Monthly Archives
October 2022
Bank of America sees its profit fall in the third quarter
written by Alexandra Hartman Editor-in-Chief
Bank of America announced on Monday that it achieved quarterly revenue above expectations in the third quarter. Its profit fell following it put more money aside, especially to prepare for a deterioration in the economic situation.
The bank added 378 million dollars (379 million francs) in reserves from August to September, up sharply from 48 million dollars in the previous quarter.
These forecasts nevertheless remain significantly lower than those of $ 1.1 billion made during the same period last year, in the midst of the pandemic.
In its earnings release, Bank of America warns of ‘a deteriorating macroeconomic outlook’. These comments echo those of JPMorgan Chase, Citigroup, Morgan Stanley and Wells Fargo, which released their results last week.
Bank of America’s net profit hit $6.6 billion in the third quarter, down from $7.3 billion a year ago. Reported per share and excluding exceptional items, it was 81 cents, better than expected by Wall Street.
The bank generally showed robust health with a turnover of 24.5 billion dollars (+8%), above market expectations.
“Our US customers remained resilient with strong spending levels, although growth was slower, and maintained strong deposit amounts,” said Bank of America CEO Brian Moynihan.
The company’s net interest income, that is to say the difference between the interest it receives from loans granted to its customers and that which it pays to savers, jumped by 24%.
This increase is partly explained by the rise in interest rates, specifies the bank.
In retail banking, deposits increased by 7%. Debit and credit card spending also increased.
The commissions generated by Bank of America investment bankers, on the other hand, continued to fall, plunging 46% in a context marked by a weak appetite for large mergers and acquisitions or IPOs.
Revenue from the sale and brokerage of stocks, commodities, bonds and currencies increased by 13%.
/ATS
New wrestlers Adam Copeland aka Edge and Jessica Parker Kennedy
written by Alexandra Hartman Editor-in-Chief
For the Percy Jackson and the Olympians series, more well-known names and faces were brought to the Olympus of shooting. Wrestler Edge aka Adam Copeland and Jessica Parker Kennedy, who you might know from The Flash, will soon be in the thick of things.
The Disney+ series Percy Jackson and the Olympians can count on further reinforcements, as Adam Copeland aka WWE wrestler Edge and Jessica Parker Kennedy (The Flash) will support the existing cast. Variety announces that Copeland will be guest-starring as Ares, god of war. Ares is evilly attractive, arrogant, and maybe not always the smartest person in the room. Copeland is currently a weekly wrestler on Monday Night Raw and has also starred in Haven, Vikings and the Arrowverse on television.
Kennedy becomes Medusa, wronged by the gods. Now she lives a bitter and isolated life, unless travelers stumble across her path and her home. The notorious creature welcomes some and poses a threat to others. In addition to her role as the Flash’s daughter, Kennedy also starred in Starz in Black Sails. Suzanne Cryer (Silicon Valley) will also have a minor role as Echidna aka Mother of the Monsters. Dangerous, intimidating, yet oddly motherly, she enjoys challenging the heroes. She also tests Percy’s belief in the gods.
It tells the story of the 12-year-old title character, played by Walker Scobell, who is a demigod. Percy embarks on an epic adventure with his friends Grover (Aryan Simhadri) and Annabeth (Leah Sava Jeffries). He has to learn to cope with his newly discovered superpowers. And then the wrath of Zeus, who thinks he stole his powerful lightning bolt, catches up with him…
Discover what Disney+ has to offer now
The cast also includes Virginia Kull as Percy’s mother, Sally Jackson; Glynn Turman as the centaur Chiron, who trains the heroes; Megan Mullally as Percy’s math teacher, Mrs. Dodds aka Fury Alecto, who was sent by Hades; Jason Mantzoukas as camp supervisor Mr. D (aka the Greek god Dionysus); Timm Sharp as Percy’s stepfather, Gabe Ugliano; Charlie Bushnell as Luke, son of Hermes and Dior Goodjohn as Clarisse, daughter of Ares.
The screenplay for the series comes from Rick Riordan, who wrote the original, and Jon Steinberg (Black Sails, The Old Man). James Bobin will directAlice in Wonderland: Through the Looking Glass“). 20th Television acts as the studio. There is no start date yet, but it cannot be expected before 2023.
Here is the first English teaser trailer for “Percy Jackson and the Olympians“:
Bank of America’s last quarter earnings report, the main index opened higher, the Dow Jones rose more than 600 points | Anue Juheng
written by Alexandra Hartman Editor-in-Chief
Bank of America reported a successful quarterly earnings report, and its stock price rose nearly 5% at the opening, boosting the main U.S. stock index to open higher on Monday (17th). On the other hand, the new British Chancellor of the Exchequer announced the withdrawal of tax cuts.GBPThe exchange rate once morest the dollar rose in response to the news, while bond yields fell and investors’ risk appetite improved.
Before the deadline,Dow Jones Industrial Averagerose more than 660 points, or nearly 2.2%,Nasdaq Composite Indexrose more than 340 points or nearly 3.3%,S&P 500 Indexup nearly 100 points or nearly 2.8%,Philadelphia SemiconductorThe index rose nearly 3.5 percent.
Britain’s new Chancellor of the Exchequer Jeremy Hunt announced on Monday the cancellation of the tax cuts previously announced by the Liz Truss government in an attempt to save investor confidence, following news brokeGBPHigher, British government bond yields fell short-term.
In this regard, Neil Birrell, chief investment officer of Premier Miton Investors, said that this means that market volatility should be reduced, but the uncertainty of the UK political situation has not disappeared, but may increase. For foreign investors looking to invest in foreign countries, this tug-of-war may be good news in the short term, but the long-term impact is still unknown.
In the United States, a preliminary survey released by the University of Michigan last Friday showed that although consumer confidence has increased, both long-term and short-term inflation expectations have climbed, which is negative news for the Federal Reserve (Fed), and the increase continues to rise sharply interest pressure.
At present, the market believes that the Fed will raise interest rates by 3 yards (75 basis points) in November as a foregone conclusion, and the hope of raising interest rates by 2 yards (50 basis points) in December is becoming more and more dim, and I am afraid that it will continue to raise interest rates by 3 yards. Interest rates will end up rising once more next year.
Kansas Fed Bank President Esther George and San Francisco Fed Bank President Mary Daly both revealed their hawkish stance in their recent speeches. George believes that interest rates need to continue to be raised to cool prices, while Daly supports raising interest rates to restrictive levels. It is expected that the final interest rate may fall between 4.5% and 5%.
In terms of data, the US Federal Reserve Bank of New York manufacturing index released on Monday plummeted to 9.1 in October, far less than the expected -4 and the previous value of -1.5, shrinking for three consecutive months.
In other markets, international oil prices fluctuated following falling for a week, as worries regarding an economic slowdown continued to weigh on demand prospects, and a weaker dollar also pushed gold prices higher, raising prices amid an uncertain economic outlook.goldsafe-haven status.
As of 21:00 on Monday (17th) Taipei time:
Stocks in focus:
Bank of America (BAC-US) rose 5.96% to $33.59 a share in early trade
Bank of America announced its dazzling financial report for the third quarter of the 2022 fiscal year before the market on Monday. As the increase in net interest income boosted performance, revenue was reported at $24.61 billion and earnings per share at $0.81, both better than market expectations of $23.57 billion and $0.77 Dollar.
Meta Platforms(META-US) rose 2.99% to $130.56 a share in early trade
According to The Wall Street Journal (WSJ), Horizon Worlds, a VR community platform owned by Meta, failed to meet internal performance expectations, with less than 200,000 daily active users, far below its original target of 500,000 and below its revised 280,000 target. people goals. To make matters worse, most users haven’t returned to Horizon Worlds following their first month, and the number of users has steadily declined since the spring.
apple (AAPL-US) rose 1.97% to $141.10 a share in early trade
Morgan Stanley was bullish on Apple’s ability to withstand a recession, and named the stock a “top pick,” sending shares up 1.4 percent before the market opened.
Today’s key economic data:
- US October New York Fed manufacturing index reported -9.1, expected -4, the previous value -1.5
Wall Street Analysis:
Morgan Stanley strategist Michael J. Wilson said the time is ripe for a short-term rebound per share in the absence of an earnings slide or an official recession.
In his report, he wrote,S&P 500 IndexIt is down 25% this year and is testing an important support bottom at the 200-week moving average, which might spark a technical rally that would not rule out a rise to around 4,150, which would imply a 16% gain from its recent close.
Notably, Wilson remains negative on the overall outlook for U.S. stocks. He believes U.S. inflation, which has now peaked, might come down quickly next year, but corporate earnings will decelerate sharply over the next 12 months.