Financialbuzz.com: 'Bank Earnings Recap' Week Ending January 18th, 2019

NEW YORK, January 18, 2019 /PRNewswire/ --

FinancialBuzz.com News Commentary

U.S. stocks witnessed a strong week led early on by strong earnings in the financial sector. Markets opened weaker to begin the week on Monday, however, stocks rebounded throughout the day, primarily led by Citigroup's rally. Markets continued to push forward throughout the week after better-than-expected earnings results. Bank of America and Goldman Sachs' reported their earnings during pre-market hours on Wednesday and crushed estimates, sending stocks surging throughout the day. On Thursday, markets spiked in the late afternoon after a report that the U.S. could ease tariffs on Chinese goods during their trade negotiations with China, according to the Wall Street Journal. Investors watched closely as Netflix announced its fourth-quarter results after market close on Thursday and Netflix beat expectations for subscribers and earnings, but shares slipped during extended trading hours. The Dow Jones Industrial Average gained 659.2 or 2.7% points since Monday's open into the late Thursday afternoon. The S&P 500 gained 73.06 points or 2.8% in the same frame, while the Nasdaq Composite rose by 220.2 points or 3.1%. PG&E Corporation (NYSE: PCG), Canopy Growth Corporation (NYSE: CGC), Snap Inc. (NYSE: SNAP), Bank of America Corporation (NYSE: BAC), Netflix, Inc. (NASDAQ: NFLX)

According to MarketWatch, investors remained focused on bank earnings this week, and what the numbers and management commentary say about the broader U.S. economy, Tom Essaye, President of the Sevens Report wrote in a Thursday note to clients. Commentary from banks executives has been "better than feared," he continued. "The numbers themselves are OK, but not great, while the commentary is reassuring, but not overtly optimistic," Essaye argued. "Given very low expectations [for the financial sector] heading into this earnings season, the better-than-feared result is helping markets rally, but it's not enough to cause a material move higher in stocks through what we think is the higher end of the current range (2720ish)."

For our latest "Buzz on the Street" Show featuring the "Bank Earnings Report" please visit: https://www.youtube.com/watch?v=4EMW6SZey8w

PG&E Corporation (NYSE: PCG) announced on Monday that it will prepare to file for bankruptcy after facing billions of dollars in claims over the California wildfires. PG&E shares plummeted by 50% during Monday's pre-market hours. PG&E said that its subsidiary Pacific Gas and Electric Company intends to file petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on January 29th, 2019.

For our latest "Buzz on the Street" Show featuring the "Bank Earnings Report" please visit: https://www.youtube.com/watch?v=4EMW6SZey8w

Canopy Growth Corporation (NYSE: CGC) announced on Monday that it has been granted a license by New York State to process and produce hemp. Canopy Growth shares jumped by 11% following the announcement. The Company hopes to establish large-scale production capabilities focused on hemp extraction and product manufacturing in the United States. Canopy is planning to invest between USD 100 Million and USD 150 Million in its New York operations.

For our latest "Buzz on the Street" Show featuring the "Bank Earnings Report" please visit: https://www.youtube.com/watch?v=4EMW6SZey8w

Snap Inc. (NYSE: SNAP) shares slipped by 7.5% during Tuesday's pre-market hours after Chief Financial Officer Tim Stone resigned from the Company. Stone will leave the Company after serving for less than a year. He did, however, confirm that his resignation is not related to any disagreements within the Company. Along with Stone's departure, Snap said in the filings that it expects revenue and adjusted EBITDA results to be "slightly favorable" to the top end of its previous guidance.

For our latest "Buzz on the Street" Show featuring the "Bank Earnings Report" please visit: https://www.youtube.com/watch?v=4EMW6SZey8w

Bank of America Corporation (NYSE: BAC) shares rose by as much as 8% on Wednesday after reporting a record quarterly profit. For the fourth quarter, the bank reported earnings of USD 73 cents on revenue of USD 22.7 Billion. Analysts expected earnings of USD 63 cents on revenue of USD 22.4 Billion. Bank of America reported quarterly profit of USD 7.3 Billion, which rose by 208% year over year.

For our latest "Buzz on the Street" Show featuring the "Bank Earnings Report" please visit: https://www.youtube.com/watch?v=4EMW6SZey8w

Netflix, Inc. (NASDAQ: NFLX) reported its fourth quarter financial results that beat subscriber growth and earnings but missed revenue. Netflix shares fell by 3.5% shortly after releasing its results during Thursday's after-market hours. Netflix reported that it added 8.8 million new paying subscribers in the quarter. The Company also topped analysts' estimates of 7.5 million new users. Netflix reported earnings per share of USD 30 cents on revenue of USD 4.19 Billion. Analysts had forecast earnings of USD 24 cents per share on revenue of USD 4.21 Billion.

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