U.S. markets close in 3 hours 11 minutes

  • S&P 500

    3,798.96
    +30.49 (+0.81%)
     

  • Dow 30

    31,186.13
    +261.99 (+0.85%)
     

  • Nasdaq

    12,756.92
    +33.45 (+0.26%)
     

  • Russell 2000

    2,144.19
    -2.74 (-0.13%)
     

  • Crude Oil

    66.06
    +2.23 (+3.49%)
     

  • Gold

    1,697.70
    -3.00 (-0.18%)
     

  • Silver

    25.15
    -0.31 (-1.22%)
     

  • EUR/USD

    1.1916
    -0.0063 (-0.52%)
     

  • 10-Yr Bond

    1.5630
    +0.0130 (+0.84%)
     

  • GBP/USD

    1.3821
    -0.0073 (-0.53%)
     

  • USD/JPY

    108.2730
    +0.2970 (+0.28%)
     

  • BTC-USD

    48,115.69
    -1,719.04 (-3.45%)
     

  • CMC Crypto 200

    962.51
    +19.33 (+2.05%)
     

  • FTSE 100

    6,630.52
    -20.36 (-0.31%)
     

  • Nikkei 225

    28,864.32
    -65.79 (-0.23%)
     

Recap: Old National Bancorp Q1 Earnings

  • Oops!
    Something went wrong.
    Please try again later.
Benzinga Insights
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.

Shares of Old National Bancorp (NASDAQ:ONB) fell 2% in pre-market trading after the company reported Q1 results.

Quarterly Results

Earnings per share decreased 24.24% over the past year to $0.25, which missed the estimate of $0.28.

Revenue of $201,273,000 higher by 4.04% from the same period last year, which beat the estimate of $194,700,000.

Looking Ahead

Earnings guidance hasn't been issued by the company for now.

Old National Bancorp hasn't issued any revenue guidance for the time being.

Details Of The Call

Date: Apr 20, 2020

View more earnings on ONB

Time: 11:00 AM ET

Webcast URL: https://78449.choruscall.com/dataconf/productusers/onb/mediaframe/37179/indexr.html

Price Action

52-week high: $18.74

Company's 52-week low was at $11.92

Price action over last quarter: down 25.60%

Company Overview

Old National Bancorp with almost $10 billion in assets following its latest acquisition, Old National Bancorp is the financial services bank holding company headquartered in Indiana. Based in Evansville, Ind., Old National owns multiple financial services operations in Indiana, Illinois, and Kentucky. Old National provides a comprehensive range of financial services including commercial and retail banking, trust, brokerage, correspondent banking, and insurance.

See more from Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Recommended Stories

  • Oil surges after OPEC+ extends cuts, strong U.S. jobs growth

    Oil prices jumped about 3% on Friday, hitting their highest levels in over a year, following a stronger-than-expected U.S. jobs report and decision by OPEC and its allies not to increase supply in April. U.S. West Texas Intermediate (WTI) crude rose $1.87, or 2.9%, to $65.70 per barrel, after earlier scaling its highest since April 2019. "OPEC+ settled for a cautious approach ... opting to increase production by just 150,000 barrels per day (bpd) in April while market participants looked for an increase of 1.5 million bpd," said UBS oil analyst Giovanni Staunovo.

  • Oil Sands Give OPEC a Boost With Half-Million-Barrel Output Cut

    (Bloomberg) -- Major oil sands producers in Western Canada will idle almost half a million barrels a day of production next month, helping tighten global supplies as oil prices surge.Canadian Natural Resources Ltd.’s plans to conduct 30 days of maintenance at its Horizon oil sands upgrader in April will curtail roughly 250,000 barrels a day of light synthetic crude output, company President Tim McKay said in an interview Thursday. Work on the Horizon upgrader coincides with maintenance at other cites.Suncor Energy Inc. plans a major overhaul of its U2 crude upgrader, cutting output by 130,000 barrels a day over the entire second quarter. Syncrude Canada Ltd. will curb 70,000 barrels a day during the quarter because of maintenance in a unit.The supply cuts out of Northern Alberta, following a surprise OPEC+ decision to not increase output next month, could add more support to the recent rally in crude prices. OPEC+ had been debating whether to restore as much as 1.5 million barrels a day of output in April but decided to wait.The Saudi-led alliance closely monitors other major oil producers as it seeks to manage the entire global market, and surging production in North America was its biggest headache in recent years -- especially from U.S. shale but also from Canada.“The U.S., Saudi Arabia, Russia, Canada, Brazil and other well endowed countries with hydrocarbon reserves -- we need to work with each other, collaboratively,” Saudi Energy Minister Prince Abdulaziz bin Salman said after the group’s meeting on Thursday.Read More: Saudis Bet ‘Drill, Baby, Drill’ Is Over in Push for Pricier OilCanada’s contribution to balancing the market with less production, much like slowing output in the U.S., is not a deliberate market-management strategy but significant nonetheless.Even though the output cuts are short-term, the battered oil-sands industry shouldn’t be a concern for the Saudis in the long run either, judging from McKay’s outlook for the industry.“I can’t see much growth in the oil sands happening because there is going to be less demand in the future,” he said. “The first step is we have to get our carbon footprint down.”After years of rising output turned Canada into the world’s fourth-largest crude producer, expansion projects have nearly halted on the heels of two market crashes since 2014.Adding to its struggles, Canada’s oil industry is being shunned by some investors such as Norway’s $1.3 trillion wealth fund amid concern that the higher carbon emissions associated with oil sands extraction will worsen climate change. These forces help make future growth in the oil sands unlikely, said McKay, whose company is among the largest producers in the country.Oil sands upgraders turn the heavy bitumen produced in oil sands mines into light synthetic crude that’s similar to benchmarks West Texas Intermediate and Brent. Syncrude Sweet Premium for April gained 60 cents on Thursday to $1.50 a barrel premium to WTI, the strongest price since May, NE2 Group data show.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • How stimulus checks can give you a $14,000 windfall this year

    Some households are collecting a big pile of federal money in 2021.

  • Joe Biden's stimulus check changes: Do you still qualify for $1,400?

    The president has agreed to a compromise making millions ineligible for the third checks.

  • Portnoy-Backed ETF Sees Third-Highest Volume Ever in a Debut

    (Bloomberg) -- A new exchange-traded fund seeking to ride the companies most loved by investors online has found plenty of its own positive sentiment in its first day of trading.About $438 million worth of shares in the VanEck Vectors Social Sentiment ETF (ticker BUZZ) changed hands on Thursday, making it the third best ETF debut on record, according to data compiled by Bloomberg.“Normally, this kind of blow-the-roof-off volume for the first day is for ETFs that open up a new asset class like gold or Bitcoin,” said Eric Balchunas, ETF analyst for Bloomberg Intelligence.The fund, which has been promoted by Barstool Sports Inc. founder Dave Portnoy, follows an index that uses AI to scan online sources like blogs and social media to identify the 75 most favorably mentioned equities.Because of its criteria for inclusion, the hottest names among the day-trading crowd like GameStop Corp. and AMC Entertainment Holdings Inc. don’t actually make it into the gauge. Its top holdings currently are Ford Motor Co., Twitter Inc. and DraftKings Inc.Nonetheless, the rapid uptake suggests VanEck has succeeded in tapping into the increasingly powerful retail investing cohort.“Given the explosion of individual, younger retail traders, it makes sense to see a pile of volume,” said Dave Lutz, macro strategist at JonesTrading. “Whether it is the WSB crowd embracing Dave Portnoy’s marketing of the ETF, or institutions playing it to bet on the direction of the trend (or hedge) -- we won’t know for a bit. I suspect it’s a bit of both.”The fund opened at $24.40. It was down 1% at $24.15 at 12:02 p.m.(Updates with latest figures, analyst comments.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Getting A Third Covid-19 Stimulus Check Just Got Tougher — But You Might Still Influence How Big Yours Is

    Congress is nearing passage of the third economic stimulus check it will send out to you and other taxpayers as part of its Covid-19 relief bill.

  • Virgin Galactic chairman sold off more than $210 million worth of stock as prices plunged

    Virgin Galactic Holdings Inc. Chairman Chamath Palihapitiya sold off a chunk of his shares this week, and played a part of the plunge in prices.

  • Texas watchdog says grid operator made $16-billion error

    A firm hired to monitor Texas' power markets says the region's grid manager overpriced electricity over two days during last month's energy crisis, resulting in $16 billion in overcharges.

  • Investors may have a ‘buy’ signal, as these big tech stocks have dropped up to 32% in only three weeks

    Now might be "a golden opportunity" to own the "secular tech winners" for the next 12 to 18 months, according to Wedbush analyst Daniel Ives.

  • Stocks Tumble, Gold Dumps , Dollar Jumps Amid Treasury Yield Spike as Powell Signals Inflation is Ahead

    Powell and his policymakers have until March 17 to regain control of monetary policy or they could face a creditability issue.

  • Mortgage Rates Are Back Above 3%. Here’s Where They’re Headed Next.

    Mortgage rates have risen past a psychological benchmark for the first time since they fell to historic lows during the pandemic. The average rate on a 30-year fixed-rate mortgage increased to 3.02% this past week, according to Freddie Mac’s Primary Mortgage Market Survey—the first time since July that the rate has risen above 3%. “Since reaching a low point in January, mortgage rates have risen by more than 30 basis points,” wrote Freddie Mac’s chief economist, in a release.

  • GameStop spikes as investors eye cryptic tweet by shareholder

    GameStop shares closed up 6.4% at $131.93 after earlier hitting $147.87, their highest since a surge in the heavily shorted stock late last month. One analyst and some Twitter users pointed to a cryptic tweet by Ryan Cohen, a major shareholder of GameStop and founder of e-commerce firm Chewy.com, as a plausible reason for the move, although Reuters could not independently determine causation. The late afternoon rally in GameStop began roughly around the time that Cohen tweeted what appeared to be a screenshot with the puppet dog advertising mascot of Pets.com, a famous casualty of the dotcom bubble two decades ago.

  • Josh Kushner’s Oscar Health Falls After $1.4 Billion IPO

    (Bloomberg) -- Oscar Health Inc., the health insurance startup co-founded by Josh Kushner, fell 11% its trading debut after raising $1.4 billion in its upsized, above-target initial public offering.The company’s shares, which sold for $39 in the IPO, opened their first day of trading Wednesday at $36 and closed it at $34.80, giving the company a market value of about $7 billion.Oscar Health and a selling shareholder sold 37 million shares on Tuesday. It had marketed 31 million shares for $36 to $38 a share, a range that it had elevated from $32 to $34.Kushner, managing director of the venture firm Thrive Capital, is the brother of Jared Kushner, son-in-law and onetime senior adviser to former U.S. President Donald Trump.“We have been growing a lot in the last couple of years,” said Mario Schlosser, chief executive officer and co-founder of Oscar Health. “The thesis works, the company works and we want to show it to the world.”Though with cash in hand and despite being in a crowded sector, there are no plans for Oscar Health to make acquisitions at the moment, Schlosser said. “We have a ton of growth ahead of us just organically,” he said.Kushner and Thrive Capital will control the majority of the voting power, according to the filings. The New York-based company’s Class A shares are entitled to one vote while Class B shares will have 20.Google’s parent Alphabet Inc., Fidelity Management, Founders Fund, General Catalyst and Khosla Ventures are also among the company’s shareholders.Oscar Health trades on the New York Stock Exchange under the symbol OSCR. Goldman Sachs Group Inc., Morgan Stanley, Allen & Co. and Wells Fargo & Co. led the offering.(Updates with closing share price in second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Tesla Should Sell Its Bitcoin and Buy Back Shares To Create 'Positive Momentum,' Says Analyst

    Tesla Inc (NASDAQ: TSLA) could create a “positive momentum” if its sold its Bitcoin (CRYPTO: BTC) holdings and initiated a buyback of its stock, according to Gary Black, a private investor and former CEO of Aegon Asset Management. What Happened: Black aired his views on social media Thursday in a series of tweets. “Imagine the positive momentum [Tesla] would create if they announced the sale of their [Bitcoin] position, and authorized a [Tesla] stock buyback instead.” wrote Black. See also: How to Invest in Tesla Stock The investor acknowledged that the prospect was “unlikely” but shareholders would support such a move. Investors who say #btc has less risk than govt bonds or gold haven’t done their research. Govt bonds have ~2% risk, defined as monthly volatility of returns. Gold ~3% risk. US equities ~6% risk. #btc has ~20% risk, further out on the risk curve than almost any other asset class. pic.twitter.com/OjMyWYU0Oa — Gary Black (@garyblack00) March 4, 2021 According to Black, if you asked 100 institutional investors in the Elon Musk-led company if they would prefer to invest $1.5 billion of excess cash in BTC or in Tesla stock, 95/100 would choose the stock. Why It Matters: Black isn’t the only analyst crying foul over Tesla’s investment in BTC. Last month, GLJ Research analyst Gordon Johnson said the automaker had “run out of viable internal uses” of its capital. “We see this as a sign of desperation from a CEO whose company is facing real competition for the first time ever,” wrote Johnson. Tesla had purchased .5 billion worth of BTC in February, amid increased institutional support for the cryptocurrency. Jack Dorsey-led Square Inc (NASDAQ: SQ) and Tesla combined have spent over billion to buy 151,919 BTC. Those coins are worth almost $7.19 billion as of press time when BTC traded 6.99% lower at $47,347.62. MicroStrategy Incorporated (NASDAQ: MSTR) meanwhile holds 90,531 BTC, purchased at an average price of $2.171 billion, as of late February now worth about almost $4.286 billion. Price Action: Tesla shares fell 3.43% in after-hours trading on Thursday to $600.10 after closing 4.86% lower at $621.44. Click here to check out Benzinga’s EV Hub for the latest electric vehicles news. Latest Ratings for TSLA DateFirmActionFromTo Feb 2021Morgan StanleyMaintainsOverweight Feb 2021Piper SandlerMaintainsOverweight Jan 2021Deutsche BankMaintainsBuy View More Analyst Ratings for TSLA View the Latest Analyst Ratings See more from BenzingaClick here for options trades from BenzingaAnalyst Who Predicted ,000 Bitcoin Sees Key Metric Indicating 'March To 0,000'How Square's Purchase of Jay Z's Tidal Could Popularize Blockchain© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Powell Likely to Push Back on Bond-Market Doubts Over Fed Policy

    (Bloomberg) -- Federal Reserve Chairman Jerome Powell will probably seek to convince suddenly skeptical financial markets on Thursday that the central bank will be ultra-patient in pulling back its support for the economy after the pandemic has ended.Rather than trying to cap rising long-term interest rates, Fed watchers expect Powell to use his appearance at a Wall Street Journal webinar to reaffirm the Fed’s determination to meet its revamped employment and inflation goals by keeping monetary policy looser for longer, and to make clear he’d like to avoid a repeat of last week’s disorderly bond market.“It’s not an issue of trying to talk down the market,” said JPMorgan Chase & Co. chief U.S. economist Michael Feroli. “But you do want interest rates to be aligned with the Fed’s objectives.”That’s important for the economy’s long-run health. If the markets and the Fed are in sync, they’ll work together to attain the central bank’s objectives of maximum employment and 2% average inflation under its new strategic framework.Long-term interest rates have climbed this year -- the yield on the Treasury’s 10-year note was 1.48% at 4:50 p.m. in New York Wednesday, up from under 1% at the start of 2021 -- as more widespread dissemination of vaccines to fight the virus and the promise of stepped-up government spending has fanned expectations of much faster economic growth ahead.Brainard PatientIn what was potentially a preview of Powell’s remarks, Governor Lael Brainard stressed on Tuesday how far the Fed was from meeting its objectives.“We have quite a lot of ground to cover,” she told a Council on Foreign Relations webinar. “It’s appropriate to be patient.”Brainard said that the speed of last week’s moves in the bond market had “caught my eye,” adding that she would be concerned if she saw disorderly trading, or a persistent tightening in financial conditions, that could slow progress toward the Fed’s goals.In congressional testimony on Feb. 23 and 24, Powell played down concerns that rising yields would hurt the economy, instead declaring at one point that they were a “statement of confidence” in the outlook.The markets blew up the next day, with the 10-year Treasury note yield briefly spiking to 1.6%.Investors also moved forward their expectations for the first Fed rate hike to early 2023 as they began to question the central bank’s commitment to keeping policy easy until inflation overshoots 2%.“Early 2023 strikes me as quite early,” said Goldman Sachs Group chief economist Jan Hatzius, who doesn’t expect a hike until 2024.PGIM Fixed Income chief economist Nathan Sheets said this won’t be the last time that the Fed is confronted by escalating long-term interest rates. He sees the 10-year yield climbing as high as 2% during the summer before tailing off by end year.The Fed has a variety of ways of pushing back against a yield run-up if it sees a need to do so.Guidance LiteFirst will come more words. Call it forward guidance lite.The central bank is currently buying $120 billion of assets per month -- $80 billion of Treasury securities and $40 billion of mortgage-backed debt -- and has pledged to keep up that pace “until substantial further progress” has been made toward its goals.To help anchor yields, policy makers could become more explicit about when they’ll begin to scale back purchases. Fed Vice Chairman Richard Clarida took a step in that direction last week, suggesting the current pace of buying would be appropriate for the rest of 2021.Policy makers could also be more definitive about what it would take for them to raise interest rates. They’ve said they will keep rates near zero until the labor market has reached maximum employment and inflation has risen to 2% and is on track to moderately exceed that level for some time. But those thresholds are somewhat amorphous and open to interpretation.After the words, would come action. The Fed could step up its bond-buying program or shift purchases of mortgage-backed securities into Treasuries.Operation TwistAnother option: a reprise of Operation Twist, in which the Fed eliminates its holdings of Treasury bills and puts the money into longer-dated securities. That would have the added benefit of alleviating downward pressure on bill rates, which are threatening to go negative.The Fed could also emulate its Australian counterpart and adopt yield curve control, seeking to cap yields of short-dated Treasuries -- a strategy that Brainard has spoken approvingly of in the past.Wrightson ICAP LLC chief economist Lou Crandall said Powell has to be careful about pushing back on interest-rate expectations baked into the Treasury market. The Fed’s next Summary of Economic Projections, which will be published after its March 16-17 policy meeting, might show a growing number of policy makers penciling in a rate increase in 2023.Powell could instead highlight the Fed’s new modus operandi for monetary policy under the framework it adopted last year.“He may try to focus the market’s attention on how much of a regime change there’s been in the Fed’s thinking,” Crandall said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Bitcoin Could Reach $1 Million or More, Kraken CEO Says

    (Bloomberg) -- As the leader of crypto exchange Kraken, Jesse Powell is bound to be bullish on Bitcoin. Yet he’s projecting a disruptive future that would stretch the imagination of even the most ardent crypto fans.In a Bloomberg Television interview, Powell said Bitcoin could reach $1 million in the next decade, adding that supporters say it could eventually replace all of the major fiat currencies.“We can only speculate, but when you measure it in terms of dollars, you have to think it’s going to infinity,” he said. “The true believers will tell you that it’s going all the way to the moon, to Mars and eventually, will be the world’s currency.”The CEO also said San Francisco-based Kraken is considering going public, possibly next year.Extreme predictions are nothing new in the world of Bitcoin, where adherents stand to profit from convincing a wider audience that crypto is a legitimate asset class, rather than a speculative fad. The dollar remains the world’s reserve currency and is the benchmark for global trade, though its value has softened in the past year.Powell said Bitcoin bulls see it one day exceeding the combined market cap of the dollar, euro and other currencies.The dollar “is only 50 years old and it’s already showing extreme signs of weakness, and I think people will start measuring the price of things in terms of Bitcoin,” he said.The digital currency slipped 3% in early U.S. trading on Thursday, hovering around $49,000. Prices have surged almost 600% since the start of 2020 on the back of wider mainstream adoption, with bulls seeing it as both an inflation hedge and speculative asset.Critics argue that Bitcoin is in a giant, stimulus-fueled bubble destined to burst like the 2017 boom and bust cycle.Kraken benefits from higher prices as it reaps fees from increased trading. Bloomberg reported last month that the exchange was in talks to raise new funding, which would double the company’s valuation to more than $10 billion.“Personally, I think $10 billion is a low valuation,” Powell said. “I wouldn’t be interested in selling shares at that price.”The CEO did acknowledge the potential for wild market swings, saying prices can “move up or down 50% on any given day.” That kind of volatility has long been one of the negatives of Bitcoin, relegating the market to one of speculation, rather than a means of doing business.“If you are buying into Bitcoin out of speculation, you should be committed to holding for five years,” Powell said. “You have to have strong convictions to hold.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • The Nasdaq may be close to the end of its correction, according to market-timers’ views

    Stock-market timers, who as recently as two weeks ago were irrationally exuberant, have reacted to the market’s recent correction by beating a hasty retreat. Consider how quickly the Nasdaq-focused stock-market timers that my firm monitors have jumped on the bearish bandwagon. As recently as Feb. 12, their average recommended exposure level stood at 88.9%, which was higher than 97.9% of all daily readings since 2000.

  • Tesla Stock Update: Meltdown in Tesla Beginning as Forecasted

    It appears the breakdown is underway, and this could turn into an outright collapse into mid-March.

  • Oil Prices Spike on OPEC Surprise. How to Play It.

    Oil prices shot as much as 5% higher on Thursday as OPEC and its allies agreed to extend most of their production cuts through April, a sign that high prices could be here to stay. Oil company stocks jumped, too, often much more than the commodity, because prices this high will give many of them operating leverage. Because capital costs are high in the industry, oil company margins expand considerably once prices rise above $50 and companies have fully paid for the cost of the equipment and labor they need to extract oil.

  • Analyst Who Predicted $50,000 Bitcoin Sees Key Metric Indicating 'March To $100,000'

    Bitcoin (CRYPTO: BTC) may be headed for the $100,000 mark by the end of this month, according to Mike McGlone, a Bloomberg analyst. What Happened: McGlone, who previously ascribed a $50,000 plus level for the cryptocurrency, said in a March outlook report that if the Grayscale Bitcoin Trust (OTC: GBTC) closing at its steepest discount ever is an indicator, then it may “signal [Bitcoin’s] march to $100,000.” The Greyscale premium, a metric watched closely, ended February with a 2.7% discount. McGlone pointed to March 2017, when BTC backed up to nearly $1,000 on the way to its peak near $20,000 in December of that year. “Sharp reductions in the GBTC premium have often marked bottoms in Bitcoin,” wrote McGlone. See also: How to Buy Bitcoin (BTC) “The increasing probability of [exchange-traded] funds in the U.S., on the back of launches in Canada are adding pressure to the trust price, but we see sustaining the upward trajectory as the more likely outcome.” Bitcoin traded 8.48% lower at $47,120.70 at press time. GBTC closed 10.31% lower at $41.40 on Thursday. Why It Matters: The Grayscale premium is a reference to the difference between the value of the holdings of GBTC versus the market price of its holdings. McGlone also noted the increased replacement of Gold in portfolios with BTC. “In 2020, the benchmark crypto gained legitimacy with declining volatility vs. the opposite in most assets. In 2021, we see little to stop the process of old-guard gold allocators simply focusing on prudent diversification,” wrote the analyst. On Thursday, Kraken CEO Jesse Powell said that BTC could replace all of the world’s currencies and hit a million-dollar price target within the next ten years. “The younger demographic is certainly taking notice of it and they see it as a better version of gold,” said Powell. Read Next: 'Morons:' Crypto Enthusiasts Burn Banksy's Real Artwork To Turn It Into Digital Token See more from BenzingaClick here for options trades from BenzingaHow Square's Purchase of Jay Z's Tidal Could Popularize Blockchain'Morons:' Crypto Enthusiasts Burn Banksy's Real Artwork To Turn It Into Digital Token© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.