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    • Breaking News
    Jul 16, 2024
    • Bank of America increased 4.4% to $43.73 after the financial services company reported better-than-expected second-quarter results. 

      Revenue in the quarter increased 1% to $25.4 billion from $25.2 billion, net income declined to $6.9 billion from $7.4 billion, and diluted earnings per share eased to 83 cents from 88 cents a year ago. 

      Net interest income decreased 3% to $13.9 billion from $13.7 billion, and credit loss provision increased to $1.5 billion from $1.3 billion in the previous quarter and $1.1 billion in the period a year ago. 

      The average deposit balance in the quarter increased by 2%, or $35 billion, to $1.9 trillion, and the company returned to shareholders $5.4 billion, $3.5 billion in stock repurchases, and $1.9 billion in stock dividends. 
      • Morgan Stanley advanced 1.1% to $106.65 after the investment bank reported better-than-expected quarterly results. 

        Revenue in the second quarter increased to $15.0 billion from $13.5 billion, net income rose to $3.1 billion from $2.2 billion, and diluted earnings per share advanced to $1.82 from $1.24 a year ago. 

        The wealth management unit's revenue increased to $6.8 billion from $6.7 billion, driven by a positive market environment and cumulative fee-based asset flows. 

        Institutional securities increased to $7.0 billion from $5.7 billion, driven by higher trading activities by clients, strong investment banking fees, and a rise in debt underwriting fees. 
        • UnitedHealth Group rose 5.6% to $544.54 after the health insurance company reported better-than-expected quarterly results. 

          Revenue in the second quarter increased to $98.9 billion from $92.9 billion, net income fell to $4.4 billion from $5.5 billion, and diluted earnings per share advanced to $4.54 from $5.82 a year ago. 

          The company adjusted its full-year earnings per share outlook to between $15.95 and $16.40, reflecting the sale of its remaining stake in its South African unit. The company also completed the sale of its large Brazilian operations in the first quarter. 
          • Jul 12, 2024
          • Producer price inflation was 2.6% from a year ago and 0.2% from the previous month in June, according to the latest data released by the U.S. Bureau of Labor Statistics. 

            Producer price inflation increased at an annual pace of 2.6%, the fastest pace since March 2023, after increasing at an upwardly revised 2.4% in May. 

            Treasury yields continued to look down, and investors overlooked wholesale inflation and focused on Thursday's release of consumer price inflation of 3.0%. 

            Investors are still hoping the Federal Reserve will start cutting rates as early as September, but those hopes may be dashed as policymakers look for more evidence of a downward trajectory in inflation. 

             
            • Citigroup decreased 0.8% to $65.15 after the global bank reported higher-than-expected revenue and earnings in the second quarter. 

              Total revenue in the second quarter increased 4% to $20.1 billion from $19.4 billion, net income advanced 10% to $3.2 billion from $2.9 billion, and diluted earnings per share rose to $1.52 from $1.33 a year earlier. 
              • Wells Fargo declined 6.6% to $56.19, and the financial service company reported weaker-than-expected net interest income in the second quarter. 

                Revenue in the quarter increased to $20.7 billion from $20.5 billion, net income decreased to $4.91 billion from $4.93 billion, and diluted earnings per share rose to $1.33 from $1.25 a year earlier. 

                Wells Fargo stock declined after net interest income declined 9% to $11.9 billion from $13.2 billion a year ago. 
                • JPMorgan Chase declined 1.1% to $205.09 after the New York-based bank reported stronger-than-expected revenue in the second quarter. 

                  Revenue increased 22% to $50.2 billion from $41.3 billion, net income advanced 25% to $18.1 billion from $14.5 billion, and diluted earnings per share rose to $6.12 from $4.75 a year ago. 

                  The bank took a higher-than-estimated credit loss provision of $3.05 billion, indicating that the bank is looking for higher losses stemming from its credit card business. 
                  • Jul 11, 2024
                  • Consumer price inflation eased for the third month in a row to 3.0% from 3.3% in May, the lowest since June 2023, the U.S. Bureau of Labor Statistics reported Thursday. 

                    Core inflation, which excludes volatile food and energy prices, eased to an annual pace of 3.3% in June from 3.4% in May and extended its decline after peaking at 6.6% in September 2022. 
                    • Costco Wholesale declined 3.5% to $853.66 after the warehouse membership club operator raised annual subscription fee in the U.S. and Canada by $5 and premium membership by $10. 
                      • MicroStrategy jumped 7.2% to $1,400.36, and the largest corporate holder of bitcoin announced a 10-to-1 stock split on Thursday. 

                        The company announced two classes of stock, Class A and Class B, to make its stock more accessible to investors and employees.