Exiting Bank of America After $1.2 Billion AML Embarrassment
The big bank disappointed with earnings, right after news of a major government penalty.
Bank Earnings Get a Cool Reception as Chip Jitters Linger
Memory makers fell again and the big banks missed Street expectations but Mag-7 strength kept the S&P 500 flat.
JPMorgan, Goldman Kick Off Bank Earnings with Equities Stealing the Show
Trading, investment banking, the consumer and AI adoption, and what it all means for our big bank holdings.
Here’s Why I’m Holding Off on Cheap Stocks Right Now
When I look at what’s on my screens I see exactly why I don’t want to snap up even stocks that appear like bargains.
Upside, Downside Movers in the Morning
Upside
– $VFC +4.0% (Piper Sandler and Truist upgrade as signs of Vans stabilization improve turnaround confidence)
– $GS +3.0% (Q3 beat, led by surging equities revenue and stronger investment-banking fees)
– $UNH +2.5% (Q3 beat and 2026 adjusted EPS outlook raised to at least $20.50)
Downside
– $SNDX -17.0% (MAXPIRe Phase 2 axatilimab trial in idiopathic pulmonary fibrosis missed its primary endpoint)
– $S -7.0% ($1.25B convertible senior-notes offering raises dilution and stock-supply concerns)
– $WDC -6.0% (UBS cuts its target on hard-drive capacity and pricing uncertainty, compounding the storage-sector selloff)
– $SNDK -6.0%, $STX -5.5%, $MU -3.5%, $MRVL -2.5%, $AMD -2.0% (memory, storage and chip names slide as reported CXMT advances intensify China-competition fears)
– $JPM -3.5% (Q3 EPS and revenue missed as fixed-income trading weakened despite stronger investment-banking fees)
– $DPZ -3.0% (Q3 beat, but US same-store sales growth slowed sharply, raising demand-recovery concerns)
– $JNJ -3.0% (Q3 beat, but medtech growth was soft and international device sales faced geopolitical disruption)
– $ADBE -1.5% (HSBC downgrades to Hold, citing open-source competition risks)
– $WFC -1.0% (Q3 EPS beat, but revenue and net-interest income missed expectations)
Goldman Beats, JPMorgan Misses: 8 Key Items Shaping the Stock Market Tuesday
Domino’s weak comp sales, Applied Materials sees its top-line doubling, and other headlines moving the market this morning.
Expectations for Banks Are Low, but Are They Low Enough?
Bank stocks have been punished more by fear than by fundamentals, and their reaction this morning is the first test of earnings season.
JPM Misses
Break in!
JPMorgan Chase ($JPM) misses top and bottom line.
More later.
Position: None
Chart of the Day: Will Earnings Change the Game for Morgan Stanley?
TMS stock has lagged the indices badly but may have been treated poorly.
Weekly Roundup: Oil, Yields and AI Jitters Make for a Choppy Climb
We added to one holding while our concern for higher energy prices starts to play out.