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.

This comes after the company’s attempt to secure a merger deal with MindMaze, a Swiss mental health company, broke down. The deal was suggested by Albacore, a company to which Babylon owes more than $300m (£236m).

On Friday, the healthcare provided revealed that it spent $84 million during the second quarter, down from $113 million a year earlier. Still, the company warned that it may not be able to secure enough cash in order to keep the business running.

With its U.S. business drawing to a close, Babylon Health is fighting to keep its UK unit alive by finding a buyer. The company’s GP at Hand app is used by the NHS in Fulham, serving around 300,000 patients.

The post Babylon Health Hires Wall Street Banks in Last-Ditch Effort to Save Company 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.

This development is a reversal of the trend seen in the first three months of the year. Following the collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank, account holders withdrew their funds from regional banks en masse in favor of depositing with the largest players in the banking sector.

Now that concerns of failure are subsiding, CFRA equity analyst Alexander Yokum feels that depositors are heading to those banks that pay the highest rates. “The regionals are winning the deposit battle right now because they’re willing to pay the most.”

“Ironically,” Yokum added, “the deposit outflows from the big banks is “actually a sign of strength”. For the week ending July 12, deposits at the largest U.S. banks fell by $78 billion; the largest drop since the week ending March 22.

The post Major U.S. Banks Showed Largest Q2 Deposit Declines appeared first on theprimarymarket.com.

The S&P 500 declined 0.1% on Friday as its banks’ index fell 0.9%. Still, the benchmark U.S. index posted a weekly gain of 2.4%, meaning that it is now up 17% for the year to date.

The tech-heavy Nasdaq Composite ended Friday 0.18% lower, while the Dow Jones Industrial Index gained 0.33%. For the week, both the Nasdaq and Dow Jones were up, advancing 3.3% and 2.3% respectively.

JPMorgan Chase was up 0.6% on Friday, while Wells Fargo shares declined by 0.3%. Citigroup stocks tumbled by 4% after the company reported a decline in its quarterly profits, As BlackRock fell 1.5% after reporting a decline in quarterly revenueof its own.

Overall, shares listed on the S&P 500 performed well this week, with 40 reaching new 52-week highs. On the Nasdaq Composite, 97 companies posted new 52-week highs.

The post Stocks End Week Lower As Banks Disappoint appeared first on theprimarymarket.com.

Citigroup CEO Jane Fraser commented that “the long-awaited rebound in investment banking has yet to materialize,” following the release of her bank’s disappointing second-quarter results. While consumer banking strengthened, Citigroup’s corporate and investment banking unit tanked, pushing overall profits down 36%. Their investment banking unit declined 24% in the second quarter.

JPMorgan’s consumer business also strengthened, with CEO Jamie Dimon telling analysts that “they are spending down their excess cash.” Still, the bank’s corporate business underperformed, contributing to a 6% decline in its investment banking fees from a year ago.

Goldman Sachs, due to release its second-quarter earnings on Wednesday, is expected to report a decline in its investment banking revenue of 32% as well as a 17% trade decline.

Morgan Stanley’s second-quarter results, due on Tuesday, are expected to show a 4% drop in investment banking and a 19% decline in trading.

The post Bank Results Serve As Warning Sign For Wall Street appeared first on theprimarymarket.com.

With all three banks set to hold shareholder meetings on Tuesday, the topic of reduced fossil fuel spending is expected to be discussed. Last year, similar motions at banks’ meetings won the support of no more than 13% of voters.

Heidi Welsh, executive director of the Sustainable Investments Institute, believes that the upcoming votes will help to gauge how invested Wall Street firms have become in environmental, social, and governance (ESG) issues. “If you get at least 20%, then you’re in the game,” she commented.

Ben Cushing, a Sierra Club campaign director warned, however, that by bringing votes on ESG issues to the floor, major banks risk tarnishing their image with investors that they are effectively mitigating environmental risks.

The post Bank Of America, Citigroup, And Wells Fargo & Co. Call For Reduced Fossil Fuel Financing appeared first on theprimarymarket.com.

In a note sent to clients on Wednesday, Danely shared that Micron’s earnings report will most likely come below the Wall Street estimates and include significant inventory write-down.

“We expect the company to report and guide below consensus estimates along with a large write-down of inventory,” Danely wrote.

However, Danely kept the Micron stock rating at a Buy and set the target price to $75 per share. According to him and his team, the market for Micron’s products is “bottoming out,” and the demand is expected to pick up in the future.

Micron will report its second-quarter results on 28 March. Wall Street estimated $3.80 billion in revenue and a consensus 75 cents per share loss.

Micron stock has been almost 3 percent up on Thursday, coming at $59.77 per share to start the day. The company’s shares saw an 18 percent jump since the start of 2023 but still remain more than 20 percent down in the past year.

The post Citigroup Analyst Recommends Micron Stock Despite Expected Earnings Miss appeared first on theprimarymarket.com.

“In a challenging macro and geopolitical environment, our team delivered solid results, and we are in a strong position to weather uncertain times, given our liquidity, credit quality, and reserve levels,” said Citigroup CEO Jane Fraser in a press release.

Wall Street analysts expected that Citigroup will have earnings per share of $1.68 and revenue of $18.22 billion. Instead, the bank blew past these numbers, reporting $2.19 EPS and $19.64 billion in revenue. Citigroup’s positive results were greatly aided by a hike in interest rates and strong treasury and trade performance.

Citigroup is the only bank to beat the analysts’ expectations out of four major U.S. banks that reported their Q2 earnings this week. Wells Fargo beat the EPS expectations but missed revenue, while JPMorgan Chase and Morgan Stanley missed completely.

After closing in on $44.10 on Thursday, Citigroup shares surged to $50.46 at one point on Friday before settling at $49.98. This is the most value the stock has had since early June but still down 20% for the year.

The post Citigroup Stock Sees a 13% Surge After Q2 Results Beat Expectations appeared first on theprimarymarket.com.

This is more consistent with the way things were going back in June, when retail sales blew up much higher than people expected. The reason it was unexpected was due to inflation that we haven’t seen in decades, as well as major worries over the economy slowing down. So when June posted such high numbers, analysts were flabbergasted.

After a slight decrease in July, it seems as though the market has managed to recapture some of that success.

A handful of companies were able to shine during this period. Pinterest was one of them, enjoying a 17% boost thanks to a major endorsement by investment firm Elliott Management. This was a much-needed win for Pinterest after noticing a major decline in subscribers.

Another success story late this week, as mentioned earlier, was Citigroup. With a reported 11% Q2 rise and a revenue total of $19.64 billion, Citigroup shares garnered a 6% uptick.

Although things can change rapidly for these companies in the blink of an eye, this is definitely going to celebrate as a win for the time being.

The post Recent Retail Sales Cause Stocks to Advance 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.

This comes after the company’s attempt to secure a merger deal with MindMaze, a Swiss mental health company, broke down. The deal was suggested by Albacore, a company to which Babylon owes more than $300m (£236m).

On Friday, the healthcare provided revealed that it spent $84 million during the second quarter, down from $113 million a year earlier. Still, the company warned that it may not be able to secure enough cash in order to keep the business running.

With its U.S. business drawing to a close, Babylon Health is fighting to keep its UK unit alive by finding a buyer. The company’s GP at Hand app is used by the NHS in Fulham, serving around 300,000 patients.

The post Babylon Health Hires Wall Street Banks in Last-Ditch Effort to Save Company 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.

This development is a reversal of the trend seen in the first three months of the year. Following the collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank, account holders withdrew their funds from regional banks en masse in favor of depositing with the largest players in the banking sector.

Now that concerns of failure are subsiding, CFRA equity analyst Alexander Yokum feels that depositors are heading to those banks that pay the highest rates. “The regionals are winning the deposit battle right now because they’re willing to pay the most.”

“Ironically,” Yokum added, “the deposit outflows from the big banks is “actually a sign of strength”. For the week ending July 12, deposits at the largest U.S. banks fell by $78 billion; the largest drop since the week ending March 22.

The post Major U.S. Banks Showed Largest Q2 Deposit Declines appeared first on theprimarymarket.com.

The S&P 500 declined 0.1% on Friday as its banks’ index fell 0.9%. Still, the benchmark U.S. index posted a weekly gain of 2.4%, meaning that it is now up 17% for the year to date.

The tech-heavy Nasdaq Composite ended Friday 0.18% lower, while the Dow Jones Industrial Index gained 0.33%. For the week, both the Nasdaq and Dow Jones were up, advancing 3.3% and 2.3% respectively.

JPMorgan Chase was up 0.6% on Friday, while Wells Fargo shares declined by 0.3%. Citigroup stocks tumbled by 4% after the company reported a decline in its quarterly profits, As BlackRock fell 1.5% after reporting a decline in quarterly revenueof its own.

Overall, shares listed on the S&P 500 performed well this week, with 40 reaching new 52-week highs. On the Nasdaq Composite, 97 companies posted new 52-week highs.

The post Stocks End Week Lower As Banks Disappoint appeared first on theprimarymarket.com.

Citigroup CEO Jane Fraser commented that “the long-awaited rebound in investment banking has yet to materialize,” following the release of her bank’s disappointing second-quarter results. While consumer banking strengthened, Citigroup’s corporate and investment banking unit tanked, pushing overall profits down 36%. Their investment banking unit declined 24% in the second quarter.

JPMorgan’s consumer business also strengthened, with CEO Jamie Dimon telling analysts that “they are spending down their excess cash.” Still, the bank’s corporate business underperformed, contributing to a 6% decline in its investment banking fees from a year ago.

Goldman Sachs, due to release its second-quarter earnings on Wednesday, is expected to report a decline in its investment banking revenue of 32% as well as a 17% trade decline.

Morgan Stanley’s second-quarter results, due on Tuesday, are expected to show a 4% drop in investment banking and a 19% decline in trading.

The post Bank Results Serve As Warning Sign For Wall Street appeared first on theprimarymarket.com.

With all three banks set to hold shareholder meetings on Tuesday, the topic of reduced fossil fuel spending is expected to be discussed. Last year, similar motions at banks’ meetings won the support of no more than 13% of voters.

Heidi Welsh, executive director of the Sustainable Investments Institute, believes that the upcoming votes will help to gauge how invested Wall Street firms have become in environmental, social, and governance (ESG) issues. “If you get at least 20%, then you’re in the game,” she commented.

Ben Cushing, a Sierra Club campaign director warned, however, that by bringing votes on ESG issues to the floor, major banks risk tarnishing their image with investors that they are effectively mitigating environmental risks.

The post Bank Of America, Citigroup, And Wells Fargo & Co. Call For Reduced Fossil Fuel Financing appeared first on theprimarymarket.com.

In a note sent to clients on Wednesday, Danely shared that Micron’s earnings report will most likely come below the Wall Street estimates and include significant inventory write-down.

“We expect the company to report and guide below consensus estimates along with a large write-down of inventory,” Danely wrote.

However, Danely kept the Micron stock rating at a Buy and set the target price to $75 per share. According to him and his team, the market for Micron’s products is “bottoming out,” and the demand is expected to pick up in the future.

Micron will report its second-quarter results on 28 March. Wall Street estimated $3.80 billion in revenue and a consensus 75 cents per share loss.

Micron stock has been almost 3 percent up on Thursday, coming at $59.77 per share to start the day. The company’s shares saw an 18 percent jump since the start of 2023 but still remain more than 20 percent down in the past year.

The post Citigroup Analyst Recommends Micron Stock Despite Expected Earnings Miss appeared first on theprimarymarket.com.

“In a challenging macro and geopolitical environment, our team delivered solid results, and we are in a strong position to weather uncertain times, given our liquidity, credit quality, and reserve levels,” said Citigroup CEO Jane Fraser in a press release.

Wall Street analysts expected that Citigroup will have earnings per share of $1.68 and revenue of $18.22 billion. Instead, the bank blew past these numbers, reporting $2.19 EPS and $19.64 billion in revenue. Citigroup’s positive results were greatly aided by a hike in interest rates and strong treasury and trade performance.

Citigroup is the only bank to beat the analysts’ expectations out of four major U.S. banks that reported their Q2 earnings this week. Wells Fargo beat the EPS expectations but missed revenue, while JPMorgan Chase and Morgan Stanley missed completely.

After closing in on $44.10 on Thursday, Citigroup shares surged to $50.46 at one point on Friday before settling at $49.98. This is the most value the stock has had since early June but still down 20% for the year.

The post Citigroup Stock Sees a 13% Surge After Q2 Results Beat Expectations appeared first on theprimarymarket.com.

This is more consistent with the way things were going back in June, when retail sales blew up much higher than people expected. The reason it was unexpected was due to inflation that we haven’t seen in decades, as well as major worries over the economy slowing down. So when June posted such high numbers, analysts were flabbergasted.

After a slight decrease in July, it seems as though the market has managed to recapture some of that success.

A handful of companies were able to shine during this period. Pinterest was one of them, enjoying a 17% boost thanks to a major endorsement by investment firm Elliott Management. This was a much-needed win for Pinterest after noticing a major decline in subscribers.

Another success story late this week, as mentioned earlier, was Citigroup. With a reported 11% Q2 rise and a revenue total of $19.64 billion, Citigroup shares garnered a 6% uptick.

Although things can change rapidly for these companies in the blink of an eye, this is definitely going to celebrate as a win for the time being.

The post Recent Retail Sales Cause Stocks to Advance appeared first on theprimarymarket.com.