JPMorgan Chase, Wells Fargo, and Citigroup all posted higher profits for the third quarter than were expected. JPMorgan reported third-quarter earnings of $13.2 billion—a 35% year-over-year rise—while its revenue of $40.7 billion was up 21% compared to last year. Wells Fargo’s revenues for the quarter were up by 20% compared to last year on the back of higher interest rates on loans.

Oil prices surged after Israel ramped up its counter-offensive in Gaza following deadly terror attacks by Hamas. Crude oil futures surged by 4% as did Brent crude futures.

The post Nasdaq & S&P Sink, Dow Rises Following Big Bank Earnings appeared first on theprimarymarket.com.

The bank is forecasting the S&P 500 to end on 4,600 points at the end of 2023; a 0.4% rise from the 4,582.23 at Friday’s close. Citigroup also raised its target for 2024 from 4,400 points to 5,000 points; a 9% rise from current levels.

According to the New York City-based lender, companies listed on the S&P 500 are expected to draw in earnings of $220 per share on average for the current year; up from the previous forecast of $215 per share.

Citigroup’s change in target comes as it lowers its bets on the likelihood of a U.S. recession in the fourth quarter of 2023. Instead, the bank pushed this probability out to the first quarter of 2024.

The post Citigroup Lifts S&P 500 Year-End Target appeared first on theprimarymarket.com.

Over the last couple years, Zoom emerged as a major player in the social video streaming industry. With the COVID-19 pandemic causing companies to work remotely, Zoom’s product was used exponentially more. It became a staple of work culture, and company growth was through the charts.

However, it seems as though things have changed slightly as of late—at least according to Citi.

Citi research analyst Tyler Radke had this to say about Zoom’s perceived decline: “Zoom’s post-COVID growth trajectory has always been more challenging, given pull-forward dynamics, but we see new hurdles to sustaining growth including rising competition (Microsoft/Teams), macro-related weakness hitting small businesses and less critical spending categories and margin risk.”

As Radke notes, things aren’t the same for Zoom prospects now that many companies have either gone back to working at the office fully or implemented a hybrid model.

As a result, Radke cut his rating for Zoom’s stock from Neutral to Sell, calling the stock a “high risk”.

To make matters worse for the video streaming company, its shares dropped by more than 3% in pre-market trading. While this isn’t the end of the world, it’s still something to look out for if you have money invested in the company.

The post Citi Cuts Zoom Stock, Unimpressed With Recent Results appeared first on theprimarymarket.com.

JPMorgan Chase, Wells Fargo, and Citigroup all posted higher profits for the third quarter than were expected. JPMorgan reported third-quarter earnings of $13.2 billion—a 35% year-over-year rise—while its revenue of $40.7 billion was up 21% compared to last year. Wells Fargo’s revenues for the quarter were up by 20% compared to last year on the back of higher interest rates on loans.

Oil prices surged after Israel ramped up its counter-offensive in Gaza following deadly terror attacks by Hamas. Crude oil futures surged by 4% as did Brent crude futures.

The post Nasdaq & S&P Sink, Dow Rises Following Big Bank Earnings appeared first on theprimarymarket.com.

The bank is forecasting the S&P 500 to end on 4,600 points at the end of 2023; a 0.4% rise from the 4,582.23 at Friday’s close. Citigroup also raised its target for 2024 from 4,400 points to 5,000 points; a 9% rise from current levels.

According to the New York City-based lender, companies listed on the S&P 500 are expected to draw in earnings of $220 per share on average for the current year; up from the previous forecast of $215 per share.

Citigroup’s change in target comes as it lowers its bets on the likelihood of a U.S. recession in the fourth quarter of 2023. Instead, the bank pushed this probability out to the first quarter of 2024.

The post Citigroup Lifts S&P 500 Year-End Target appeared first on theprimarymarket.com.

Over the last couple years, Zoom emerged as a major player in the social video streaming industry. With the COVID-19 pandemic causing companies to work remotely, Zoom’s product was used exponentially more. It became a staple of work culture, and company growth was through the charts.

However, it seems as though things have changed slightly as of late—at least according to Citi.

Citi research analyst Tyler Radke had this to say about Zoom’s perceived decline: “Zoom’s post-COVID growth trajectory has always been more challenging, given pull-forward dynamics, but we see new hurdles to sustaining growth including rising competition (Microsoft/Teams), macro-related weakness hitting small businesses and less critical spending categories and margin risk.”

As Radke notes, things aren’t the same for Zoom prospects now that many companies have either gone back to working at the office fully or implemented a hybrid model.

As a result, Radke cut his rating for Zoom’s stock from Neutral to Sell, calling the stock a “high risk”.

To make matters worse for the video streaming company, its shares dropped by more than 3% in pre-market trading. While this isn’t the end of the world, it’s still something to look out for if you have money invested in the company.

The post Citi Cuts Zoom Stock, Unimpressed With Recent Results appeared first on theprimarymarket.com.