• Goldman Sachs posted third-quarter results that crushed analysts’ profit estimates on stronger-than-expected results in bond trading and asset management.
  • The firm generated $3.62 billion in profit, or $9.68 a share, exceeding the $5.57 per share estimate of analysts surveyed by Refinitiv.
  • Companywide revenue of $10.78 billion topped the estimate by more than $1 billion, driven by the trading and asset management divisions.
  • Shares of the bank gained 0.6% after rising 2.2% earlier in premarket trading.

Goldman Sachs’ third-quarter earnings beat estimates

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Goldman Sachs on Wednesday posted third-quarter results that crushed analysts’ profit estimates on stronger-than-expected results in bond trading and asset management.

The firm generated $3.62 billion in profit, or a record $9.68 a share, exceeding the $5.57 per share estimate of analysts surveyed by Refinitiv. Companywide revenue climbed 30% to $10.78 billion, topping the estimate by more than $1 billion, driven by the trading

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UnitedHealth Group beat forecasts for its earnings in the third quarter, and the U.S.’s largest health insurance provider finally hiked its 2020 outlook after holding off while trying to sort out COVID-19’s impact.

Health insurers had approached 2020 forecasts cautiously so far this year, even though many reaped huge profits in the first half as the spreading pandemic kept people home and out of the health care system.

Both analysts and insurers have said they expected medical costs to rise in the second half of the year, as communities that had shut down opened back up and people felt more comfortable seeking elective surgeries.


UnitedHealth said Wednesday that both care patterns and prescription volumes approached normal levels in its recently completed quarter. The company now expects adjusted net earnings to range between $16.50 to $16.75 per share for 2020.

That’s up from a forecast it first laid out late last

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JPMorgan Chase unexpectedly grew its bottom line last quarter as the bank’s Wall Street business continued to shine and its Main Street arm withstood turmoil in the US economy.



a group of people riding on the back of a bicycle: Pedestrian pass in front of a JPMorgan Chase & Co. bank branch in the Midwood neighborhood in the Brooklyn borough of New York, U.S., on Thursday, Sept. 24, 2020. New York City Mayor Bill de Blasio said a recent uptick of coronavirus cases in south Brooklyn and Queens neighborhoods requires "urgent action," including stepped-up testing, education and enforcement. Photographer: Amir Hamja/Bloomberg via Getty Images


© Amir Hamja/Bloomberg/Getty Images
Pedestrian pass in front of a JPMorgan Chase & Co. bank branch in the Midwood neighborhood in the Brooklyn borough of New York, U.S., on Thursday, Sept. 24, 2020. New York City Mayor Bill de Blasio said a recent uptick of coronavirus cases in south Brooklyn and Queens neighborhoods requires “urgent action,” including stepped-up testing, education and enforcement. Photographer: Amir Hamja/Bloomberg via Getty Images

The nation’s largest bank blew away expectations by reporting a profit of $9.4 billion during the third quarter, up 4% from the year before. Per-share profit jumped to $2.92, easily topping estimates.

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JPMorgan’s big beat was driven by strong trading and investment banking performance as well as far fewer credit losses

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Citigroup Inc.


C -4.23%

said Tuesday that its third-quarter profit slumped 34%, with the bank continuing to prepare for a coronavirus-induced recession.

Citigroup posted a profit of $3.23 billion, or $1.40 a share, down from $4.91 billion, or $2.07 a share, in the same period a year ago. Analysts had expected 91 cents a share, according to FactSet. In the second quarter, profit had fallen to 50 cents a share.

Revenue in the consumer bank fell as people continued to struggle through the recession and lower interest rates hit profit margins on lending. The Wall Street operations turned in higher revenue as trading surged in the uncertain market and bankers helped nervous companies raise cash and sell stocks and bonds to ride out the downturn.

JPMorgan Chase

& Co., which also reported results Tuesday, followed a similar pattern, though its overall profit rose 4%.

Still, Citigroup’s results were better than

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Recasts throughout with shares, estimates

Oct 8 (Reuters)Domino’s Pizza Inc DPZ.N reported a smaller-than-expected profit on Thursday, as high COVID-19-related costs and staff bonuses offset a jump in demand for pizzas during the coronavirus crisis.

Shares of the Ann Arbor, Michigan-based company, which have risen about 47% this year, were down about 5% before the bell.

The world’s largest pizza chain has thrived during the health crisis as diners staying at home craved more comfort food, but that came at a cost for the company, which spent millions on hiring more staff, bonuses, sick-pay policies and sanitary supplies.

Still, sales at Domino’s U.S. stores open for more than a year rose 17.5% in the third quarter ended Sept. 6, exceeding Wall Street estimates of 13.14%, according to IBES data from Refinitiv.

The resumption of sports leagues such as the National Basketball Association and the National Hockey League

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TCS has delivered a broad-based performance, signalling a fast-track recovery in its growth as clients increasingly rely on technology to overcome economic stress created by the ongoing pandemic. India’s largest software exporter posted a net profit of ₹7,504 crore for the September-ended quarter, a 6.45 per cent growth compared to the ₹7,049 crore posted in the June-ended quarter.

However, on a year-on-year basis, profits dipped 6.8 per cent compared to ₹8,058 crore in the corresponding period last year.

“We are not out of the woods as yet due to the economy and Covid-19, but the underlying demand recovery seen in our clients can be sustained,” said Rajesh Gopinathan, Chief Executive Officer and Managing Director, TCS.

 

Revenues on a sequential basis came in at ₹40,135 crore, a 4.7 per cent growth over the ₹38,322 crore posted in the June-ended quarter. Year-on-year, revenues grew almost 3 per cent on revenues of ₹38,977

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Video: Drahi Gets Investor Complaint Over Bid to Take Altice Private (Bloomberg)

Drahi Gets Investor Complaint Over Bid to Take Altice Private

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By Philip George



a man standing in front of a blue box: A shareholder arrives for the TCS annual general meeting in Mumbai


© Reuters/Vivek Prakash
A shareholder arrives for the TCS annual general meeting in Mumbai


BENGALURU (Reuters) – Tata Consultancy Services said on Wednesday it would buy back shares worth up to 160 billion rupees ($2.18 billion), and reported a fall in quarterly profit as it set aside 12.18 billion rupees to cover legal fees related to a U.S. lawsuit.

The company also named Samir Seksaria as its chief financial officer, choosing the over two-decade veteran of India’s top software exporter to replace V. Ramakrishnan who will retire in April next year.

TCS said it would buy back up to 53.3 million shares at 3,000 rupees per share, a 9.7% premium to its stock’s closing price on Wednesday.

“The timing of

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Levi Strauss & Co.  (LEVI) – Get Report posted a surprise third-quarter profit after the market close Tuesday, boosted by a surge in its online businesses.

The San Francisco-based clothing maker posted adjusted earnings of 8 cents a share on revenue of $1.1 billion for the period.

The company had been expected to report a loss of $104.6 million, or 22 cents a share, on sales of $822.2 million, based on a FactSet survey of nine analysts.

In the same period a year ago, the company posted earnings of 31 cents a share on sales of $1.4 billion. It reported net income of $28.2 million.

“We exceeded our expectations for the third quarter,” said Chip Bergh, president and chief executive officer, in a statement. “Our total digital business has doubled as a share of total net revenues, and Levis remains the global leader in denim, where our women’s

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Pedestrians are seen on a rainy afternoon walking down London Bridge sideway by the City of London. (Credit: Dominika Zarzycka/NurPhoto)
Pedestrians are seen on a rainy afternoon walking down London Bridge sideway by the City of London. (Credit: Dominika Zarzycka/NurPhoto)

Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad:

Bayer falls on profit warning

Shares in Bayer AG (BAYN.DE) have fallen as much as 13% in Frankfurt after the agriculture and pharma giant issued a profit warning.

Shares dropped to their lowest level in more than six months on Thursday after the group warned that the coronavirus pandemic would hit profits harder than expected.

“We expect the COVID-19 situation to particularly weigh on our crop science business in the second half of 2020 and then throughout fiscal 2021,” said chief executive Werner Baumann to investors.

He added that he expects Bayer will take a several billion euro write down of assets in its agricultural business, most of which was

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a car parked on the side of a building: Signs mark a Bed Bath & Beyond store in Somerville


© Reuters/Brian Snyder
Signs mark a Bed Bath & Beyond store in Somerville


(Reuters) – Bed Bath & Beyond Inc on Thursday posted a surprise quarterly profit and its first comparable sales growth in nearly four years, boosted by strong online demand for home furnishing and decor, sending its shares up 17%.

Same-store sales jumped 6% for the second quarter ended Aug. 29, compared with a 1.78% drop estimated by analysts, according to IBES data from Refinitiv, largely helped by an 89% surge in online sales.

The retailer had been struggling to keep pace in a rapidly shifting retail landscape before the pandemic, prompting Chief Executive Officer Mark Tritton to focus more on the company’s online portfolio after taking charge last year.

“The marked improvement in our second quarter financial results reflects the potential of our digital-first, omni-always transformation,” Tritton said in a statement.

Video: Costco Earnings: Positives and Negatives

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