Posts tagged 'Earnings Season'

S&P 500 companies nearly done bringing report cards home

Lisa joined FT Alphaville in September 2011 after a tour of duty through the guts of the financial industry, having worked as an analyst at a bank and for a financial data company.

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| Nov 13 2012 09:54 | Comment |

With the US earnings season drawing to a close, it seems a good time to examine the aggregate picture. In a note published on Monday, equity and quant strategists at Bank of America Merrill Lynch have done just that, for S&P 500 companies. Report card in the form of a pie chart (thank goodness this wasn’t how class results were presented at school): Read more

Larry, no longer pending

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Oct 18 2012 20:14 | Comment |

The updated Google Q3 is out, and we go from…

PENDING LARRY QUOTE Read more

“PENDING LARRY QUOTE”

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Oct 18 2012 17:43 | Comment |

Accidental earnings release? In any case, highly unusual intraday results from Google had sent shares down 7.45 per cent at pixel time. (And the numbers were rubbish – $9.03 per share versus $10.65 expected) Read more

Think sustainable, end quarterly reporting

Lisa joined FT Alphaville in September 2011 after a tour of duty through the guts of the financial industry, having worked as an analyst at a bank and for a financial data company.

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| May 09 2012 13:28 | Comment |

Back in February, Generation Investment Management LLP, a firm co-founded by Al Gore and David Blood in 2004, issued a report entitled “Sustainable Capitalism”. It came with various actionable suggestions for how such a form of capitalism could be achieved, inclusive of this idea (emphasis ours):

3. END THE DEFAULT PRACTICE OF ISSUING QUARTERLY EARNINGS GUIDANCE Read more

IBM revenue flashes warning sign

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Oct 18 2011 10:38 | Comment |

IBM shares fell 4 per cent in extended markets following third-quarter results which showed flat performance in major markets, the FT says. While the company posted 4 per cent growth in the US, growth was essentially flat in Europe. Total revenues, which grew 8 per cent to $26.16bn, came in slightly below forecasts, according to Reuters. New service contracts, a barometer of future activity, increased in line with expectations to reach $12.3bn but remain below the second quarter’s $14.3bn, the WSJ reports. Read more

DVA under the influence at JPMorgan Chase

| Oct 13 2011 13:32 | Comment |

It’s a good job no one is sad enough to make drinking games* out of US bank financial results (it’s way too early in the morning, anyway)…

Because if you’d taken a swig every time JPMorgan Chase mentioned “DVA” (or “CVA”) within Thursday’s Q3 earnings release — you’d be absolutely smashed right now: Read more

JP Morgan to kick off bank earnings season

Lisa joined FT Alphaville in September 2011 after a tour of duty through the guts of the financial industry, having worked as an analyst at a bank and for a financial data company.

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| Oct 13 2011 09:59 | Comment |

In what promises to be an ugly earnings season, J.P. Morgan will be the first of the major banks to announce third quarter earnings on Thursday at 7am ET. Analysts expect earnings to come in at 97 cents per share (adjusted), reports the WSJ. At the conference call later in the day, analysts will be listening closely to any further colour on the bank’s European exposures and amounts set aside in anticipation of litigation related to soured mortgages. Not one to shy away from commenting on regulation, CEO Jamie Dimon’s discourse is likely find its way into tomorrow’s headlines. Read more

Slowdown dents Alcoa earnings

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Oct 12 2011 10:26 | Comment |

Alcoa’s revenues have dropped 3 per cent from the previous quarter, with weakening aluminium demand suggesting the economic slowdown has reached the biggest US aluminium producer, reports Reuters. Revenues increased 21 per cent to $6.4bn from a year earlier. But Alcoa’s quarterly income from continuing operations fell harder than analyst expectations in the third quarter, to 15 cents per share, down from 28 cents and below a forecast of 22 cents, WSJ Marketbeat says. European aluminium users had “dramatically” cut orders, the company said, according to Bloomberg. Read more

Tech earnings provide cheer

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Apr 20 2011 09:08 | Comment |

Earnings reports from Intel and IBM have revealed an unexpected rebound in business spending, indicating optimism about economic recovery, the FT reports. Intel reported revenues of $12.8bn, up 25 per cent on a year ago, while IBM’s revenues were up 8 per cent to $24.6bn, its highest in a decade. Businesses have pumped up their spending on servers and data hardware necessary for cloud and mobile computing, the WSJ says. Even Intel’s personal computing revenues posted a strong performance, defying analyst forecasts of competition from tablet computers. The upbeat earnings sent Asia stocks and commodities higher on Wednesday, Reuters reports. Read more

Morgan Stanley gets risky

Izabella Kaminska joined FT Alphaville in October 2008. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP's internal magazine.

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| Oct 21 2010 09:00 | Comment |

Morgan Stanley may have suffered a $91m loss on Wednesday, on slowing momentum in its trading business, but a significant chunk of its underperformance was also down to the firm’s so-called debt valuation adjustments (DVAs) — rather than trading itself.

In this case DVAs reflected tightening spreads in the company’s own debt (and others), and via that, a mark-to-market loss in the credit default swaps purchased to protect against defaults in that debt. Read more

Goldman Sachs Q3 EPS beats at $2.98 per share

Izabella Kaminska joined FT Alphaville in October 2008. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP's internal magazine.

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| Oct 19 2010 13:23 | Comment |

Number four in the big US bank earnings line-up is Goldman Sachs.

The company reported 2010 third-quarter earnings per common share of $2.98 on Tuesday, beating market expectations of $2.32 a share. Read more

Citigroup posts Q3 2010 profit of $0.07 a share

Tracy Alloway used to be deputy editor of FT Alphaville. Here she learned the details of derivatives, the absurdities of accounting and the various structures of ... erm ... structured finance. She now covers big US banks for the FT paper, including Goldman Sachs and Morgan Stanley. She pops up on FT Alphaville every once in a while.

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| Oct 18 2010 13:08 | Comment |

Behold the second in your line-up of Q3 2010 US bank results.

Hot on the heels of JPMorgan on Friday comes Citi on Monday — and it’s a slight earnings beat, with net income of $2.2bn profit or $0.07 per diluted share, compared with consensus expectations of about $0.06 a share. Excluding an $800m pre-tax loss on The Student Loan Company, the numbers look a little better — $2.6bn or $0.08 per diluted share. Watch that net interest margin though, and those falling credit loss provisions – which seem to be the biggest driver of the profit. Read more

Your guide to US bank earnings season

Cardiff writes mostly about US macroeconomic issues, with daily excursions into other topics about which he claim no expertise. Before Alphaville, Cardiff spent a little more than two years as a reporter at Dow Jones Financial News covering investment banking, asset management, and private equity. Along the way he has written freelance pieces on a variety of other topics from behavioural psychology to Muay Thai, the latter also being a personal interest that involves frequently getting kicked in the shins (and torso, and head).

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| Oct 15 2010 07:00 | Comment |

Jamie Dimon can act as nonchalant as he wants about the foreclosure mess/scandal/crisis/catastrophe-in-the-making, but clearly the market stopped buying it on Thursday. But if what you really want is to hear management squirming over all this, you’ll soon get your chance.

Compliments of the gang at RBS (click to enlarge): Read more

Google confounds fears of expansion of costs

Izabella Kaminska joined FT Alphaville in October 2008. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP's internal magazine.

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| Oct 14 2010 21:55 | Comment |

Fears that Google would allow its costs to spiral upwards as it prepared for a new wave of expansion proved unfounded in the company’s lastest quarter, as a jump in revenues and tighter controls led to earnings that comfortably beat analysts’ forecasts, the FT reports. The company’s shares jumped 8 per cent in after-market trading. The internet search company reported a 25 per cent jump in net revenues, to $5.48bn, as advertising continued to bounce back strongly from the downturn. Wall Street had been expecting a rise of only 20 per cent in net revenues, which are calculated after deducting the $1.81bn in traffic acquisition costs Google paid to other internet companies that generated some of its search traffic. Operating expenses, meanwhile, rose 34 per cent as the company continued to boost its spending on sales and marketing and on research and development. Headcount also continued to rise swiftly, rising by around 1,500, to 23,331, in the period. Read more

Intel upbeat as results beat expectations

Izabella Kaminska joined FT Alphaville in October 2008. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP's internal magazine.

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| Oct 13 2010 22:34 | Comment |

Intel reassured markets at the start of the earnings season with third-quarter results ahead of its reduced expectations and a forecast of “healthy worldwide demand” for products for the rest of the year, reports the FT. Amid fears of a double-dip recession, the world’s biggest chipmaker had warned at the end of August of weaker demand than expected for computers in mature markets, reducing its sales forecast from about $11.6bn to $11bn. The “back-to-school” season was disappointing for PC makers in the US. Price-cutting is reported to have led to a recovery in September, meaning the “last four weeks of the quarter were better than we first thought”, according to Paul Otellini, chief executive. This had made Intel more optimistic about the fourth quarter. Intel shares closed at $19.77 in extended trading in New York. Read more

JP Morgan Q3 EPS beats expectations at $1.01

Izabella Kaminska joined FT Alphaville in October 2008. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP's internal magazine.

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| Oct 13 2010 12:39 | Comment |

JP Morgan kicked off the third-quarter bank earnings season on Wednesday with a better-than-expected set of results.

Earnings per share came in at $1.01 versus a market consensus of $0.90, largely down to lower loan losses in its retail and credit card units. Read more

Lloyds swings to £1.6bn profit as loan losses ease

Izabella Kaminska joined FT Alphaville in October 2008. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP's internal magazine.

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| Aug 04 2010 10:06 | Comment |

Lloyds Banking Group on Wednesday posted a £1.6bn underlying first-half profit after a marked easing of the loan losses that had ravaged its financial performance in 2009, reports the FT. However, it said that net lending to businesses – a politically sensitive subject – was broadly flat because corporate customers were being cautious about investing or expanding their inventories. Loan impairment charges, however, were “significantly lower than originally envisaged” at £6.554bn on a combined businesses basis, half the £13.399bn reported a year earlier. Lloyds’s writedowns soared to £24 bn following its purchase of HBOS in January last year, notes Bloomberg. Read more

HSBC’s H1 profit doubles on lower bad debts

Izabella Kaminska joined FT Alphaville in October 2008. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP's internal magazine.

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| Aug 02 2010 10:06 | Comment |

HSBC has reported that interim profit more than doubled year on year to $11.1bn, helped by a decline in impairment charges of $6.4bn from $7.5bn, the lowest level since the start of the financial crisis, the FT reports. Earnings per share rose 81 per cent to 38 cents, helping it declare a dividend of $0.16 cents a share. Tier 1 capital ratio, a measure of balance sheet strength, rose to 11.5 per cent, ahead of targets. For more see FT Alphaville. Read more

BNP Paribas sees market upturn

Izabella Kaminska joined FT Alphaville in October 2008. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP's internal magazine.

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| Aug 02 2010 09:09 | Comment |

France’s biggest listed bank BNP Paribas reported consensus-beating profits on Monday thanks to lower loan provisions and strong retail banking, which offset volatile financial market conditions, reports Reuters. The second-quarter performance revealed an improving but still challenging macroeconomic environment in BNP’s key euro zone markets, pointing the way to more growth in retail, Chief Executive Baudouin Prot said in the bank’s statement. Net profit rose 31 per cent in the quarter to €2.11bn. Read more

Bank of America beats with EPS of $0.27

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Jul 16 2010 12:13 | Comment |

And the beat goes on in US earnings season. Bank of America announced Q2 earnings of $3.1bn on Friday, translating to an EPS of 27 cents a share versus estimates of 23 cents.

More flashes, via Reuters: Read more

Investors not feeling lucky on Google

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Jul 16 2010 10:09 | Comment |

Unexpected growth in capital spending costs led Google’s second-quarter earnings to disappoint on Thursday, the FT reports, raising doubts about its strategy of pursuing long-term investment opportunities. Proforma earnings per share came in ten cents short of estimates at $6.45. Shares in Google fell by up to 4.2 per cent in after-market trading. Google has responded by touting growth in its Android open-source mobile software, and is planning further bond issues to finance investment, ZDNet reports. Read more

JPMorgan signals end of Wall St rebound

Tracy Alloway used to be deputy editor of FT Alphaville. Here she learned the details of derivatives, the absurdities of accounting and the various structures of ... erm ... structured finance. She now covers big US banks for the FT paper, including Goldman Sachs and Morgan Stanley. She pops up on FT Alphaville every once in a while.

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| Jul 16 2010 03:32 | Comment |

JPMorgan Chase on Thursday confirmed investors’ fears that Wall Street’s year-long rebound from the financial crisis had come to a halt in the second quarter, offsetting steady improvement in the financial health of US consumers and businesses, the FT reports. Seeking Alpha says that though the bank’s Q2 earnings — net income of $4.8bn, or $1.09 a share, up 76 per cent from $2.7bn or 28 cents a share — smashed estimates, JPM’s business still has “major” weak spots. Read more

JP Morgan says earnings per share $1.09 in Q2

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Jul 15 2010 11:39 | Comment |

JP Morgan reported second-quarter EPS around 40¢ above market expectations on Thursday at $1.09 — although ex-exceptional brought this down to $87.

Flashes, via Reuters: Read more

Traders wait for earnings season start-gun

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Jul 12 2010 10:35 | Comment |

There is a cautious tone to markets as traders absorb the sharp risk asset rally of recent days and contemplate the prospects for the US second-quarter earnings season, the FT’s global markets overview says. Treasury yields are lower and Wall Street equity futures are down 0.6 per cent, after stock markets posted their best gains in a year last week. Alcoa will report earnings after Monday’s close, while Google, Intel and JP Morgan are among firms disclosing this week. Read more

Bank earning season goes on — BofA’s turn

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Apr 16 2010 12:54 | Comment |

Bank of America has released its Q1 2010 results, hot on the heels of JP Morgan earlier this week. But, is the news as positive as Jamie Dimon’s?

On first sight, it has at the very least beaten expectations. Read more

Bank loan losses may peak in 2012

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Apr 16 2010 10:13 | Comment |

Analysts and industry watchers increasingly believe that ‘normalised’ earnings will return to Wall Street within two years, the American Banker reports. JP Morgan’s recent earnings report showed marked improvements in its loan impairment rates, strengthening the case that other big banks have turned the corner. Read more

And the US bank earning season begins…

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Apr 14 2010 12:24 | Comment |

…with a big earnings beat from JP Morgan.

Via Reuters: Read more

Investors pare back over caution on Greece

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Apr 13 2010 10:14 | Comment |

A mildly disappointing start to the US first-quarter earnings season and a more cautious assessment of the bail-out for Greece provided the excuse for investors to pare back risky bets on Tuesday, according to the FT’s rolling global market overview. The FTSE All-World equity index dropped 0.3 per cent from cyclical highs, commodities saw selling and the euro stabilised as some traders argued that details of the €30bn ($41bn, £26.6bn) aid package for Athens were – yet again – vague, and did not solve the fundamental budget problems facing heavily indebted nations. Read more