Bank of America Reports Fourth-Quarter 2023 Financial Results

/ / Financials /

Bank of America Reports Fourth-Quarter 2023 Financial Results PR Newswire CHARLOTTE, N.C., Jan. 12, 2024 CHARLOTTE, N.C., Jan. 12, 2024 /PRNewswire/ — Bank of America reported its fourth-quarter 2023 financial results today. The news release, supplemental filing and investor presentation can be accessed at Bank of America’s Investor Relations website at Investor Conference Call information: Chief Executive Officer Brian Moynihan and Chief Financial Officer Alastair Borthwick will discuss the financial results in a conference call at 11 a.m. ET today. For a listen-only connection to the conference call, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international), and the conference ID is 79795. Please dial in 10 minutes prior to the start of the call. Investors can also listen to live audio of the conference call and view the presentation slides by visiting the Events and Presentations section of the company’s Investor Relations website. Replay information for Investor Conference Call: Investors can access […]

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Wells Fargo Q4 GAAP EPS $0.86 Beats $0.71 Estimate, Sales $20.48B Beat $20.28B Estimate

/ / Financials /

Wells Fargo (NYSE:WFC) reported quarterly earnings of $0.86 per share which beat the analyst consensus estimate of $0.71 by 21.13 percent. This is a 28.36 percent increase over earnings of $0.67 per share from the same period last year. The company reported quarterly sales of $20.48 billion which beat the analyst consensus estimate of $20.28 billion by 1.00 percent. This is a 2.22 percent increase over sales of $20.03 billion the same period last year.

Wells Fargo Q4 GAAP EPS $0.86 Beats $0.71 Estimate, Sales $20.48B Beat $20.28B Estimate Read Post »

BlackRock’s Q4 Adjusted Earnings, Revenue Increase; Signs Deal to Acquire Global Infrastructure Partners

/ / Financials /

BlackRock (BLK) reported Q4 adjusted earnings Friday of $9.66 per diluted share, up from $8.93 a year earlier. Analysts surveyed by Capital IQ expected $8.84. Revenue for the quarter ended Dec. 31 was $4.63 billion compared with $4.34 billion a year earlier. Analysts surveyed by Capital IQ estimated $4.63 billion. The company said its board approved a 2% increase in the quarterly cash dividend to $5.10 per share, payable on March 22 to shareholders on record as of March 7. In a separate statement, BlackRock and Global Infrastructure Partners, or GIP, said they signed a deal for BlackRock’s acquisition of GIP for $3 billion in cash and about 12 million common BlackRock shares. BlackRock plans to fund the transaction’s cash consideration using $3 billion in additional debt, while the stock consideration will be deferred and issued in about five years, according to the statement. The company said the acquisition is

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Delta Air Lines’ Q4 Adjusted Earnings Decline, Revenue Increases

/ / Consumer Discretionary /

Delta Air Lines (DAL) reported Q4 adjusted earnings Friday of $1.28 per diluted share, down from $1.48 a year earlier. Analysts polled by Capital IQ expected $1.16. Revenue for the quarter ended Dec. 31 was $14.22 billion compared with $13.43 billion a year earlier. Analysts surveyed by Capital IQ estimated $13.8 billion. For Q1, the company estimated $0.25 to $0.50 in adjusted EPS and 3% to 6% in revenue growth. Analysts polled by Capital IQ expect $0.38 in adjusted EPS on revenue of $12.44 billion. For the full year, Delta Air Lines said it expects $6 to $7 in adjusted EPS. Analysts surveyed by Capital IQ estimate $6.50.

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Qualcomm (NASDAQ: QCOM) stock Analyst Ratings

/ / Technology /

Qualcomm (NASDAQ: QCOM) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/12/2024 13.79% Citigroup → $160 Upgrades Neutral → Buy 12/08/2023 -6.12% Morgan Stanley $119 → $132 Downgrades Overweight → Equal-Weight 11/03/2023 -0.43% DZ Bank → $140 Upgrades Hold → Buy 11/02/2023 -0.43% JP Morgan $135 → $140 Maintains Overweight 11/02/2023 -0.43% Susquehanna $130 → $140 Maintains Positive 11/02/2023 -15.37% Morgan Stanley $129 → $119 Maintains Overweight 10/24/2023 -7.55% Susquehanna $140 → $130 Maintains Positive 09/14/2023 3.12% Rosenblatt → $145 Reiterates Buy → Buy 09/14/2023 3.12% Keybanc → $145 Reiterates Overweight → Overweight 09/12/2023 -28.88% Wells Fargo $95 → $100 Maintains Underweight 08/23/2023 -0.43% Mizuho → $140 Reiterates Buy → Buy 08/09/2023 -11.1% Daiwa Capital → $125 Downgrades Buy → Outperform 08/03/2023 -0.43% Piper Sandler $120 → $140 Maintains Overweight 08/03/2023 -8.26% Morgan Stanley $125 → $129 Maintains Overweight 08/03/2023 -0.43% Susquehanna

Qualcomm (NASDAQ: QCOM) stock Analyst Ratings Read Post »

JPMorgan’s 4Q Profit Slips But Bank Still Posts Its Most Profitable Year Ever — WSJ

/ / Financials /

By David Benoit JPMorgan Chase finished out its most profitable year ever with $9.3 billion in fourth-quarter income, it said Friday. Here are the key figures. — The biggest bank in the U.S. said profit fell 15% from a year earlier, to $3.04 per share in the quarter. Analysts had expected $3.35 per share, according to FactSet. — Revenue rose 12% to $38.57 billion, falling short of the $39.73 billion analysts expected. — For the full year, JPMorgan’s revenue rose 23% to $158.1 billion and profit rose 32% to $49.55 billion. Both were record results. — The bank has benefited from rising interest rates lifting its lending income, which has climbed faster than expected. In the fourth quarter, JPMorgan earned $24.05 billion in net interest income, the amount of revenue it makes on lending minus what it pays out on deposits. — Executives have said that lending revenue is abnormally

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Tesla Cuts Model 3, Y Prices in China; Shares Decline Pre-Bell

/ / Consumer Discretionary /

Tesla (TSLA) has dropped the prices of its China Model 3 to 245,900 Chinese renminbi ($34,303) and Model Y to 258,900 renminbi, media reports said Friday, citing the company’s website. Tesla did not immediately respond to MT Newswires’ request for comment. Shares of the company were down 3.2% in recent Friday premarket activity.

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Delta Almost Doubles Q4 Profit, but Shares Slide on Lowered Earnings Guidance

/ / Consumer Discretionary /

Delta Airlines Inc. (DAL) reported a top- and bottom-line beat with its fourth-quarter results Friday, although the company’s stock was falling 5.1% in premarket trades after Delta delivered lowered earnings guidance. Net income was $2.04 billion, or $3.16 a share, compared with $828 million, or $1.29 a share, in the prior year’s quarter. Adjusted earnings per share, which excludes nonrecurring items, came in at $1.28, compared with $1.48 in the same period last year, and beat the FactSet consensus of $1.16. Revenue was $14.2 billion, a 6% increase from the prior year’s quarter. Adjusted revenue was $13.7 billion, an 11% increase on the same period last year, beating expectations. Analysts surveyed by FactSet were looking for revenue of $13.5 billion. For 2024, Delta expects earnings of $6 to $7 a share, below the target of over $7 a share the company outlined at an investor day in December 2022. -James

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Wells Fargo Says It Gained Market Share in 4Q

/ / Financials /

Wells Fargo says it gained market share in its credit card products and investment banking businesses in 4Q. Chief Executive Charlie Scharf says the bank’s new credit card products drove a rise in consumer spending significantly better than the industry average. He also points to 26% revenue growth in Wells Fargo’s Corporate and Investment Bank segment. Company-wide revenue rises just over 2% to $20.48 billion, surpassing the $20.3 billion forecast by analysts according to FactSet.

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