J.P. Morgan Chase has a reputation as the “best in class” among the Big Four U.S. banks, but Bank of America might be a better investment if you hold the stock for the next few years, according to Edward Jones analyst James Shanahan. In an interview Oct. 17, Shanahan pointed to Bank of America's (BAC) record $7.6 billion in share buybacks in the third quarter and massive investment in technology as catalysts for improving earnings performance and growing market share. Shanahan said better technology will enable the four largest U.S. banks to continue taking market share from smaller competitors.
In a report out Wednesday, a team of analysts at Morgan Stanley identified their 11 highest-conviction names going into this earnings season, with positive catalysts over the next two months that they predict will send shares higher. For each of these stocks, our analyst has a view that diverges from the Street's, and expects a near-term event to drive the stock as the market's view moves closer to ours,” reads the report. FB)(ticker: FB) is set to report earnings on Oct. 30 after the market closes.
BB&T Corp. (NYSE: BBT) today reported better than-expected adjusted third-quarter earnings driven by stronger revenues and lower credit costs. BB&T reported a third-quarter profit of $735 million, or 95 cents a share, down 6 percent compared to last year's profit of $789 million, or $1.01 a share. "We continue to make significant progress laying the groundwork for our exciting merger of equals with SunTrust," BB&T CEO Kelly King said in a statement. "We are very pleased the shareholders of both companies strongly supported the merger at their respective meetings earlier this quarter.
Facebook, one of the FANG stocks, is closing in on a new buy point after its most recent breakout attempt failed, despite a strong earnings report. Among the big-cap winners of the decade, FB stock soared almost 600% from July 2013, when it broke out of a double-bottom base, to July 2018. Since then, FB stock has been on a roller-coaster ride, as growth slows and regulators and politicians take aim.
Shares of Assembly Biosciences rocketed for a second day Thursday — and have nearly doubled since Tuesday's close — on excitement surrounding the biotech company's potential hepatitis B treatment. Over the course of 24 weeks, a combination using Assembly's drug and a standard hepatitis B treatment significantly lowered the amount of virus found in patients' blood. This could indicate Assembly is on track to find a cure for hepatitis B, SVB Leerink analyst Geoffrey Porges said.
Gold prices found a bid at the lower end of their recent trading range on Wednesday, as weak retail sales data from the U.S. encouraged traders again to place bets on further interest rate cuts from the Federal Reserve, while Brexit talks between the EU and the U.K. failed to deliver a breakthrough that by now has been largely discounted. Silver futures, however, extended recent losses, slipping 0.2% to $17.35 an ounce, while platinum futures also fell back 0.5% to $885.05 an ounce. Gold is having to compete with safe-haven two-year Treasury yields over 1.6% again, as a result of optimism springing from last week's apparent progress in de-escalating the trade dispute with China.
Stocks moved broadly higher in afternoon trading on Wall Street Thursday after several large companies delivered surprisingly good results. A breakthrough in negotiations over Britain's exit from the European Union also injected confidence into markets and prompted investors to move money into riskier holdings. Health care and communication services stocks drove most of the market's gains, outweighing a slide in technology and energy companies.
Borje Ekholm, chief executive officer at Ericsson, discusses the 5G market, Huawei, earnings and guidance for 2020. He speaks on “Bloomberg Markets: European Open.
Commissioners Jessica Rosenworcel and Geoffrey Starks released statements explaining their decisions to vote against the transaction. In her statement, Rosenworcel said: "We've all seen what happens when markets become more concentrated after a merger like this one. In the airline industry, it brought us baggage fees and smaller seats.
ASML Holding NV shares traded lower Wednesday, pulling back from recent all-time highs, after the semiconductor equipment maker posted stronger-than-expected third quarter earnings amid solid demand for its multi-million dollar chip designers in what it described a "growth year" for the company. Group revenues, ASML said, rose 7.6% from last year to €2.787 billion while its profit margin slipped 440 basis points to 43.7%, topping its own estimate from earlier this year. ASML said it sees fourth quarter revenues rising to around €3.9 billion, with a gross margin of between 48% and 49% as customer demand for its extreme ultraviolet lithography systems, or EUV, machines, which design complex chips used by, sector titans such as Samsung Electronics , Intel Corp. and Taiwan Semiconductor and cost as much as €100 million each, increases.
A tentative four year contract with striking General Motors gives workers a mix of pay raises, lump sum payments and an $11,000 signing bonus. In return, the contract allows GM to proceed with factory closures in Lordstown, Ohio, Warren, Michigan, and near Baltimore. The Detroit Hamtramck plant which GM wanted to close will stay open and a new electric pickup truck will be built there.
F.N.B. Corp. plans to fill in its footprint by branching out in Washington, D.C., northern Virginia and a handful of metros in the Carolinas. Vincent Delie Jr., chairman, president and CEO, told financial analysts during F.N.B.'s third-quarter earnings call on Thursday that the goal is to fund the expansion with savings from branch and building consolidations elsewhere in its territory, along with moving toward more “technology-oriented delivery” and negotiating better terms with vendors “who see the bigger picture and want to grow with us.” CFO Vincent Calabrese Jr. said expense management is “part of life” and that optimizing facilities will be a focus in 2020. F.N.B. (NYSE:FNB) reported record earnings for the three months ended Sept. 30 early Thursday morning, with net income available to common stockholders of $100.7 million, or $0.31 per diluted common share, compared to $98.8 million, or $0.30, a year ago, surpassing Wall Street's estimates.
European stocks struggled to get any traction on Wednesday after headlines indicated high hurdles remain over a Brexit pact, and relations between the U.S. and China looked strained. U.S. stock futures were lower after the Dow Jones Industrial Averageclosed at a three-week high on Tuesday as investors cheered the start of earnings season. Beijing threatened “strong countermeasures” if a series of bills, approved in the U.S. House and aimed at supporting Hong Kong protesters, became law.
Pulling up last year's information: If you want to compare this year's drug list with last year's, you must switch between the old plan finder and this year's – a major inconvenience. That means if you want to make sure last year's drug list is covered under this year's plan, you must access the old plan finder first. Caregiver access: If you're a caregiver who needs access to your senior's saved medical information on the old system, you need to first fill out an authorization form.
Axis Capital Holdings Ltd (AXS) is the latest insurer to give up profit potential from coal and oil sands, a departure it says supports the transition to a low-carbon economy. Axis said Wednesday it will not provide new insurance or facultative reinsurance for construction and infrastructure for new thermal coal plants or mines, nor for oil sands extraction and pipeline projects. Specifically, Axis will not insure companies that generate 30% or more of their revenue from thermal coal mining or hold more than 20% of their reserves in oil sands.
The United Auto Workers union wrung higher pay and better coverage for temporary workers from General Motors Co as part of its tentative deal to end a month-long U.S. strike, but the deal would also allow the automaker to move forward with closing three plants, the union said on Thursday. The highlights of the agreement were released by the UAW after the union's national council, representing GM plants across the United States, reviewed the terms of the four-year deal. The strike began on Sept. 16, with UAW negotiators seeking higher pay for workers, greater job security, a bigger share of profit and protection of healthcare benefits.
Christopher Brigati, managing director and head of municipals at Advisors Asset Management, discusses the impact of tightening credit spreads on municipal bond investing. He speaks with Bloomberg's Taylor Riggs in this week's "Muni Moment" on "Bloomberg Markets."
The first stock on our list of Goldman picks holds a unique niche regarding modern technology and industry. Allegheny Technologies is a manufacturer of metal alloys, specialty metals, and complex metal components. The company's top market is the aerospace and defense industry, but Allegheny is present in the oil & gas sector, the automotive sector, and the electrical industry.
Microsoft Corp. (MSFT), whose shares have climbed more than 38% to push the company beyond the $1 trillion valuation mark, is now tied with Apple Inc. (AAPL) as the world's most valuable company. Microsoft is set to report fiscal first quarter earnings after market close on 23 October and investors will be looking for signs that the company is continuing to attract cloud-computing clients. While the cloud is the primary focus, investors will also be looking for strength from its suite of Office products and Windows software, as well as from its other business segments like social-networking site LinkedIn as well as video-game console Xbox and affiliated gaming software.
It's not reflected in the stock market yet, but make no mistake about it — Wall Street is growing worried about what a Senator Elizabeth Warren presidency would mean to stocks and the health of Corporate America. “We would advise investors to be cautious against two dimensions when thinking about elections and their portfolios today.
The sub-Reddit WallStreetBets, with the tagline “Like 4chan found a Bloomberg terminal,” is rarely any of those things. The forum's 600,000 members dub satirical options-trade commentary over scenes from TV shows like “It's Always Sunny in Philadelphia” and rant about a loss that caused a member to get their “face ripped off.” Toss in a smidge of casual racism and a whiff of locker-room misogyny, and WallStreetBets is a window into the back rooms of a seedy stock-market casino with no Burry to be found. The chat does have Eddie Choi, however.
The proposed General Motors new labor contract deal with the United Auto Workers to end the costly GM strike includes higher pay, more jobs and the removal of a cap on profit sharing. GM stock fell. GM has agreed to wage increases of 3% in two years of the contract and 4% bonuses in the other two years; a shortened path to full-time employment for temporary workers; and no changes in the health plan or to the amount workers contribute toward health care benefits.
Southwest Airlines canceled Boeing 737 Max flights until Feb. 8, later than any U.S. airline, after Air Canada Wednesday pulled the troubled jet from its schedules through Feb. 14. Boeing stock was roughly flat in early trading. On Monday, the Southwest Airlines Pilots Association said it does not anticipate the 737 Max returning to the skies until February at the earliest.
Are indexed annuities a good substitute for stocks? Sam A.: Sam, I do not view Equity Indexed Annuities (EIAs) or other “indexed-linked” products as a good substitute for stocks. EIAs are regulated as fixed insurance products and not considered an investment in the securities markets.
On CNBC's "Mad Money Lightning Round," Jim Cramer said Canopy Growth Corp (NYSE: CGC) needs new CEO for the stock to trade higher. Constellation Brands (NYSE: STZ) needs to buy more stock or the company needs to do a buyback, added Cramer. Cramer likes Thermo Fisher Scientific Inc.