{"id":67282,"date":"2023-04-18T08:57:20","date_gmt":"2023-04-18T12:57:20","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=67282"},"modified":"2023-04-18T08:57:20","modified_gmt":"2023-04-18T12:57:20","slug":"coffee-with-greta-more-big-bank-earnings-2","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/04\/18\/coffee-with-greta-more-big-bank-earnings-2\/","title":{"rendered":"Coffee With Greta: More Big Bank Earnings"},"content":{"rendered":"<p><b>DJIA Futures: <\/b><span style=\"font-weight: 400;\">+33 (+0.1%)<\/span><\/p>\n<p><b>SPX Futures: <\/b><span style=\"font-weight: 400;\">+21 (+0.5%)<\/span><\/p>\n<p><b>NASDAQ Futures: <\/b><span style=\"font-weight: 400;\">+110 (+0.8%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Good morning friends!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Futures are mostly higher as traders digest the latest batch of earnings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s get right to it!<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Bank of America Earnings Beat<\/span><\/h2>\n<p><b>Bank of America <\/b><span style=\"font-weight: 400;\">(BAC) shares are up 2.3% ahead of the open after beating Q1 expectations on the top and bottom line.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s how the consumer bank\u2019s results compared to analysts\u2019 expectations:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">EPS: $0.94 vs $0.82 expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Revenue: $26.39 billion vs $25.13 billion expected<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Net interest income jumped 25% year over year due to higher interest rates.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">CEO Brian Moynihan said, \u201cEvery business segment performed well as we grew client relationships and accounts organically and at a strong pace. Our results demonstrate how our company\u2019s decade-long commitment to responsible growth helped to provide stability in changing economic environments.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bank of America boosted its loan-loss reserves by $931 million during the quarter.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Goldman Sachs Earnings Mixed<\/span><\/h2>\n<p><b>Goldman Sachs <\/b><span style=\"font-weight: 400;\">(GS) shares are slipping 3.4% in premarket trade after reporting mixed Q1 results.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s how the investment bank\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">EPS: $8.79 vs $8.10 expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Revenue: $12.22 billion vs $12.79 billion expected<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Profit dropped 18% year over year while revenue fell 5%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The revenue miss was blamed on a $470 million hit the bank took tied to the sale of consumer loans.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Goldman\u2019s fixed income trading revenue dropped 17% to $3.93 billion, about $230 million short of estimates.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Equities trading revenue slipped 7% to $3.02 billion vs $2.9 billion expected.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investment banking revenue tumbled 26% to $1.58 billion but topped estimates of $1.44 billion.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Johnson & Johnson Beats Expectations,\u00a0 Hikes Outlook<\/span><\/h2>\n<p><b>Johnson & Johnson <\/b><span style=\"font-weight: 400;\">(JNJ) shares are up 1.4% ahead of the open after beating Q1 expectations on the top and bottom line.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s how the pharmaceutical giant\u2019s results compared to analysts\u2019 estimates:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Adjusted EPS: $2.68 vs $2.50 expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Revenue: $24.75 billion vs $23.67 billion expected<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The company also raised its full-year outlook following the beat.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Johnson & Johnson now expects 2023 revenue of $97.9 billion to $98.9 billion, up by about $1 billion from its previous outlook.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The company expects full-year EPS of $10.60 to $10.70 vs $10.45 to $10.65 previously.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The CEO told <\/span><a href=\"https:\/\/www.cnbc.com\/2023\/04\/18\/johnson-johnson-jnj-earnings-q1-2023.html\"><span style=\"font-weight: 400;\">CNBC<\/span><\/a><span style=\"font-weight: 400;\">, If you think about how we started the year and guidance in January, we were responsibly cautious. First-quarter growth was much stronger than even fourth-quarter growth for all three business units, and our positions kind of change to responsibly optimistic at this point. We feel very good about 2023.\u201d<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Housing Starts, Building Permits Fall<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">New home construction in the U.S. fell less than expected in March.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Census Bureau reported housing starts fell 0.8% last month to a seasonally adjusted annual rate of 1.42 million units.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That was down from 1.43 million in February but higher than 1.40 million expected.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Starts were down 17.2% year over year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Single-family starts rose 2.7% while multi-family starts tumbled 6.7%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The slowdown is expected to continue as building permits dropped more than expected.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The number of new permits issued last month dropped 8.8% to a seasonally adjusted annual rate of 1.41 million units vs 1.45 million expected.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Permits plunged 24.8% year over year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Single-family permits rose 4.1% monthly while multi-family permits dropped 24.3%.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>DJIA Futures: +33 (+0.1%) SPX Futures: +21 (+0.5%) NASDAQ Futures: +110 (+0.8%) Good morning friends! Futures are mostly higher as traders digest the latest batch of earnings. Let\u2019s get right to it! Bank of America Earnings Beat Bank of America (BAC) shares are up 2.3% ahead of the open after beating Q1 expectations on the top and bottom line.\u00a0 Here\u2019s how the consumer bank\u2019s results compared to analysts\u2019 expectations:\u00a0 EPS: $0.94 vs $0.82 expected Revenue: $26.39 billion vs $25.13 billion expected Net interest income jumped 25% year over year due to higher interest rates.\u00a0 CEO Brian Moynihan said, \u201cEvery business segment performed well as we grew client relationships and accounts organically and at a strong pace. Our results demonstrate how our company\u2019s decade-long commitment to responsible growth helped to provide stability in changing economic environments.\u201d Bank of America boosted its loan-loss reserves by $931 million during the quarter.\u00a0 Goldman Sachs Earnings Mixed Goldman Sachs (GS) shares are slipping 3.4% in premarket trade after reporting mixed Q1 results.\u00a0 Here\u2019s how the investment bank\u2019s results compared to analysts\u2019 estimates:\u00a0 EPS: $8.79 vs $8.10 expected Revenue: $12.22 billion vs $12.79 billion expected Profit dropped 18% year over year while revenue fell 5%. The revenue miss was blamed on a $470 million hit the bank took tied to the sale of consumer loans.\u00a0 Goldman\u2019s fixed income trading revenue dropped 17% to $3.93 billion, about $230 million short of estimates.\u00a0 Equities trading revenue slipped 7% to $3.02 billion vs $2.9 billion expected.\u00a0 Investment banking revenue tumbled 26% to $1.58 billion but topped estimates of $1.44 billion.\u00a0 Johnson &#038; Johnson Beats Expectations,\u00a0 Hikes Outlook Johnson &#038; Johnson (JNJ) shares are up 1.4% ahead of the open after beating Q1 expectations on the top and bottom line.\u00a0 Here\u2019s how the pharmaceutical giant\u2019s results compared to analysts\u2019 estimates: Adjusted EPS: $2.68 vs $2.50 expected Revenue: $24.75 billion vs $23.67 billion expected The company also raised its full-year outlook following the beat.\u00a0 Johnson &#038; Johnson now expects 2023 revenue of $97.9 billion to $98.9 billion, up by about $1 billion from its previous outlook.\u00a0 The company expects full-year EPS of $10.60 to $10.70 vs $10.45 to $10.65 previously.\u00a0 The CEO told CNBC, If you think about how we started the year and guidance in January, we were responsibly cautious. First-quarter growth was much stronger than even fourth-quarter growth for all three business units, and our positions kind of change to responsibly optimistic at this point. We feel very good about 2023.\u201d Housing Starts, Building Permits Fall New home construction in the U.S. fell less than expected in March.\u00a0 The Census Bureau reported housing starts fell 0.8% last month to a seasonally adjusted annual rate of 1.42 million units.\u00a0 That was down from 1.43 million in February but higher than 1.40 million expected.\u00a0 Starts were down 17.2% year over year.\u00a0 Single-family starts rose 2.7% while multi-family starts tumbled 6.7%.\u00a0 The slowdown is expected to continue as building permits dropped more than expected.\u00a0 The number of new permits issued last month dropped 8.8% to a seasonally adjusted annual rate of 1.41 million units vs 1.45 million expected.\u00a0 Permits plunged 24.8% year over year.\u00a0 Single-family permits rose 4.1% monthly while multi-family permits dropped 24.3%.\u00a0<\/p>\n","protected":false},"author":41,"featured_media":67284,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-67282","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\/67282","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=67282"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/67282\/revisions"}],"predecessor-version":[{"id":67285,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/67282\/revisions\/67285"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/67284"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=67282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=67282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=67282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}