- Earnings season gets started with strong results from two major banks
- JP Morgan and Citigroup
Cboth beat analysts’ estimates, helped by trading revenue
AMZNkeep focus on FAANGs as Prime Day, iPhone event ahead
Wave the green flag. Earnings season is underway.
It all got started today with JP Morgan Chase (JPM) and Citigroup (C) delivering fresh sets of results hot off the press. The overall market has a mixed tone, with Nasdaq 100
It’s the start of Amazon’s (AMZN) Prime Day, and Apple (AAPL) has an event later where it’s expected to reveal its new iPhones.
Major indices took a bump down early last night after Johnson & Johnson
Bank Earnings Solid Across the Board
JPM beat Wall Street’s average top- and bottom-line estimates and saw shares rise slightly in pre-market trading.
On the earnings side, JPM’s Q3 tally of $2.92 came in way above the average estimate of $2.23, while revenue of $29.94 billion was about $1 billion more than analysts had expected. To double profits from the previous quarter is amazing. Revenue was down year over year, but not by much.
One thing many had expected was strong results from JPM’s trading business, and those didn’t disappoint. Fixed income trading revenue rose 29% and stock trading revenue rose 32%. Not bad at all, and a reflection of continued volatility in the market that’s likely to help all the big investment banks.
The most surprising news was JPM setting aside just $611 million for possible loan losses, down from about