 billion, while equities revenue rose 68% to $3.69 billion to surpass expectations of $2.38 billion. Provision for credit losses swung to a net benefit of $70 million from provisions of $937 million. The stock has gained 6.4% over the past three months through Tuesday, while the SPDR Financial Select Sector ETF has advanced 11.2% and the Dow Jones Industrial Average has tacked on 9.1%.
3:01 a.m. April 14, 2021 - By Tomi Kilgore
J.P. Morgan net profit soars 5-fold to $14.3 billion and revenue tops expectations, but stock slipsShares of J.P. Morgan Chase & Co. fell 1.1% in premarket trading Wednesday, even as the banking giant reported first-quarter profit and revenue that beat expectations, as results benefited from an improving economy and credit reserve releases of $5.2 billion. Net income rose to $14.30 billion, or $4.50 a share, from $2.87 billion, or 78 cents a share, in the same period a year ago. Excluding non-recurring items, such as credit reserve releases, adjusted EPS came to $3.31, above the FactSet consensus of $3.09. Net revenue rose 14% to $33.1 billion, above the FactSet consensus of $30.5 billion. Consumer and community banking revenue fell 6% to $12.52 billion, matching the FactSet consensus, while corporate and investment bank revenue jumped 46% to $14.6 billion to top expectations of $12.6 billion. Net interest income fell 11% to $13.0 billion, driven primarily by lower interest rates, to miss expectations of $13.2 billion. "With all of the stimulus spending, potential infrastructure spending, continued Quantitative Easing, strong consumer and business balance sheets and euphoria around the potential end of the pandemic, we believe that the economy has the potential to have extremely robust, multi-year growth," said Chief Executive Jamie Dimon. The stock has run up 21.3% year to date through Tuesday, while the SPDR Financial Select Sector ETF has tacked on 4.5% and the Dow Jones Industrial Average has gained 10.0%.
2:19 a.m. April 13, 2021 - By Tomi Kilgore
Grab to go public in a SPAC merger valuing company at nearly $40 billionSingapore-based Grab Holdings Inc. announced Tuesday a deal to go public through a merger with special purpose acquisition company Altimeter Growth Corp. in a deal that values Grab at $39.6 billion. Shares of Altimeter Growth surged 7.2% in premarket trading. The deal will provide Grab, the ride-hailing, delivery and financial services company, with proceeds of $4.5 billion in cash, and is expected to be the largest-ever U.S. equity offering by a company in Southeast Asia. After the deal closes, which is expected to occur in the coming months, the combined company is expected to list on the Nasdaq under the ticker symbol "GRAB." In 2020, Grab recorded gross merchandise value of $12.5 billion to surpass pre-pandemic levels. "Our diversified superapp strategy helped our driver-partners pivot to deliveries, and enabled us to deliver growth while improving profitability," said Grab co-Founder Anthony Tan. Altimeter's stock, which went public on Dec. 1, 2020, has rallied 8.5% year to date, while the S&P 500 has gained 9.9%.
5:37 a.m. April 12, 2021 - By Mark DeCambre
Dow retreats slightly as stock-market investors ready for first-quarter earnings; Microsoft to buy Nuance in $16 billion deal U.S. stock benchmarks fell slightly early Monday as investors positioned for the start of earnings season, and braced for inflation data that could signal whether a surge in rising prices is in the works or set to be transitory. The Dow Jones Industrial Average fell 0.1% to around 33,754, the S&P 500 index retreated 0.1% at 4,123, while the Nasdaq Composite Index was trading 0.3% lower at 13,861. In corporate news, shares of Nuance Communications jumped in early trading after Microsoft Corp announced it will buy the speech-recognition company in a $16 billion deal. Markets also were parsing comments from Federal Reserve Chairman Jerome Powell who said the economy "seems to be at an inflection point," with strong growth coming "right now" and the weakness caused by the coronavirus pandemic in the rearview mirror. His comments were from a "60 Minutes" interview that aired on Sunday.
4:19 a.m. April 12, 2021 - By Tomi Kilgore
Alkami Technology expected IPO pricing increases, raising company's value to up to $2.3 billionAlkami Technology Inc. disclosed Monday that the expected pricing of its initial public offering has increased to between $26 and $28 a share from between $22 and $25 a share. With the Texas-based cloud-based digital banking company expected to offer 6 million shares in the IPO, the company could now raise up to $168.0 million. And with 83.14 million shares expected to be outstanding after the IPO, the expecting pricing could now value the company at up to $2.33 billion. The stock is expected to list on the Nasdaq under the ticker symbol "ALKT." Goldman Sachs, J.P. Morgan and Barclays are the lead underwriters. The company recorded a net loss of $56.6 million on revenue of $112.1 million in 2020 after a loss of $43.1 million on revenue of $73.5 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has dropped 6.9% over the past three months while the S&P 500 has gained 8.6%.
2:44 a.m. April 12, 2021 - By Tomi Kilgore
Cadence, BancorpSouth to merge in a deal valuing Cadence at more than $2.8 billionShares of Cadence Bancorp rose 2.4% in premarket trading Monday after the Texas-based regional bank announced a deal to merge with Mississippi-based BancorpSouth Bank in a deal that values the combined company at more than $6 billion. BancorpSouth shares were still inactive ahead of the open. Under terms of the deal, Cadence shareholders will receive 0.70 BancorpSouth shares for each Cadence share they own. Based on Friday's stock closing prices, that values Cadence shares at $22.58 each, a 5.1% premium, and implies a market capitalization for Cadence of $2.81 billion. Cadence shareholders will also receive a one-time special dividend of $1.25 a share. After the deal's closing, which is expected to occur in the fourth quarter of 2021, BancorpSouth shareholders will own 55% of the combined bank and Cadence shareholders will own 45%. The deal is expected to to provide 17% accretion to both BancorpSouth's and Cadence's 2022 earnings. Cadence's stock has climbed 30.8% year to date through Friday and BancorpSouth's stock has rallied 17.6%, while the S&P 500 has tacked on 9.9%.
7:58 a.m. April 5, 2021 - By Alicia H. Munnell
Payroll-deduction IRAs are becoming cheaper and easier But that doesn’t mean we should change the contribution limits But that doesn’t mean we should change the contribution limits
1:38 p.m. April 3, 2021 - By MarketWatch
These money and investing tips can put a spring in your investing stepsMoney and investing stories popular with MarketWatch readers over the past week.
9:50 a.m. April 3, 2021 - By Quentin Fottrell
My parents want to use $300,000 in retirement savings to pay off $160,000 left on their home. Is that a good idea? ‘I would like to be able to help them financially and be their safety net, but my means are limited’‘I would like to be able to help them financially and be their safety net, but my means are limited.’
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