Stocks extended Tuesday declines as a prospects of a stimulus package before the election dimmed even further.


Load Error

[Click here to read what’s moving markets heading into Thursday, October 15]

Treasury Secretary Steven Mnuchin said Wednesday afternoon that achieving a deal and advancing any measures through Congress before the November election would be “difficult.” The remarks came shortly after Pelosi and Treasury Secretary Steven Mnuchin spoke on the phone Wednesday morning to discuss further stimulus, in a conversation Pelosi’s spokesperson earlier called “productive.” The two are set to speak again Thursday.

An impasse among U.S. lawmakers in Washington has kept hopes running low that more virus relief aid will come to fruition before the November election. Senate Majority Leader Mitch McConnell said Tuesday he will have the Senate take up relief legislation after the chamber’s return on Monday, with his narrower proposal set to include funds chiefly targeted to

Read More

Driven by revenue strength, Goldman Sachs GS reported third-quarter 2020 earnings per share of $9.68, significantly surpassing the Zacks Consensus Estimate of $5.58. Also, the bottom-line figure compares favorably with the earnings of $4.79 per share recorded in the year-earlier quarter.

The stock rallied more than 2% in pre-market trading, reflecting investors’ optimism with the results. Notably, the full-day trading session will display a clearer picture.

With an increase in global equity prices and tightening of credit spreads, the bank’s results were aided by higher Fixed Income, Currency and Commodities Client Execution (FICC) revenues during the reported quarter. Also, the underwriting business displayed strength. In addition, wealth management and consumer banking business witnessed an upswing, reflecting rise in credit card loans. Moreover, fall in provisions was a tailwind.

The investment bank, nevertheless, disappointed with the rise in operating expenses. Additionally, lower financial advisory revenues, due to the decline in industry-wide

Read More

Noam Galai | Getty Images

Wells Fargo on Wednesday reported disappointing earnings for the third quarter as low rates put pressure on the bank’s net interest income.

Here’s how the banking giant’s numbers stacked up against Wall Street expectations:

  • Earnings: 42 cents per share vs. a Refintiv estimate of 45 cents per share
  • Revenue: $18.86 billion vs. $17.978 billion forecast

Shares of Wells Fargo were down 1.9% in the premarket.

“Our third quarter results reflect the impact of aggressive monetary and fiscal stimulus on the US economy,” Wells Fargo CEO Charles Scharf said in a statement. “Strong mortgage banking fees, higher equity markets, and declining sequential charge-offs positively impacted our results, while historically low interest rates reduced our net interest income and our expenses continued to remain elevated.”

The bank’s net interest income fell by 19% to $9.368 billion from the year-earlier period. That steep decline comes as the Federal

Read More

Wells Fargo  (WFC) – Get Report posted third-quarter earnings that missed analysts’ forecasts as low interest rates resulted in a drop in net interest income, and on higher-than-expected pandemic-related operational costs.  

The San Francisco-based bank reported net income of $2.04 billion, or 42 cents a share, for the third quarter, vs. $4.61 billion, or 92 cents a share, in the comparable year-earlier quarter. Analysts polled by FactSet had been looking for earnings of 44 cents a share.

Net interest income was $9.4 billion, down $2.3 billion and below analysts’ forecasts of $9.6 billion. Non-interest income was $9.5 billion, down $891 million. Average deposits rang in at $1.4 trillion, up $107.7 billion, or 8% from a year earlier.

Revenue came in at $18.9 billion, down from $22 billion in the third quarter of 2019 though above FactSet estimates of $18 billion. 

The net income figure included $1.2 billion of

Read More

Wells Fargo reported results Wednesday that showed progress from the second quarter.


Kevin Hagen for The Wall Street Journal

Wells Fargo & Co. said Wednesday that its third-quarter profit fell 56%.

The San Francisco-based lender said it made $2.04 billion in the third quarter, down from a profit of $4.61 billion a year earlier. Per-share earnings were 42 cents. Analysts polled by FactSet had expected 44 cents.

Still, the results were an improvement from the second quarter, when the bank lost $2.38 billion as it set aside money for potential bad loans.

The pandemic has curtailed earnings across the banking sector this year by forcing lenders to set aside tens of billions of dollars to prepare for loan defaults. Now, with massive stockpiles in place, banks believe they have enough stashed away to let them press pause. Profit rose at

JPMorgan Chase

Read More

Text size

Boxes of hardware at a Fastenal distribution center in Pennsylvania

Luke Sharrett/Bloomberg

Fastenal’s quarterly earnings report, which sent shares of the industrial distributor sharply lower on Tuesday morning, makes a difference beyond the implications for the stock itself.

Fastenal (ticker: FAST) is one of the earliest industrial companies to report numbers. Larger, better-known industrial companies start disclosing their third quarter earnings in a couple of weeks.

More important, Fastenal is a distributor of thousands of small, lower- priced items used by businesses around the U.S. every day. Its sales trends are a good, real-time indicator of what is going on at the shop-floor level. The figures offer clues for investors about the coming earnings season and about the health of the U.S. economy.

“I find Fastenal to be a great bellwether for the industrial side of the U.S. economy,” said Peter Boockvar, Chief Investment Officer at Bleakley Advisory

Read More

JPMorgan Chase & Co. reported third-quarter profit rose 4%, boosted by strong trading results as global markets recovered from their coronavirus-induced plunge.

The New York-based lender, the largest in the U.S., earned $9.44 billion, or $2.92 per share, outpacing the $2.23 that analysts surveyed by Refintive were expecting. Revenue slipped 0.2% to $29.94 billion, still higher than the $28.29 billion analysts anticipated.

Ticker Security Last Change Change %
JPM JP MORGAN CHASE & CO. 100.78 -1.66 -1.62%

The investment banking business “continues to be a big driver of firm performance with markets revenue up 30% and global investment banking fees up 9%,” JPMorgan CEO Jamie Dimon said in a statement.


Markets revenue totaled $6.6 billion as equity trading grew 32% while

Read More

McDonald’s (NYSE:MCD) surprised investors last week with a mid-quarter sales update that packed a few pieces of good news into one announcement. The fast-food giant is back to growing revenue at existing locations in the U.S. market, management said, and in other major economies like Japan and Australia. Mickey D’s also took the opportunity to boost its quarterly dividend payout to $1.29 per share.

But the report also contained signs that the business is still struggling with the impact of the coronavirus pandemic, which could pressure investor returns at least through 2021.

Let’s take a closer look at this preview of third-quarter earnings.

Young adults sharing a fast-food meal.

Image source: Getty Images.

Getting back to growth

McDonald’s achieved a strong growth rebound over the last few months in the U.S. market, with comparable-store sales rising by 4.6% year over year. That metric had shown an 8.7% year-over-year decline in the fiscal second quarter and had

Read More

In the aftermath of Dak Prescott’s bone-chilling injury and reaction on Sunday, many have asked me about his business decision to turn down a multi-year offer from the Cowboys to instead play on a one-year contract with no security beyond it. Here are some thoughts.

We do not know what the Cowboys were offering, but we do know from their contract history that they prefer long deals—the longer the better—with guarantees only in the low-risk early years of the deal. They have previously signed star players to contracts with lengths up to 10 years, which are essentially one- or two-year contracts with team options following that. Amid that landscape, the Chiefs and Patrick Mahomes agreed to a 12-year deal, one that only secures $63 million over the next three years (Ryan Tannehill is making $91 million over the same time frame). Wanting both a better deal from the Cowboys and

Read More

DANBURY, CT, Oct. 12, 2020 (GLOBE NEWSWIRE) — Ethan Allen Interiors Inc. (“Ethan Allen” or the “Company”) (NYSE: ETH) today provided several updates on its business.

Preliminary Financial Results

The Company expects to report the following financial results for its first quarter ended September 30, 2020:

  • Consolidated net sales of $151.1 million
  • Retail segment written orders continued to accelerate with growth of 10.8% over the prior year
  • Wholesale segment orders, while benefitting from the strong retail growth, were down 0.4% due to the timing of GSA and other government orders that were negatively impacted by COVID-19 pandemic related disruptions. Excluding GSA and other government orders, Wholesale segment orders booked were up 9.2% for the quarter. 
  • Consolidated gross margin of 56.8%
  • Adjusted diluted EPS in the range of $0.34 to $0.36
  • Paid off all of the remaining $50 million in debt during the quarter using available cash
  • Ended the quarter with
Read More