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Movers: Bank of America, Bank of New York, Didi, Progressive, Nektar Therapeutics, Twitter

  • Barry Adams
  • 18 Apr, 2022
  • New York City

Bank of America edged lower after reporting better-than-expected 80 cents a share and lower than expected loan loss provisions. 

Bank of New York Mellon said quarterly earnings declined 19% on flat revenues and reported 86 cents a share. 

Didi Global reported 13% decline in quarterly revenues and schedule a board meeting on May 23 to discuss New York delisting. 

Progressive, Wendy's, and Sirius fell on negative comments from brokers. 

Nektar plunged 25% after the cancer drug maker held all trials.

Bank of America Net Falls 12%

  • Scott Peters
  • 18 Apr, 2022
  • New York City

Bank of America said first quarter revenues increased 1.7% to 23.2 billion and net income declined 12.3% to $7.1 billion. Earnings per share fell to 80 cents a share from 86 cents. The bank also repurchased $4 billion of its shares. Earnings were ahead of expectations on rising consumer loans and market trading revenues. Consumer balances rose 14% to $1 trillion and net loan loss charge declined 52% to $392 million.

Stock Futures Point to Mixed Opening On Bond Yields Above 2.87%

  • Barry Adams
  • 18 Apr, 2022
  • New York City

U.S. stock futures point to a mixed opening after a 3-day holiday as the U.S. Treasury yields continue to climb. The 10-year bond yield is trading above 2.87%. The yield has jumped from 1.71% about 45 days ago. Investors remained worried that the rising inflation and elevated crude oil prices are exacerbating consumer price increase and overwhelming corporate earnings growth. About 300 companies are scheduled to release earnings this week.

Twitter Erects Barriers to Musk's Takeover Storm

  • Barry Adams
  • 15 Apr, 2022
  • New York City

Twitter board took defensive steps after Musk's $43 billion bid is likely to attract competing offers from private-equity firms.

The board approved a shareholder rights plan for a year that will allow the company to sell shares to other shareholders at a discount, if anyone acquires more than 15% stake.

However, Musk can make a direct tender offer to shareholders, an expensive and a drawn out process.

PNC Lifts Dividend 20% on Stable Net Interest Margin of 2.28%

  • Scott Peters
  • 15 Apr, 2022
  • New York City

The PNC Financial Services Group said first quarter revenues increased 11% to $4.7 billion from a year ago reflecting the acquisition of BBVA USA. Revenues declined 8% from the previous quarter. Net interest margin in the first quarter was 2.28% compared to 2.27% a year ago. Net income declined 22% to $1.43 billion on lower capital markets activities. Earnings per share fell to $3.29 from $4.10 a year ago and provision for loan losses fell to 1.76% from 2.2%.

Nasdaq 2% Drop Drags S&P 500 Down 1%, Bond Yields Climb

  • Barry Adams
  • 14 Apr, 2022
  • New York City

Tech stocks led the losers after inflation worries dominated trading and investors reviewed a barrage of earnings from large banks. Though there were signs of hope, all major banks reported a sharp decline in earnings. Crude oil price spiked up again and surpassed $105 a barrel in New York and $110 in international trading. 10-year Treasury yield inches to a new 3-year high of 2.83%.

Movers: Ally Financial, Citigroup, Goldman Sachs, Morgan Stanley, Twitter, Wells Fargo

  • Barry Adams
  • 14 Apr, 2022
  • New York City

All Financial dropped after reporting larger than expected loan loss provisions. Citigroup quarterly net declined but was ahead of expectations. Morgan Stanley and Goldman Sachs traded higher after reporting strong trading revenues. Twitter was in focus after the board said it will review the $43 billion offer from Elon Musk. Wells Fargo net drops on lower than expected mortgage lending.

Morgan Stanley Net Falls 11%, Trading and Advisory Fees Ahead of Expectations

  • Scott Peters
  • 14 Apr, 2022
  • New York City

Morgan Stanley said March quarter revenues declined 6% to $14.8 billion and net income fell 11% to $3.5 billion from a year ago. Earnings per share fell 8% to $2.02 on 6% decline in outstanding shares. Wealth management revenues were flat at $5.9 billion and institutional Securities unit revenues fell 10% to $7.7 billion but were supported by higher trading revenues and advisory fees.

Ally Financial Net Drops 18% on Higher Loss Provisions and Non-Interest Expenses

  • Scott Peters
  • 14 Apr, 2022
  • New York City

Ally Financial said first quarter revenues rose 23% to $1.69 billion and net income fell 18% to $627 million from a year ago. Earnings per share declined 11% to $1.86 from $2.11. Net interest margin in the quarter increased 77 basis points to 3.93% Credit loss provision increased to $180 million from $167 million in the prior year period. Retail banking customer base increased to 2.5 million.

Goldman Sachs Earnings Plunge 42%, Strong Performance in Global Markets Trading

  • Barry Adams
  • 14 Apr, 2022
  • New York City

Goldman Sachs said total revenues in the March quarter declined 27% to $12.9 billion and net income fell 42% to $3.9 billion from a year ago. Earnings per share fell 42% to $10.87 a share in the period. Investment banking unit fees decreased 36% to $2.4 billion and global markets trading revenues including fixed-income trading rose 4% to $7.8 billion. Asset management unit revenues plunged 88%.

Citigroup Net Plunges 46%, Repurchases $6 Billion of Shares

  • Scott Peters
  • 14 Apr, 2022
  • New York City

Citigroup Inc said first quart revenues declined 2% to $19.2 billion from $19.7 billion, net income dropped 46% to $4.3 billion from $7.9 billion. Earnings per share fell 44% to $2.02 from $3.67 in the year ago quarter. The global bank repurchased $4 billion of its share in the quarter and now has 6% fewer outstanding shares. Investment banking and corporate lending revenues declined 32%.

Wells Fargo Net Drops 21%, Consumer Lending Fell 8%

  • Scott Peters
  • 14 Apr, 2022
  • New York City

Wells Fargo said total revenues in March quarter fell 5% from a year ago to $9.2 billion and net income dropped 21% to $3.67 billion and earnings per share fell 14% t0 88 cents from $1.02. Total deposits rose 5% to $1.464 trillion and net interest margin increased to 2.16% from 2.05%. The bank also repurchased 110.1 million shares for $6 billion in the quarter. Consumer lending fell 8%.

UnitedHealth Lifts Annual Earnings Outlook

  • Bridgette Randall
  • 14 Apr, 2022
  • New York City

UnitedHealth Group reported 14% increase in revenues to $80.1 billion from a year ago and earnings rose slightly to $5.0 billion from $4.8 billion. Earnings per share increased to $5.27 from $5.08. The insurance company added 1.5 million new customers driven by a sustained growth in its Medicare and Medicare plans. UnitedHealth lifted its full-year earnings per share outlook to $20.30 to $20.80.

Musk Makes $43 Billion Offer to Buy Twitter

  • Barry Adams
  • 14 Apr, 2022
  • New York City

In a non-binding letter to the SEC, Elon Musk, Tesla CEO offered to buy remaining shares of Twitter Inc for $54.20 a share in cash. The offer values the company at $43 billion. Musk added that the company has extraordinary potential but it can only be realized as a private company. Twitter jumped 4% in trading after the social media platform operator said it will carefully review the offer.

March Retail Sales Up 0.5%, Gasoline Sales Jump 37% From Last Year

  • Brian Turner
  • 14 Apr, 2022
  • New York City

Retail and food services sales in March rose 0.5% from the previous month and 6.9% from a year ago. February sales was revised higher to 0.8% from 0.3%. Total sales in the quarter to March rose 12.9% from the year ago period. March retail sales were up 0.4% from February and were up 5.5% from a year ago and gasoline sales soared 37% and food services sales gained 19.5% from last year.