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Assessing Earnings, Inflation & Growth

  • Assessing Earnings, Inflation & Growth Assessing Earnings, Inflation & Growth 10:26
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4:01 a.m. Nov. 30, 2021 - By Tomi Kilgore
Bank stocks dive as omicron fears send Treasury yields sinkingThe financial sector was hit hard in premarket trading Tuesday, as concerns over the potential impact of the on the economy sent sharply lower. The SPDR Financial Select Sector ETF slid 1.5% ahead of the open toward a seven-week low, with 58 of its 65 equity components trading lower, while futures for the S&P 500 were down 0.8%. Among the more-active ETF components, shares of Citigroup Inc. slumped 2.0%, Morgan Stanley slid 1.6%, JPMorgan Chase & Co. lost 1.8%, Bank of America Corp. dropped 2.0% and Wells Fargo & Co. declined 2.0%. The yield on the 10-year Treasury note declined 10.6 basis points to a two-month low of 1.424%, and has now dropped 24.3 basis points over the past four sessions. Lower longer-term interest rates can hurt bank profits, as it narrows the spread they earn on longer-term assets, such as loans, that are funded with shorter-term liabilities.
9:31 a.m. Nov. 4, 2021 - By Tomi Kilgore
Bank stocks take a broad beating as Treasury yields fall in wake of Fed taper talkFinancial stocks were suffering a broad beating Thursday, as in the wake of the Federal Reserve's detailing of its , and as the Bank of England held off on an expected rate hike. The SPDR Financial Select Sector ETF dropped 2.0% with 61 of 65 equity components losing ground. within the Dow Jones Industrial Average , Goldman Sachs Group Inc.'s stock was the biggest drag, as it fell $13.49, or 3.2%. Elsewhere, shares of JPMorgan Chase & Co. lost 2.3%, Bank of America Corp. dropped 3.0%, Citigroup Inc. slid 3.4% and Wells Fargo & Go. shed 2.9%. Meanwhile, the yield on the 10-year Treasury note declined 6.0 basis points to 1.519%. Lower long-term interest rates could hurt bank profits, as the spread between what banks can earn on longer-term assets, such as loans, that are funded with shorter-term liabilities is narrowed.
3:13 a.m. Oct. 18, 2021 - Barrons.com
Assessing Earnings, Inflation & GrowthBarron's Carleton English analyzes big bank earnings and Guy Lebas, Janney Montgomery Scott's chief fixed income strategist, discusses treasury yields, inflation and interest rates. Plus, Omar Aguilar, Schwab Asset Management's CIO, offers his outlook for wage growth.
11:45 p.m. Oct. 14, 2021 - By Steve Goldstein
Morgan Stanley lowered to sector perform at RBC Morgan Stanley was downgraded to sector perform from outperform at RBC Capital Markets. "Its performance over the last 18 months has been very strong due to better than expected core results (driven by the current bull market) and the successful acquisitions of E*TRADE and Eaton Vance. We believe the outlook for the company is still healthy but with the likelihood of higher interest rates over the next 12-18 months, traditional commercial banks will likely outperform the investment banks including MS, in our view," said analyst Gerard Cassidy in a note to clients. Morgan Stanley shares have gained 47% this year.
1:33 a.m. Sept. 29, 2021 - By Steve Gelsi
Jefferies lifts financial stock rating to overweight from market weightJefferies equity strategist Steven G. DeSanctis on Tuesday lifted the firm's rating on financial stocks to overweight from market weight in a reaction to bearish sentiment around the sector and the prospect of higher interest rates. "Sentiment is downright awful," he said. "When flows are this bad, the group rebounds and delivers better than average performance." The sector offers cheap valuations currently and may be helped by GDP growth of 4% next year. "We think '22 earnings numbers are very conservative and should move up, keeping the revision ratios above average," DeSanctis said. M&A activity remains at record levels and could boost performance. Among the stocks in the group, Jefferies spotlighted Ares Management , Carlyle Group , First Cash Inc. , Hancock Whitney , LPL Financial , OneMain Holdings , Signature Bank , SLM Corp. , Sterling Bancorp , Western Alliance Bancorp and Wintrust Financial . The SPDR Regional Banking ETF is up 30.9% so far this year, compared to a rise of 16.6% by the S&P 500 .
3:46 a.m. Aug. 27, 2021 - By Greg Robb
Fed's Harker backs starting taper 'sooner rather than later'Philadelphia Fed President Patrick Harker said he wanted to move toward tapering asset purchases "sooner rather than later." In an interview with CNBC, Harker said that he didn't think the $120 billion per month of asset purchases were "doing a whole lot right now." The economy is being held back by supply issues that lower interest rates can't solve, he said. Harker said he was still supportive of "moving the taper along" despite potential damage to the economy from the coronavirus delta variant. The Philadelphia Fed president said the rapid acceleration in inflation seen this year "may not be so transitory." Contacts in his district have said supply chain disruptions facing the home-building sector "won't be solved anytime soon," he said. Harker won't be a voting member of the Fed's interest-rate committee until 2023.
3:11 a.m. Aug. 27, 2021 - By Greg Robb
Fed's Bostic says job data 'in coming months' will decide when to start taperingThe U.S. economy is "very close" to the substantial progress benchmark needed to start tapering its asset purchases but "a lot depends on what happens in the next couple of months," said Atlanta Fed President Raphael Bostic on Friday. In an interview on CNBC, Bostic said he was focused on conditions in the labor market. If job gains continue at the pace seen earlier in the summer, then that will satisfy the conditions for making substantial progress, he said. This suggests Bostic may want to wait until the November meeting to announce the slowing down of purchases. More hawkish Fed officials are pressing for a September announcement. Once the tapering program started, Bostic said he wanted to reduce the purchases "as quickly as possible." The Fed is buying $120 billion per month of Treasurys and mortgage-backed securities to hold down long-term interest rates. Bostic said he didn't think the tapering would upset financial markets. Fed Chairman Jerome Powell will speak about the economy at 10 a.m. Eastern.
8:30 a.m. Aug. 11, 2021 - By Greg Robb
Fed's Kaplan says central bank should announce taper plans in SeptemberDallas Fed President Rob Kaplan said Wednesday that he will press his colleagues at the central bank to announce a plan to taper bond purchases at its next meeting in late September. In an interview on CNBC, Kaplan said he wanted the slow down in purchases to start in October and last until June. Kaplan has been pressing his colleagues to start to pull back on its $120 billion in monthly bond and mortgage-related securities since late April. Asked if he had a lot of support from his colleagues for his position, Kaplan said there was a "range of views" but the committee is in a much better place than it was two months. Kaplan said the asset purchases don't help the economy now because the trouble is with the supply of goods and workers. Asset purchases work best to spur demand, he said. Kaplan ducked questions about whether his timetable meant that the Fed will raise interest rates as soon as next year. He said he was "divorcing" his views on tapering from his decisions on when to hike rates.
9:21 a.m. July 26, 2021 - Barrons.com
Gearing Up for Big Tech EarningsKatie Stockton, founder of Fairlead Strategies, discusses where investors can still find value amid record highs and ongoing volatility. Plus, Michael Sonnenfeldt, founder of Tiger 21, on the investment strategies of today's most successful entrepreneurs. And, Alexandra Wilson-Elizondo of Mackay Shields analyzes how to maneuver today's credit markets.
1:21 a.m. July 20, 2021 - By Tomi Kilgore
Synchrony Financial profit rises above expectations, but NII falls shortSynchrony Financial reported Tuesday a second-quarter profit that rose well above expectations, boosted by a reserve release of nearly $900 million, while net interest income fell below forecasts. The consumer financial services company's stock was still inactive in premarket trading. Net income rose to $1.23 billion, or $2.12 a share, from $37 million, or 6 cents a share, in the year-ago period. The FactSet consensus for earnings per share was $1.39. Net interest income (NII) fell 2.5% to $3.31 billion, while the FactSet consensus was for an increase to $3.47 billion, as the 25 basis point increase in net interest margin to 13.78% fell short of expectations of 14.01%. Purchase volume increased 35% to $42.1 billion, loan receivables increased by $100 million to $78.4 billion and average active accounts grew 2% to 65.8 million. Provision for credit losses was down 112%, driven by $878 million reserve release and as net charge-offs as a percent of average loan receivables fell to 3.57% from 5.35%. "Customer payment rates continue to remain elevated, however, due to the impact of government stimulus and industry-wide forbearance measures," said Chief Financial Officer Brian Wenzel. "While this hindered loan receivables growth and yield, it supported continued strength in credit performance and led to lower provision for credit losses." The stock has rallied 29.1% year to date, while the SPDR Financial Select Sector ETF has advanced 19.1% and the S&P 500 has gained 13.4%.
3:05 a.m. July 14, 2021 - By Ciara Linnane
Wells Fargo Q2 earnings boosted by $1.6 billion release of loan loss reservesWells Fargo & Co. blew past earnings estimates for the second quarter, as it released 1.6 billion from loan loss reserves thanks to a continued economic recovery from the coronavirus pandemic. The San Francisco-based lender posted net income of $6.04 billion, or $1.38 a share, for the quarter, after a loss of $3.846 billion, or $1.01 a share, in the year-earlier quarter. Revenue rose to $20.270 billion from $18.286 billion. The FactSet consensus was for EPS of 98 cents and revenue of $17.757 billion. "Wells Fargo benefited from the continued economic recovery, strong markets that helped drive gains in our affiliated venture capital businesses, and our progress on improving efficiency, but the headwinds of low interest rates and tepid loan demand remained," Chief Executive Charlie Scharf said in a statement. Net interest income fell 11% to $8.800 billion, below the $8.935 billion FactSet consensus, while noninterest income rose 37% to $11.470 billion, above the $8.847 billion FactSet consensus. In the consumer banking division, home lending rose 40% to 2.072 billion, while credit card lending was up 14% to $1.363 billion. In the corporate and investment bank, revenue fell 18% with markets revenue down 45% on lower trading activity across most asset classes mostly because of market conditions, the bank said. Wealth management revenue rose 10% to $3.536 billion. Following the recent Federal Reserve stress tests, Wells is expecting to raise its third-quarter dividend to 20 cents a share from 10 cents a share, subject to board approval. It plans to repurchase about $18 billion in shares during the four-quarter period starting in the third quarter. Shares were up 0.6% premarket and have gained 43% in the year to date, while the S&P 500 has gained 16%.
3:35 a.m. July 8, 2021 - By Tomi Kilgore
Financial stocks set for broad selloff as Treasury yields keep fallingThe financial sector is bracing for a broad selloff Thursday, amid weakness in the broader market and continued declines in Treasury yields. The SPDR Financial Select Sector ETF slumped 1.8% in premarket trading, enough to pace the declines in all of the SPDR ETFs tracking the S&P 500's 11 sectors. Among the financial ETF's most heavily weighted components, shares of Berkshire Hathaway Inc. fell 1.4%, J.P. Morgan Chase & Co. shed 2.1%, Bank of America Corp. dropped 2.6%, Wells Fargo & Co. gave up 2.7% and Citigroup Inc. slid 2.4%. The declines come as S&P 500 futures slumped 1.4% and the yield on the 10-year Treasury note was down 4.8 basis points to a 5-month low of 1.271%, amid concerns over future economic growth. Falling longer-term interest rates can hurt bank profits, as they reduce the spread banks earn on longer-term assets, such as loans, which are funded by shorter-term liabilities.
9:52 a.m. June 25, 2021 - By Tomi Kilgore
Financial stocks lead S&P 500 sectors higher as inflation data boosts Treasury yieldsThe financial sector was the best performing of the S&P 500 11 stock sectors Friday, after upbeat economic data pushed Treasury yields higher. The SPDR Financial Select Sector ETF rallied 1.2% in afternoon trading, with 61 of 65 equity components trading higher, while the S&P 500 edged up 0.3%. Among the ETFs top holdings, shares of Berkshire Hathaway Inc. tacked on 0.8%, J.P. Morgan Chase & Co. gained 1.0%, Bank of America Corp. advanced 2.1%, Wells Fargo & Co. climbed 2.8% and Citigroup Inc. edged up 0.4%. The sector's rally comes as rose 5.4 basis points to 1.541% after data showing the in May marked a third straight big increase. Bank profits can benefit from higher longer-term interest rates, because that can increase the spread between what banks earn on longer-term assets, such as loans, that are funded by shorter-term liabilities.
7:18 a.m. May 8, 2021 - By Alessandra Malito
We have $190,000 in retirement savings and want to use the COVID-related distribution rules to pay off $40,000 in debt — should we? The CARES Act allows some savers Americans to take money out of their retirement accounts — but advisers say they should proceed with cautionThe CARES Act allows some savers to take money out of their retirement accounts — but advisers say they should proceed with caution.
4:14 a.m. May 7, 2021 - By Tomi Kilgore
J.P. Morgan, Goldman Sachs stocks lead Dow losers as yields fall after disappointing jobs data Bank stocks took a dive in premarket trading Friday, as Treasury yields sank in the wake of disappointing government jobs data. J.P. Morgan Chase & Co.'s stock fell 1.6% to pace the Dow Jones Industrial Average's early decliners, followed by the 1.4% drop in Goldman Sachs Group Inc.'s stock . The implied price declines of those two stocks would shave about 50 points off the Dow's price, while Dow futures declined 16 points, or 0.1%. Elsewhere, shares of Bank of America Corp. were down 1.7%, Citigroup Inc. shed 1.4% and Wells Fargo & Co. gave up 1.3%, while the SPDR Financial Select Sector ETF was down 1.1%. The yield on the 10-year Treasury note dropped 4.7 basis points to a 2-month low of 1.515%, after the and the unemployment rate surprisingly rose. Lower longer-term interest rates can hurt bank profits, as it narrows the spread they can earn on longer-term assets, like loans, that are funded with shorter-term liabilities.
11:20 a.m. May 5, 2021 - By Greg Robb
Fed Vice Chairman Clarida says it is not time yet to talk about taperingFederal Reserve Vice Chairman Richard Clarida on Wednesday said it was not time yet to begin conversations about possibly scaling back the central bank's asset purchases. The Fed is buying $120 billion per month of Treasurys and mortgage-related securities as well as keeping interest rates close to zero in order to stimulate the economy. The Fed has said it wants to see "substantial further progress" on its goals of full employment and stable inflation before tapering. Asked when the Fed should start "talking about talking about" tapering, Clarida replied: "We don't think so right now." Dallas Fed President Robert Kaplan said earlier this week it was time to start the discussion about tapering. Several Fed officials speaking on Wednesday have all disagreed with Kaplan. "We'll get more data -and as we move through the year- we will be able to make a judgement on 'substantial further progress,' but we're not there yet," Clarida said.
4:30 a.m. May 5, 2021 - By Greg Robb
Fed's Evans says chances of persistently higher inflation are 'remote'The chances that the $2.8 trillion stimulus measures passed by Congress since December will overheat the economy and generate higher inflation are remote, said Chicago Fed President Charles Evans on Wednesday. Inflation is likely to pick up in coming months as people resume normal activities and some bottlenecks emerge but simulations performed by economists at the Chicago Fed see inflation topping out at less than a full percentage point and dissipating in two or three years, Evans said in a speech to the Levy Economics Institute of Bard College. "We still have some ways to go before we meet our goals" of full employment and stable 2% average inflation, Evans said. As a result, Fed policy "is likely on hold for some time," he added. Labor market conditions required to move interest rates off zero or to start to taper the $120 billion in monthly asset purchases "will not be met for a while," he said.
11:08 a.m. May 2, 2021 - By Quentin Fottrell
I saved $1.1M for retirement, earn $128K and have $22K in cash. Can I afford my dream car — an $80K Nissan GT-R? ‘I’m 41 and single with no kids, and have always been a big saver’‘I’m 41 and single with no kids, and have always been a big saver.’
8:07 p.m. April 26, 2021 - MarketWatch
HSBC's profit soars as expected credit losses fallHSBC Holdings PLC's first-quarter net profit more than doubled from a year earlier, as the bank released allowances for expected credit losses due to an improved economic outlook. Net profit surged to $3.88 billion from $1.79 billion in the year-ago period, the U.K.-based, Asia-focused lender said on Tuesday.
2:28 a.m. April 20, 2021 - MarketWatch
Fifth Third profit rises, beats viewsFifth Third Bancorp said its profit rose for the first quarter as it booked a benefit from credit losses. The Cincinnati-based lender Tuesday posted net income of $694 million, compared with $46 million a year earlier. Earnings were 93 cents a share, compared with four cents a share. Analysts polled by FactSet had been expecting 69 cents a share.
1:44 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%.
1:30 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%.
3:06 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%.
2:01 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%.
11:02 p.m. March 18, 2021 - MarketWatch
Bank of Japan drops stock-buying targetTOKYO--The Bank of Japan dropped its annual target for stock purchases Friday, a shift for the central bank after years of building a stock portfolio worth hundreds of billions of dollars. Since 2016, the Bank of Japan had said it would seek to buy about Yen6 trillion, equivalent to $55 billion, in exchange-traded stock funds annually.
7:35 a.m. March 17, 2021 - MarketWatch.com
Fed faces communication challenge as doubts mount about its easy policy stance: live blog In wake of vaccine-rollout and $1.9 trillion stimulus, markets think first Fed interest-rate hike is no longer years awayThe Federal Reserve will release its latest views on the economy and the ‘dot-plot’ view of interest rate policy at 2pm Eastern. Fed Chairman Jerome Powell will follow with a press conference a half-hour later.
1:29 p.m. March 13, 2021 - By Richard Connor
Trying to find the most tax-friendly place to retire? It’s not so simple Social Security, pensions, housing, inheritances — and everything else — are taxed differently depending on where you liveSocial Security, pensions, housing and inheritances are taxed differently depending on where you live
10:05 a.m. March 12, 2021 - By Gary Zimmerman
Retirees: Now is the time to make your money work for you Earning a higher return on investments enables retirees to do more, more often, for longerEarning a higher return on investments enables retirees to do more, more often, for longer
7:09 a.m. March 8, 2021 - By Michael Ashbaugh
Market cross currents persist: Nasdaq hesitates at the breakdown point Focus: Crude oil rises amid reflation trade/geopolitics, USO, CAT, STT, AEO, ICHRU.S. stocks are mixed early Monday, vacillating amid a familiar March divergence. Against this backdrop, the Dow Jones Industrial Average has rallied within striking distance of record highs, while the recently lagging Nasdaq Composite has balked early Monday at its breakdown point.
7:50 a.m. March 5, 2021 - By Michael Ashbaugh
Charting a technical question mark, S&P 500 violates the 50-day average Focus: 10-year Treasury note yield continues to take flight, Sector leaders remain in divergence mode, TNX, XLF, IYT, QQQU.S. stocks are mixed early Friday, vacillating after a stronger-than-expected monthly jobs report. Against this backdrop, the S&P 500 has ventured under its 50-day moving average for the first time since November, though amid a downturn that gets low marks for bearish style. The prevailing bigger-picture technicals are not one-size-fits-all.
7:34 a.m. March 4, 2021 - By Michael Ashbaugh
Charting a volatile March start: S&P 500, Nasdaq reach key technical tests Focus: Charting a still bullish-leaning sector backdrop, IYT, XLF, QQQ, XLV, XLU, XLP, XLE, XLI, AMZNU.S. stocks are mixed early Thursday — though well off the session’s worst levels — vacillating amid a volatile March start. Against this backdrop, the S&P 500 is back for its latest crack at the 50-day moving average, currently 3,820, while the Nasdaq Composite has whipsawed Thursday at last-ditch support matching the 2020 peak (12,973).
10:21 p.m. Feb. 28, 2021 - MarketWatch
Bank of Ireland swings to 2020 pretax lossBank of Ireland Group PLC said Monday that it swung to a pretax loss in 2020 as net income and lending fell. The Irish lender posted a pretax loss of 760 million euros ($917.6 million) for the year, compared with a pretax profit of EUR645 million a year earlier. The bank's net interest income slipped to EUR2.12 billion from EUR2.17 billion due to lower net lending volumes and a hit from lower interest rates.
7:52 p.m. Feb. 24, 2021 - MarketWatch
Standard Chartered pretax profit drops 40%Standard Chartered PLC said Thursday that its profit fell 40% in 2020, as sharply higher credit impairments and weak interest rates hurt profitability in a pandemic-struck year. The Asia-focused bank posted pretax underlying profit of $2.51 billion last year, compared with $4.17 billion in 2019. Operating income fell 3% to $14.77 billion, with net interest income declining 11% to $6.88 billion.
7:26 a.m. Feb. 17, 2021 - By Michael Ashbaugh
Charting market cross currents, S&P 500 pulls in to the range Cross currents across asset classes surface amid surging Treasury yields, TNX, USO, GLD, FXY, UUP, XLF, KREU.S. stocks are lower early Wednesday, pressured as the latest economic data fuel the debate regarding potential pending inflation. Against this backdrop, each big three U.S. benchmark has reversed from Tuesday’s record high, pulling in to its former range amid largely garden-variety selling pressure.
12:31 p.m. Feb. 10, 2021 - By Claudia Assis
Equifax tops Wall Street views for Q4Equifax Inc. shares fell 1.5% in the extended session Wednesday after the consumer credit reporting agency reported fourth-quarter earnings that were above Wall Street expectations. Equifax said it earned $74.5 million, or 61 cents a share, in the quarter, compared with $15.8 million, or 13 cents a share, in the year-ago period. Equifax said it was hit with a $31.9 million charge related to "right sizing" the organization as investments in technology transformation are reduced in 2021 relative to 2020. Adjusted for that and other items, the company earned $2 a share in the quarter. Revenue rose 23% to $1.12 billion, the company said. Amid a boom for mortgages and refinancing due to low interest rates, Equifax said revenue from its mortgage business rose 55%. Analysts polled by FactSet had expected adjusted profit of $1.83 a share on sales of $1.08 billion. Equifax guided for first-quarter revenue between $1.105 billion and $1.125 billion, and adjusted EPS between $1.45 and $1.55. For full-year 2021, the company guided for revenue between $4.35 billion and $4.45 billion, and adjusted EPS between $6.20 and $6.50. The quarterly and yearly guidances are around expectations or above. Shares of Equifax ended the regular trading day down 0.1%.
10:20 p.m. Feb. 4, 2021 - MarketWatch
BNP Paribas posts smaller-than-expected profit dipPARIS -- French bank BNP Paribas SA reported a drop in fourth-quarter profit, hurt by record low interest rates and the fallout of the coronavirus pandemic, but said it expected revenue to bounce back this year as the global economy gradually recovers.
7:06 a.m. Feb. 3, 2021 - By Michael Ashbaugh
Charting a bullish reversal, S&P 500 nails the breakdown point Focus: Retail sector asserts cooling-off phase, Homebuilders hold the breakout point, XRT, XHB, CYBR, KMX, SWIR, WIXU.S. stocks are mixed early Wednesday, treading water after a solid batch of quarterly earnings reports and economic data. Against this backdrop, the S&P 500 has extended its rally from major support, rising to challenge its breakdown point (3,830).
6:28 a.m. Jan. 23, 2021 - By Andrew Keshner
Financially fragile Americans during COVID-19 have difficulty answering these 15 money questions — can you? A new survey asked who could cover unexpected expenses during the pandemic’s early days.A new survey asked who could cover unexpected expenses during the pandemic’s early days.
1:36 a.m. Jan. 21, 2021 - MarketWatch
M&T Bank profit falls, but beats expectationsM&T Bank Corp.'s profit fell in the fourth quarter amid low-interest rates that hit the bank's income, but its earnings still came above Wall Street's expectations. Buffalo, N.Y.-based M&T said Thursday that profit was $471.1 million, or $3.52 a share, in the fourth quarter. A year ago, profit was $493.1 million or $3.60 a share.
7:03 a.m. Jan. 20, 2021 - By Tomi Kilgore
Bank of New York Mellon's stock drops to lead S&P 500 losers after profit missShares of Bank of New York Mellon Corp. dropped 7.0% in midday trading Wednesday, enough to pace the S&P 500's decliners, after the bank reported fourth-quarter profit that fell more than forecast as continued low interest rates hurt results. The stock was on track for the biggest one-day loss since March 16, 2020, when it plunged 14.5% as the COVID-19 pandemic weighed. The bank reported net income that fell to $702 million, or 79 cents a share, from $876 million, or 98 cents a share, in the year-ago period, missing the consensus analyst EPS estimate of 88 cents, according to FactSet. The bank said the results included $159 million, or 18 cents a share, in litigation, severance, losses on business sales and real estate charges, and a $460 million, or 50 cents a share, gain on the sale of an equity investment. Chief Executive Todd Gibbons said he expects low interest rates will be "a significant headwind" in 2021. The stock has advanced 14.9% over the past three months, while the SPDR Financial Select Sector ETF has rallied 24.3% and the S&P 500 has gained 11.6%.
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