{"id":71629,"date":"2023-10-13T08:58:51","date_gmt":"2023-10-13T12:58:51","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=71629"},"modified":"2023-10-13T08:58:51","modified_gmt":"2023-10-13T12:58:51","slug":"coffee-with-greta-big-bank-earnings","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/10\/13\/coffee-with-greta-big-bank-earnings\/","title":{"rendered":"Coffee With Greta: Big Bank Earnings"},"content":{"rendered":"

Register now<\/a> for next week's free trading Q&A on LinkedIn with David Prince!<\/b><\/p>\n

DJIA Futures: <\/b>+86 (+0.3%)<\/span><\/p>\n

SPX Futures: <\/b>+8 (+0.2%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-10 (-0.1%)<\/span><\/p>\n

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

Futures are mixed as Q3 earnings season kicks off with the big banks.<\/span><\/p>\n

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

Chase Rises After Q3 Results<\/span><\/h2>\n

JPMorgan Chase <\/b>(JPM) shares are up 0.8% ahead of the open after reporting higher profits in the third quarter.\u00a0<\/span><\/p>\n

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

    \n
  • EPS: $4.33 vs $3.92 expected<\/span><\/li>\n
  • Revenue: $40.69 billion vs $39.63 billion expected<\/span><\/li>\n<\/ul>\n

    Profits surged 35% year over year while revenue climbed 21%.<\/span><\/p>\n

    Net interest income jumped 30%, topping expectations by about $600 million.\u00a0<\/span><\/p>\n

    Chase CEO Jamie Dimon said U.S. consumers and businesses \u201cgenerally remain healthy, although consumers are spending down their excess cash buffers.\u201d<\/span><\/p>\n

    Dimon warned that plus tight labor markets and \u201cextremely high government debt levels\u201d may push interest rates even higher.\u00a0\u00a0<\/span><\/p>\n

    Citigroup Tops Q3 Estimates<\/span><\/h2>\n

    Citigroup <\/b>(C) shares are rising 2.6% in premarket trade after beating Q3 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
    • EPS: $1.63 vs $1.23 expected<\/span><\/li>\n
    • Revenue: $20.1 billion vs $19.3 billion expected<\/span><\/li>\n<\/ul>\n

      Revenue was up 9% year over year and profits rose 2%.\u00a0<\/span><\/p>\n

      Citigroup\u2019s institutional clients reported $10.6 billion in revenue, up 12% from a year ago and 2% from Q2.\u00a0<\/span><\/p>\n

      Personal banking and wealth management revenue jumped 10% year over year and 6% from Q2 to $6.8 billion.<\/span><\/p>\n

      Wells Fargo Rises On Earnings Beat<\/span><\/h2>\n

      Wells Fargo <\/b>(WFC) shares are up 2.9% ahead of the open after beating Q3 expectations on the top and bottom line.\u00a0<\/span><\/p>\n

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

        \n
      • EPS: $1.48 vs $1.24 expected<\/span><\/li>\n
      • Revenue: $20.9 billion vs $20.1 billion expected<\/span><\/li>\n<\/ul>\n

        Higher interest rates boosted net interest income, which jumped 8% year over year during the quarter.<\/span><\/p>\n

        That helped offset slower lending activity at the bank.\u00a0<\/span><\/p>\n

        Wells Fargo\u2019s CEO said, \u201cOur revenue growth from a year ago included both higher net interest income and noninterest income as we benefited from higher rates and the investments we are making in our businesses.\u201d<\/span><\/p>\n

        He added, \u201cWhile the economy has continued to be resilient, we are seeing the impact of the slowing economy with loan balances declining and charge-offs continuing to deteriorate modestly.\u201d<\/span><\/p>\n

        UnitedHealth Jumps After Earnings Beat<\/span><\/h2>\n

        UnitedHealth Group <\/b>(UNH) shares are rising 1.5% in premarket trade after topping Q3 expectations.\u00a0<\/span><\/p>\n

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

          \n
        • Adjusted EPS: $6.56 vs $6.32 expected<\/span><\/li>\n
        • Revenue: $92.4 billion vs $91.4 billion expected<\/span><\/li>\n<\/ul>\n

          Revenue jumped 14% year over year.<\/span><\/p>\n

          UnitedHealth\u2019s medical loss ratio was also better than expected at 82.3% vs the 82.8% consensus estimate.\u00a0<\/span><\/p>\n

          The company raised its full-year outlook, now expecting EPS between $24.85 and $25.<\/span><\/p>\n

          Microsoft Closes Activision Blizzard Acquisition<\/span><\/h2>\n

          Microsoft <\/b>(MSFT) shares are slipping 0.1% ahead of the open after closing its acquisition of Activision Blizzard.\u00a0<\/span><\/p>\n

          Activision Blizzard announced the deal had closed in a regulatory filing this morning.\u00a0<\/span><\/p>\n

          The deal expands Microsoft\u2019s portfolio of video game franchises.\u00a0<\/span><\/p>\n

          Microsoft faced intense regulatory pushback on the acquisition after announcing it in January 2022.\u00a0<\/span><\/p>\n

          It was originally expected to close in June 2023 before the companies pushed the deadline to October 18.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

          Register now for next week’s free trading Q&A on LinkedIn with David Prince! DJIA Futures: +86 (+0.3%) SPX Futures: +8 (+0.2%) NASDAQ Futures: -10 (-0.1%) Good morning friends! Futures are mixed as Q3 earnings season kicks off with the big banks. Let\u2019s get right to it! Chase Rises After Q3 Results JPMorgan Chase (JPM) shares are up 0.8% ahead of the open after reporting higher profits in the third quarter.\u00a0 Here\u2019s how the largest U.S. bank\u2019s results compared to analysts\u2019 estimates:\u00a0 EPS: $4.33 vs $3.92 expected Revenue: $40.69 billion vs $39.63 billion expected Profits surged 35% year over year while revenue climbed 21%. Net interest income jumped 30%, topping expectations by about $600 million.\u00a0 Chase CEO Jamie Dimon said U.S. consumers and businesses \u201cgenerally remain healthy, although consumers are spending down their excess cash buffers.\u201d Dimon warned that plus tight labor markets and \u201cextremely high government debt levels\u201d may push interest rates even higher.\u00a0\u00a0 Citigroup Tops Q3 Estimates Citigroup (C) shares are rising 2.6% in premarket trade after beating Q3 expectations on the top and bottom line.\u00a0 Here\u2019s how the investment bank\u2019s results compared to analysts\u2019 estimates:\u00a0 EPS: $1.63 vs $1.23 expected Revenue: $20.1 billion vs $19.3 billion expected Revenue was up 9% year over year and profits rose 2%.\u00a0 Citigroup\u2019s institutional clients reported $10.6 billion in revenue, up 12% from a year ago and 2% from Q2.\u00a0 Personal banking and wealth management revenue jumped 10% year over year and 6% from Q2 to $6.8 billion. Wells Fargo Rises On Earnings Beat Wells Fargo (WFC) shares are up 2.9% ahead of the open after beating Q3 expectations on the top and bottom line.\u00a0 Here\u2019s how the consumer bank\u2019s results compared to analysts\u2019 estimates:\u00a0 EPS: $1.48 vs $1.24 expected Revenue: $20.9 billion vs $20.1 billion expected Higher interest rates boosted net interest income, which jumped 8% year over year during the quarter. That helped offset slower lending activity at the bank.\u00a0 Wells Fargo\u2019s CEO said, \u201cOur revenue growth from a year ago included both higher net interest income and noninterest income as we benefited from higher rates and the investments we are making in our businesses.\u201d He added, \u201cWhile the economy has continued to be resilient, we are seeing the impact of the slowing economy with loan balances declining and charge-offs continuing to deteriorate modestly.\u201d UnitedHealth Jumps After Earnings Beat UnitedHealth Group (UNH) shares are rising 1.5% in premarket trade after topping Q3 expectations.\u00a0 Here\u2019s how the health insurer\u2019s results compared to analysts\u2019 estimates: Adjusted EPS: $6.56 vs $6.32 expected Revenue: $92.4 billion vs $91.4 billion expected Revenue jumped 14% year over year. UnitedHealth\u2019s medical loss ratio was also better than expected at 82.3% vs the 82.8% consensus estimate.\u00a0 The company raised its full-year outlook, now expecting EPS between $24.85 and $25. Microsoft Closes Activision Blizzard Acquisition Microsoft (MSFT) shares are slipping 0.1% ahead of the open after closing its acquisition of Activision Blizzard.\u00a0 Activision Blizzard announced the deal had closed in a regulatory filing this morning.\u00a0 The deal expands Microsoft\u2019s portfolio of video game franchises.\u00a0 Microsoft faced intense regulatory pushback on the acquisition after announcing it in January 2022.\u00a0 It was originally expected to close in June 2023 before the companies pushed the deadline to October 18.<\/p>\n","protected":false},"author":41,"featured_media":71634,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-71629","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\/71629","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=71629"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/71629\/revisions"}],"predecessor-version":[{"id":71635,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/71629\/revisions\/71635"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/71634"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=71629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=71629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=71629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}