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FinancialBuzz.com: 'Market Recap' Week Ending October 18th, 2019

FinancialBuzz.com News Commentary


News provided by

FinancialBuzz.com

Oct 18, 2019, 09:00 ET

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NEW YORK, Oct. 18, 2019 /PRNewswire/ -- U.S. markets primarily focused on the earnings season as banks kicked off the week. On Monday, markets remained relatively flat as investors continued to remain skeptical of a potential trade agreement between the U.S. and China. On Tuesday, the Dow Jones Industrial Average soared by over 300 points or 1.2% after upbeat earnings by JPMorgan Chase, Wells Fargo, Citigroup, UnitedHealth, and Johnson & Johnson. While most of the banks reported better-than-expected quarterly financial results, Goldman Sachs lagged behind after reporting disappointing quarterly results. Despite Goldman Sachs' performance, the Dow Jones closed at a 3-week high. On Wednesday, markets were dragged lower on weaker-than-expected retail sales, which fell by 0.3% in the past month, ending a streak of six straight consecutive gains, according to MarketWatch. However, throughout Wednesday, markets rebounded due to Bank of America's better-than-expected financial results. Additionally, the market was also driven by Netflix as investors waited for its results during aftermarket hours. On Thursday, the Dow Jones rose by over 100 points, primarily led by Netflix gains and a potential Brexit deal between the U.K and the European Union. The tentative Brexit deal must still be approved by the U.K parliament and other EU member states. British Prime Minister Boris Johnson has called for a U.K. parliamentary vote on Saturday, according to MarketWatch. JPMorgan Chase & Co. (NYSE: JPM), UnitedHealth Group Incorporated (NYSE: UNH), Bank of America Corporation (NYSE: BAC), Netflix, Inc. (NASDAQ: NFLX), International Business Machines Corporation (NYSE: IBM)

While most of the banks surpassed analysts' estimates, earnings for the S&P 500 are expected to decline by 4.6% for the third quarter, according to CNBC, citing FactSet. Nonetheless, investors continue to remain optimistic after an upbeat week to start the earnings season. Next week, investors will focus on quarterly financial results from Snap, McDonald's, AT&T, Boeing, AT&T, Twitter, Visa, and Verizon. "Even though it is very early in the Q3 earnings reporting period, investors have been encouraged by the better-than-expected results for the large diversified banks and selected health care companies," said Sam Stovall, Chief Investment Strategist at CFRA, in a note, according to MarketWatch.

For our latest "Buzz on the Street" Show featuring "Banking & Tech Report" please visit: https://www.youtube.com/watch?v=0T5pxzZ6n0I

JPMorgan Chase & Co. (NYSE: JPM) shares increased by 4% on Tuesday after reporting stronger-than-expected results. The bank reported third-quarter earnings of USD 2.68 per share on revenues of USD 30.1 Billion. Analysts expected earnings of USD 2.45 per share on revenues of USD 28.5 Billion. Both earnings and revenues increased by 8% year-over-year, largely due to growth in home loans, auto, and credit cards.

UnitedHealth Group Incorporated (NYSE: UNH) reported its third-quarter financial results before the market open on Tuesday. The healthcare provider topped analysts' estimates, which sent shares 6% higher shortly after the opening bell. For the third quarter, UnitedHealth reported earnings of USD 3.88 per share on revenues of USD 60.4 Billion. Analysts anticipated earnings of USD 3.75 per share on revenues of USD 59.8 Billion. Revenues for the quarter grew by 6.7% year-over-year, primarily led by the double-digit percentage growth in UnitedHealth's Optum segment. Revenues for Optum grew by 13.3% to USD 28.8 Billion at the end of the quarter. OptumHealth reported revenues of USD 8.1 Billion, representing a 34.4% increase year-over-year. OptumRx reported revenues of USD 18.5 Billion, increasing by 5.8% year-over-year.

Bank of America Corporation (NYSE: BAC) shares edged higher by 3% after reporting stronger-than-expected quarterly results. The bank reported earnings of USD 0.56 per share, surpassing estimates of USD 0.51 per share. The reported earnings include a USD 2.1 Billion charge related to its partnership with First Data. Average loan and lease balances in business segments rose to USD 923 Billion, increasing by 6% year-over-year. Consumer and commercial loans each increased by 6%. Average deposit balances increased to USD 1.4 Trillion, representing a 4% increase year-over-year

Netflix, Inc. (NASDAQ: NFLX) shares rose by 11% during extended trading hours on Wednesday after topping analysts' estimates for earnings and international subscribers. For the quarter, Netflix reported earnings of USD 1.47 per share on revenues of USD 5.24 Billion. The Company surpassed analysts' earnings estimates of USD 1.04 per share, however, fell short of revenue estimates of USD 5.25 Billion. At the end of the quarter, Netflix reported domestic paid subscriber additions of 517,000 compared to FactSet estimates of 802,000. Meanwhile, Netflix added 6.26 million international paid subscribers versus estimates of 6.05 million. Average streaming paid memberships and ARPU grew by 22% and 9% year-over-year, respectively.

International Business Machines Corporation (NYSE: IBM) reported its third quarter financial results during aftermarket hours on Wednesday. Shares fell by 6% on Thursday morning after reporting weaker-than-expected revenue. For the quarter, IBM reported earnings of USD 2.68 per share on revenue of USD 18.03 Billion. Analysts expected earnings of USD 2.67 per share on revenue of USD 18.22 Billion. IBM has now reported five consecutive quarters of declining revenues, even though Red Hat reported a 20% growth in revenue at the end of the quarter. IBM's slump is primarily attributable to its Global Technology Services segment, which includes its technology support service, infrastructure, and cloud services. The segment reported revenues of USD 6.7 Billion, decreasing by 5.6% year-over-year.

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About FinancialBuzz.com

FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the "site") is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. FinancialBuzz.com has not been compensated directly by any of the companies mentioned here in this editorial. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For this release, FinancialBuzz.com has not been compensated for financial news dissemination and PR services by any parties. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.FinancialBuzz.com.

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