Investing

Earnings Previews: Bank of America, BNY Mellon, Charles Schwab, Synchrony

Before markets opened Wednesday, JPMorgan beat a modest revenue estimate and missed on profits. The stock closed down more than 3% for the day. Delta Air Lines posted a tiny profit and a solid revenue beat to close up more than 6%. BlackRock missed the consensus revenue estimate but beat the earnings estimate by more than 7%. The shares closed down by less than 1%. Bed Bath & Beyond missed on both profits and revenues, and the stock closed down by just 1.2%.

We had previewed seven companies that reported results before markets opened Thursday. Taiwan Semiconductor beat both profit and revenue estimates and guided current quarter revenue higher. The stock added more than 4% on Wednesday and traded up about 1.5% in Thursday’s premarket.

UnitedHealth also beat top-line and bottom-line estimates and raised full-year guidance, but not by enough to move the stock price much. Shares traded up by about 0.6% early Thursday.

Wells Fargo missed on revenue but topped the earnings estimate by 10%. Shares were trading up about 0.6% in the premarket.

Citigroup hammered the consensus profit estimate by 43% and also beat the revenue estimate, although year-over-year revenue was down by 2.6%. The stock traded up by about 1.1% in Thursday’s premarket session.

Goldman Sachs beat the consensus earnings estimate by $1.78 (19.8%) and the revenue estimate by 9.9%. Revenue fell by nearly 27% year over year, however. The stock traded up by about 2% in the premarket session Thursday.

Morgan Stanley beat the consensus earnings estimate by 17.4%, but revenue sank by nearly 6% year over year. The stock traded up by about 2% early Thursday morning.

Rite Aid posted a much larger than expected loss but beat the revenue estimate and guided current year revenue in-line with expectations. Shares were up nearly 8% in premarket trading.

Just a reminder that U.S. markets are closed Friday and that there are no earnings releases scheduled.

Here are four more financial sector companies set to report March-quarter results first thing Monday morning.

Bank of America

The share price of Bank of America Corp. (NYSE: BAC) bounced to a 52-week high in February, but it has since pulled back and is virtually unchanged over the past 12 months. Like other big banks, BofA is expected to put up bigger revenue numbers this year but lower profits than in 2021. While it may be difficult for BofA and the other big banks to look too far into the future in these uncertain times, analysts and investors will be paying close attention to any comments about the geopolitical (Russian invasion of Ukraine) and economic (inflation) challenges.

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