{"id":67170,"date":"2023-04-14T09:03:44","date_gmt":"2023-04-14T13:03:44","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=67170"},"modified":"2023-04-14T09:03:44","modified_gmt":"2023-04-14T13:03:44","slug":"coffee-with-greta-earnings-kickoff-with-big-banks","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/04\/14\/coffee-with-greta-earnings-kickoff-with-big-banks\/","title":{"rendered":"Coffee With Greta: Earnings Kickoff With Big Banks"},"content":{"rendered":"

DJIA Futures: <\/b>-9 (-0.03%)<\/span><\/p>\n

SPX Futures: <\/b>-7 (-0.2%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-93 (-0.7%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are mostly lower as traders digest first-quarter earnings from big banks and new data on the U.S. consumer.<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

JPMorgan Chase Reports Record Revenue<\/span><\/h2>\n

JPMorgan Chase <\/b>(JPM) shares are rallying 6.1% ahead of the open after beating Q1 expectations on the top and bottom line.\u00a0<\/span><\/p>\n

Here\u2019s how the largest U.S. bank\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n

    \n
  • Adjusted EPS: $4.32 vs $3.41 expected<\/span><\/li>\n
  • Revenue: $39.34 billion vs $36.19 billion expected<\/span><\/li>\n<\/ul>\n

    Net interest income surged nearly 50% year over year which pushed quarterly revenue to a new record.<\/span><\/p>\n

    CEO Jamie Dimon said, \u201cThe U.S. economy continues to be on generally healthy footings \u2014consumers are still spending and have strong balance sheets, and businesses are in good shape.\u201d<\/span><\/p>\n

    But he also warned, \u201cthe storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks.\u201d<\/span><\/p>\n

    Wells Fargo Tops Q1 Expectations<\/span><\/h2>\n

    Wells Fargo <\/b>(WFC) shares are up 3.8% in premarket trade after beating Q1 expectations on the top and bottom line.\u00a0<\/span><\/p>\n

    Here\u2019s how the bank\u2019s results compared to analysts\u2019 expectations:<\/span><\/p>\n

      \n
    • GAAP EPS: $1.23 vs $1.13 expected<\/span><\/li>\n
    • Revenue: $20.73 billion vs $20.08 billion expected<\/span><\/li>\n<\/ul>\n

      Wells Fargo\u2019s net interest income surged 45% year over year as interest rates rose.\u00a0<\/span><\/p>\n

      CEO Charlie Scharf said, \u201cWe had strong results in the first quarter including revenue growth from both the fourth quarter and a year ago, and we continued to make progress on our efficiency initiatives.\u201d<\/span><\/p>\n

      Wells Fargo set aside $1.2 billion for credit losses during the quarter.<\/span><\/p>\n

      Citigroup Rises On Earnings Beat<\/span><\/h2>\n

      Citigroup <\/b>(C) shares are up 1.6% ahead of the open after beating Q1 expectations on the top and bottom line.\u00a0<\/span><\/p>\n

      Here\u2019s how the investment bank\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n

        \n
      • Profit: $4.6 billion vs $4.3 billion expected<\/span><\/li>\n
      • Revenue: $21.45 billion vs $19.99 billion expected<\/span><\/li>\n<\/ul>\n

        Personal banking revenue rose 18% year over year while fixed-income markets revenue rose 4%.<\/span><\/p>\n

        But Citigroup did see declines in investment banking and equity markets revenue.<\/span><\/p>\n

        UnitedHealth Group Raises Outlook After Earnings Beat<\/span><\/h2>\n

        UnitedHealth Group <\/b>(UNH) shares are up 0.4% in premarket trade after beating Q1 expectations on the top and bottom line and hiking its outlook.<\/span><\/p>\n

        Here\u2019s how the health insurer\u2019s results compared to analysts\u2019 expectations:\u00a0<\/span><\/p>\n

          \n
        • EPS: $6.26 vs $6.16 expected<\/span><\/li>\n
        • Revenue: $91.9 billion vs $89.7 billion expected<\/span><\/li>\n<\/ul>\n

          In a statement, the company said, \u201cIn the first quarter of 2023, UnitedHealthcare grew to serve nearly 2 million more people than a year ago, with broad-based growth across the company\u2019s commercial, community-based and senior benefit offerings.\u201d<\/span><\/p>\n

          UnitedHealth hiked its full-year earnings outlook to between $24.50 and $25 per share vs $24.40 to $24.90 previously.<\/span><\/p>\n

          Retail Sales Fall More Than Expected<\/span><\/h2>\n

          Retail sales fell more than expected in March as consumers pulled back.\u00a0<\/span><\/p>\n

          The Commerce Department reported retail sales dropped 1% last month to $691.7 billion.\u00a0<\/span><\/p>\n

          That was worse than expectations for a 0.5% decline.\u00a0<\/span><\/p>\n

          Here\u2019s a look at the monthly change in retail sales by category:\u00a0<\/span><\/p>\n

            \n
          • -5.5% gas stations<\/span><\/li>\n
          • -2.5% department stores<\/span><\/li>\n
          • -2.1% electronics stores<\/span><\/li>\n
          • -2.1% building supply stores<\/span><\/li>\n
          • -1.7% clothing retailers<\/span><\/li>\n
          • -1.6% cars, parts stores<\/span><\/li>\n
          • -1.2% furniture stores<\/span><\/li>\n
          • 0.0% grocery stores<\/span><\/li>\n
          • +0.1% restaurants, bars<\/span><\/li>\n
          • +0.2% sporting, hobby stores<\/span><\/li>\n
          • +0.3% health, personal care stores<\/span><\/li>\n
          • +1.9% online<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

            DJIA Futures: -9 (-0.03%) SPX Futures: -7 (-0.2%) NASDAQ Futures: -93 (-0.7%) Good morning friends! Futures are mostly lower as traders digest first-quarter earnings from big banks and new data on the U.S. consumer. Let\u2019s get right to it! JPMorgan Chase Reports Record Revenue JPMorgan Chase (JPM) shares are rallying 6.1% ahead of the open after beating Q1 expectations on the top and bottom line.\u00a0 Here\u2019s how the largest U.S. bank\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $4.32 vs $3.41 expected Revenue: $39.34 billion vs $36.19 billion expected Net interest income surged nearly 50% year over year which pushed quarterly revenue to a new record. CEO Jamie Dimon said, \u201cThe U.S. economy continues to be on generally healthy footings \u2014consumers are still spending and have strong balance sheets, and businesses are in good shape.\u201d But he also warned, \u201cthe storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks.\u201d Wells Fargo Tops Q1 Expectations Wells Fargo (WFC) shares are up 3.8% in premarket trade after beating Q1 expectations on the top and bottom line.\u00a0 Here\u2019s how the bank\u2019s results compared to analysts\u2019 expectations: GAAP EPS: $1.23 vs $1.13 expected Revenue: $20.73 billion vs $20.08 billion expected Wells Fargo\u2019s net interest income surged 45% year over year as interest rates rose.\u00a0 CEO Charlie Scharf said, \u201cWe had strong results in the first quarter including revenue growth from both the fourth quarter and a year ago, and we continued to make progress on our efficiency initiatives.\u201d Wells Fargo set aside $1.2 billion for credit losses during the quarter. Citigroup Rises On Earnings Beat Citigroup (C) shares are up 1.6% ahead of the open after beating Q1 expectations on the top and bottom line.\u00a0 Here\u2019s how the investment bank\u2019s results compared to analysts\u2019 estimates:\u00a0 Profit: $4.6 billion vs $4.3 billion expected Revenue: $21.45 billion vs $19.99 billion expected Personal banking revenue rose 18% year over year while fixed-income markets revenue rose 4%. But Citigroup did see declines in investment banking and equity markets revenue. UnitedHealth Group Raises Outlook After Earnings Beat UnitedHealth Group (UNH) shares are up 0.4% in premarket trade after beating Q1 expectations on the top and bottom line and hiking its outlook. Here\u2019s how the health insurer\u2019s results compared to analysts\u2019 expectations:\u00a0 EPS: $6.26 vs $6.16 expected Revenue: $91.9 billion vs $89.7 billion expected In a statement, the company said, \u201cIn the first quarter of 2023, UnitedHealthcare grew to serve nearly 2 million more people than a year ago, with broad-based growth across the company\u2019s commercial, community-based and senior benefit offerings.\u201d UnitedHealth hiked its full-year earnings outlook to between $24.50 and $25 per share vs $24.40 to $24.90 previously. Retail Sales Fall More Than Expected Retail sales fell more than expected in March as consumers pulled back.\u00a0 The Commerce Department reported retail sales dropped 1% last month to $691.7 billion.\u00a0 That was worse than expectations for a 0.5% decline.\u00a0 Here\u2019s a look at the monthly change in retail sales by category:\u00a0 -5.5% gas stations -2.5% department stores -2.1% electronics stores -2.1% building supply stores -1.7% clothing retailers -1.6% cars, parts stores -1.2% furniture stores 0.0% grocery stores +0.1% restaurants, bars +0.2% sporting, hobby stores +0.3% health, personal care stores +1.9% online<\/p>\n","protected":false},"author":41,"featured_media":67173,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-67170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/67170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=67170"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/67170\/revisions"}],"predecessor-version":[{"id":67175,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/67170\/revisions\/67175"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/67173"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=67170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=67170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=67170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}