U.S. markets closed
  • S&P 500

    4,538.43
    -38.67 (-0.84%)
     
  • Dow 30

    34,580.08
    -59.71 (-0.17%)
     
  • Nasdaq

    15,085.47
    -295.85 (-1.92%)
     
  • Russell 2000

    2,159.31
    -47.02 (-2.13%)
     
  • Crude Oil

    66.22
    -0.28 (-0.42%)
     
  • Gold

    1,782.10
    +21.40 (+1.22%)
     
  • Silver

    22.45
    +0.17 (+0.76%)
     
  • EUR/USD

    1.1317
    +0.0012 (+0.10%)
     
  • 10-Yr Bond

    1.3430
    -0.1050 (-7.25%)
     
  • GBP/USD

    1.3235
    -0.0067 (-0.50%)
     
  • USD/JPY

    112.8000
    -0.4090 (-0.36%)
     
  • BTC-USD

    47,578.48
    -9,164.27 (-16.15%)
     
  • CMC Crypto 200

    1,367.14
    -74.62 (-5.18%)
     
  • FTSE 100

    7,122.32
    -6.89 (-0.10%)
     
  • Nikkei 225

    28,029.57
    +276.20 (+1.00%)
     
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Halliburton reports mixed Q3, Apollo’s push for $1 trillion in assets by 2026, Travelers showcases record net premiums on solid Q3

In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Yahoo Finance's Brian Sozzi, Brian Cheung, and Julie Hyman break down how Apollo Global Management, Halliburton, and The Travelers Companies are faring in Tuesday’s market.

Video Transcript

BRIAN SOZZI: And Brian, you're also a little bit-- you're still on earnings duty for us. So we're not letting you off the hook here yet. Looking at Travelers, I mean, Travelers, a nice pop here, over 2% in the pre-market on earnings.

BRIAN CHEUNG: Yeah, a very much different story here. I mean, their net written premiums were up 7%. In fact, their auto and their homeowner's insurance volume actually increased to record levels. I guess, no surprise because we know everyone's been trying to buy a car and people have been trying to snatch up homes throughout this process.

But even their other businesses have done pretty well, too. Bond and specialty insurance, a massive driver, up 19%, and personal insurance up 7% as well. So apparently, a lot of people turning to insurance in the quarter ended September 30. But again, no surprise on the auto and homeowners business. We'll see if that remains a trend in the quarters to come.

JULIE HYMAN: What always amazes me with insurers is, is if you look under the hood, what other businesses insurers have, right? So, for example, private equity, private equity returns were good performers for Travelers. There, they saw net investment income was up 15%, overall helped, in part, by those private equity returns.

So these insurers, in addition to being, obviously, do their bread and butter business of insurance, also have a lot of investment income. And so that definitely helping things out in the quarter as well and helping give a boost to those shares here this morning. So that's just an interesting thing to remember when we talk about an insurance company, Sozz.

BRIAN SOZZI: Yeah, always a very exciting business there, Julie. Maybe a little more exciting is Halliburton. I mean, I like that quarter out of Halliburton. The CEO talking at length, really, about a multi-year cycle upcycle unfolding in the oil patch. I guess, that shouldn't be any surprise to anyone here.

BRIAN CHEUNG: Yeah, it appears they actually missed on the top line, but, you know, again, it's been ripping up since September. So, worth watching there.

JULIE HYMAN: Definitely worth watching. We're about 30 seconds from the opening bell here this morning. And the opening bell getting a bit of excitement perhaps more so than usual because today is the debut of the first Bitcoin-linked ETF that is going to be based here in the United States. There are some around the globe, but this is the first US one.

Remember, as we've been talking about frequently, it is a futures-linked ETF. BITO, as you can see there, is the ticker on that. It is operated by ProShares, and they're ringing the opening bell here this morning. Our opening bell coverage is brought to you by PIMCO. We are going to be talking about that ETF really throughout the morning.

I'm not sure if that's the correct trade as of yet here today. Perhaps it is. It's not right, so let's take it down. And we'll keep an eye on that. It probably needs a couple of minutes in order to open up here this morning. But certainly, there's a lot of excitement around it. And even if that is not open, there are sort of some proxies for it, right, that we can watch this morning, that we have been watching. Bitcoin itself, which has been rallying pretty consistently into the beginning of this trading.

We also had a bit of news this morning, Bloomberg reporting that the Grayscale Bitcoin Trust, which always the plan there was to convert it at some point into an ETF. We talked to Grayscale CEO yesterday, Michael Sonnenshein. He said, oh, we're talking to the SEC regularly. When the futures ETFs start trading, we think that opens the door for a spot-linked ETF. Well, apparently, now, Grayscale could be filing for that ETF conversion as [AUDIO OUT] as today.

So we've been watching GBTC. We've been watching Bitcoin itself. We have been watching CoinShares. And Brian Cheung, overall, certainly, there is a lot of enthusiasm for this area. We'll see how it affects the underlying cryptocurrencies as well.

BRIAN CHEUNG: Yeah, certainly. And, again, just want to remind everyone that there's a big difference between a Bitcoin futures ETF, which is what the SEC is approving here or allowing to happen here with this new product, BITO, and a Bitcoin spot ETF, which remains something in kind of regulatory limbo right now. So the Bitcoin futures ETF is linked to contracts that are listed on the Chicago Mercantile Exchange, on the CME, whereas there's optimism that at some point, there will be an option to get into an ETF that will get you direct exposure to the physical-- not really physical-- but the Bitcoin itself, which would be a spot ETF. We were talking about that with Michael Sonnenshein yesterday.

Again, unclear to what degree there's going to be appetite from the SEC to allow that type of product because the guardrails on a spot exposure is a bit different than the futures contracts themselves. So, again, we'll see if filing from Grayscale maybe shows optimism based off of their maybe behind the doors conversations with regulators, if there's more appetite for that. But again, we do know, based off of the excitement over BITO, that there is certainly a space for these types of Bitcoin and crypto exposed ETFs in the future.

JULIE HYMAN: Hey, guys, can I mention it looks like it is trading now? I'm just checking in on the Yahoo Finance platform. It took a minute. It's not unusual for an ETF to take a sec to open up. There you have it. It's up about 2.8% here to 41.16. So it looks like that that is a go, the Bitcoin futures ETF, Brian Sozzi.

BRIAN SOZZI: It's a new world out there. And definitely also want to call attention to Coinbase. We highlighted in the "Morning Brief" newsletter yesterday you could see a rerating in Coinbase. You are starting to see that very much play out, Coinbase popping up here in the early going on this ETF news. The stock is up close to about 16% over the last five sessions.

And guys, I do really want to quickly mention, too, here, while we have a second here before break, Apollo, our parent company, Apollo Group, having a big investor day that kicks off this morning, going until about 1:00 PM. Two numbers here in this press release that caught my attention. One is their earnings outlook. The company looking for $5.50 a share in earnings for next year. The Street was looking for about $3.86 a share for next year. So, upside relative to expectations, at least in terms of guidance from Apollo.

And then, secondarily, the company highlighting about an outlook for $1 trillion in assets under management by 2026. Today, they're noting in the presentation, they have about $472 billion in terms of assets under management. So, very bullish outlook by Apollo, again, which is our parent company. And the stock is rising as a result of this new news.