{"id":69501,"date":"2023-07-18T08:52:30","date_gmt":"2023-07-18T12:52:30","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=69501"},"modified":"2023-07-18T08:52:30","modified_gmt":"2023-07-18T12:52:30","slug":"coffee-with-greta-consumer-miss","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/07\/18\/coffee-with-greta-consumer-miss\/","title":{"rendered":"Coffee With Greta: Consumer Miss"},"content":{"rendered":"

Register now<\/a> for tomorrow's free pro trader Q&A on LinkedIn with options specialist Dan Darrow!<\/b><\/p>\n

DJIA Futures: <\/b>-20 (-0.1%)<\/span><\/p>\n

SPX Futures: <\/b>-5 (-0.1%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-32 (-0.2%)<\/span><\/p>\n

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

Futures are flat but lower as traders digest the latest economic data and more big bank earnings.<\/span><\/p>\n

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

Retail Sales Disappoint<\/span><\/h2>\n

Retail sales rose less than expected in June.<\/span><\/p>\n

The Commerce Department reported retail sales rose 0.2% to $689.5 billion vs expectations for a 0.5% increase.\u00a0<\/span><\/p>\n

Spending rose 2% at miscellaneous retailers, 1.9% online, 1.4% at furniture stores, and 1.1% at electronics stores.<\/span><\/p>\n

Department stores saw the largest drop with spending down 2.4%, receipts fell 1.4% at gas stations, and 1% at sporting goods stores.<\/span><\/p>\n

Excluding autos, retail sales rose 0.2% vs 0.3% expected.\u00a0<\/span><\/p>\n

Morgan Stanley Slips Despite Earnings Beat<\/span><\/h2>\n

Morgan Stanley <\/b>(MS) shares are slipping 0.2% ahead of the open despite beating Q2 expectations.\u00a0<\/span><\/p>\n

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

    \n
  • EPS: $1.24 vs $1.15 expected<\/span><\/li>\n
  • Revenue: $13.46 billion vs $13.08 billion expected<\/span><\/li>\n<\/ul>\n

    The bank\u2019s profit dropped 13% year over year while revenue rose 2%.<\/span><\/p>\n

    Morgan Stanley\u2019s wealth management revenue jumped 15% from a year ago to a record $6.66 billion vs $6.5 billion expected.\u00a0<\/span><\/p>\n

    The CEO said, \u201cThe firm delivered solid results in a challenging market environment. The quarter started with macroeconomic uncertainties and subdued client activity, but ended with a more constructive tone.\u201d<\/span><\/p>\n

    But the bank\u2019s Wall Street division saw weaker results.\u00a0<\/span><\/p>\n

    Institutional securities revenue fell 8 to $5.65 billion, Equities trading revenue came in at $2.55 billion in revenue vs $2.37 billion expected, and fixed income revenue of $1.72 billion missed the $1.99 billion estimate.<\/span><\/p>\n

    Bank of America Tops Q2 Expectations<\/span><\/h2>\n

    Bank of America <\/b>(BAC) shares are down 0.8% in premarket trade despite reporting better-than-expected Q2 earnings and revenue.\u00a0<\/span><\/p>\n

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

      \n
    • EPS: $0.88 vs $0.84 expected<\/span><\/li>\n
    • Revenue: $25.33 billion vs $25.05 billion expected<\/span><\/li>\n<\/ul>\n

      Earnings were up 19% from a year ago while revenue rose 11%.\u00a0<\/span><\/p>\n

      That revenue increase was fueled by a 14% jump in net interest income.\u00a0<\/span><\/p>\n

      The CEO said, \u201cWe continue to see a healthy U.S. economy that is growing at a slower pace, with a resilient job market. Continued organic client growth and client activity across our businesses complemented beneficial impacts of higher interest rates.\u201d<\/span><\/p>\n

      Bank of America\u2019s Wall Street division also helped boost revenue.\u00a0<\/span><\/p>\n

      Fixed income trading revenue jumped 18% to $2.8 billion vs $2.77 billion expected while equities trading slipped 2% to $1.6 billion vs $1.48 billion expected.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

      Register now for tomorrow’s free pro trader Q&A on LinkedIn with options specialist Dan Darrow! DJIA Futures: -20 (-0.1%) SPX Futures: -5 (-0.1%) NASDAQ Futures: -32 (-0.2%) Good morning friends! Futures are flat but lower as traders digest the latest economic data and more big bank earnings. Let\u2019s get right to it! Retail Sales Disappoint Retail sales rose less than expected in June. The Commerce Department reported retail sales rose 0.2% to $689.5 billion vs expectations for a 0.5% increase.\u00a0 Spending rose 2% at miscellaneous retailers, 1.9% online, 1.4% at furniture stores, and 1.1% at electronics stores. Department stores saw the largest drop with spending down 2.4%, receipts fell 1.4% at gas stations, and 1% at sporting goods stores. Excluding autos, retail sales rose 0.2% vs 0.3% expected.\u00a0 Morgan Stanley Slips Despite Earnings Beat Morgan Stanley (MS) shares are slipping 0.2% ahead of the open despite beating Q2 expectations.\u00a0 Here\u2019s how the investment bank\u2019s results compared to analysts\u2019 estimates: EPS: $1.24 vs $1.15 expected Revenue: $13.46 billion vs $13.08 billion expected The bank\u2019s profit dropped 13% year over year while revenue rose 2%. Morgan Stanley\u2019s wealth management revenue jumped 15% from a year ago to a record $6.66 billion vs $6.5 billion expected.\u00a0 The CEO said, \u201cThe firm delivered solid results in a challenging market environment. The quarter started with macroeconomic uncertainties and subdued client activity, but ended with a more constructive tone.\u201d But the bank\u2019s Wall Street division saw weaker results.\u00a0 Institutional securities revenue fell 8 to $5.65 billion, Equities trading revenue came in at $2.55 billion in revenue vs $2.37 billion expected, and fixed income revenue of $1.72 billion missed the $1.99 billion estimate. Bank of America Tops Q2 Expectations Bank of America (BAC) shares are down 0.8% in premarket trade despite reporting better-than-expected Q2 earnings and revenue.\u00a0 Here\u2019s how the consumer bank\u2019s results compared to analysts\u2019 estimates:\u00a0 EPS: $0.88 vs $0.84 expected Revenue: $25.33 billion vs $25.05 billion expected Earnings were up 19% from a year ago while revenue rose 11%.\u00a0 That revenue increase was fueled by a 14% jump in net interest income.\u00a0 The CEO said, \u201cWe continue to see a healthy U.S. economy that is growing at a slower pace, with a resilient job market. Continued organic client growth and client activity across our businesses complemented beneficial impacts of higher interest rates.\u201d Bank of America\u2019s Wall Street division also helped boost revenue.\u00a0 Fixed income trading revenue jumped 18% to $2.8 billion vs $2.77 billion expected while equities trading slipped 2% to $1.6 billion vs $1.48 billion expected.<\/p>\n","protected":false},"author":41,"featured_media":69505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-69501","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\/69501","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=69501"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/69501\/revisions"}],"predecessor-version":[{"id":69506,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/69501\/revisions\/69506"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/69505"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=69501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=69501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=69501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}