Today's Stock Market News & Events: 10/14/2020

A deep-dive into a banking stock packed day of earnings reports

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The Dow Jones Industrial Average (DJI - 28,679.81) lost 157.7 points on Tuesday. The S&P 500 Index (SPX - 3,511.93) fell 0.6% yesterday, while the Nasdaq Composite (IXIC - 11,863.90) shed 0.1%. The Cboe Volatility Index (VIX - 26.07) added 4% on Tuesday. Overall, three major market indexes closed lower yesterday as the latest earnings season kicked off, and there was quite a bit of speculation on earnings and beyond with vaccine trials being put on hold and highly anticipated big tech product launches. It was a packed day, and earnings season is just getting started!

ICYMI (in case you missed it), here are our best actionable stock ideas we dropped yesterday:


Today is a big day of earnings announcements. While the 
producer price index (PPI) is on the schedule today, investors will be zoomed in on the slew of bank-centric company financial reports slated to be released today. In fact, we released a deep-dive into the odd correlation between two big names reporting today, United Airlines and Wells Fargo, here.

For your convenience, we have rounded up the companies slated to release their earnings today, October 14:

  • ASML Holding N.V. (NASDAQ:ASML -- $405.15) develops, produces, markets, sells, and services advanced semiconductor equipment systems. ASML is 32.6% higher year-over-year.

    - ASML Holding will report its fiscal second-quarter earnings before the bell today.

  • Bank of America Corporation (NYSE:BAC -- $24.95) provides banking and financial products and services worldwide. BAC has gone down 11.6% year-over-year.

    - Bank of America will report its fiscal second-quarter earnings before the bell today.

  • The Goldman Sachs Group, Inc. (NYSE:GS -- $210.81) operates as an investment banking, securities, and investment management company worldwide. Last quarter, Goldman Sachs announced a partnership with Walmart (NYSE:WMT) and we analyzed the stock's reaction here.

    - Goldman Sachs will report its fiscal second-quarter earnings before the bell today.

  • The PNC Financial Services Group, Inc. (NYSE:PNC -- $112.51) operates as a diversified financial services company in the United States. PNC has remained essentially flat year-over-year.

    - PNC will report its fiscal second-quarter earnings before the bell today.

  • The Progressive Corporation (NYSE:PGR -- $100.27) provides personal and commercial insurance and related services primarily in the United States.

    - Progressive will report its fiscal second-quarter earnings before the bell today.

  • U.S. Bancorp (NYSE:USB -- $38.42) provides various financial services in the United States. USB has remained essentially flat year-to-date. Last quarter, U.S. Bancorp battled through analyst skepticism and we analyzed the stock's reaction here.

    - U.S. Bancorp will report its fiscal second-quarter earnings before the bell today.

  • UnitedHealth Group Incorporated (NYSE:UNH -- $331.42) operates as a diversified health care company in the United States. UNH has increased slightly by 7.9% year-over-year. Late last month, there were rumors of acquisition surrounding UnitedHealth. Here is how the stock reacted.

    - UnitedHealth will report its fiscal second-quarter earnings before the bell today.

  • Wells Fargo & Company (NYSE:WFC -- $24.74) provides banking, investment, mortgage, and consumer and commercial finance products and services.

    - Wells Fargo will report its fiscal second-quarter earnings before the bell today.

  • Alcoa Corporation (NYSE:AA -- $12.72) produces and sells bauxite, alumina, and aluminum products.

    - Alcoa will report its fiscal second-quarter earnings after the market closes today.

  • Sleep Number Corporation (NASDAQ:SNBR -- $59.62) provides sleep solutions and services in the United States.

    - Sleep Number will report its fiscal second-quarter earnings after the market closes today.

  • United Airlines Holdings, Inc. (NASDAQ:UAL -- $35.26) provides air transportation services. In an effort to provide some investor optimism last quarter, United updated their ticket policy and permanently eliminated ticket change fees. We analyzed how traders reacted to this news here.

    - United Airlines will report its fiscal second-quarter earnings after the market closes today.

  • Washington Federal, Inc. (NASDAQ:WAFD -- $22.97) operates as the bank holding company that provides lending, depository, insurance, and other banking services.

    - Washington Federal will report its third-quarter earnings after the market closes today.

 


Again, for your convenience, we have rounded up how earnings played out for all those released yesterday, October 13:

  • AZZ, Inc. (NYSE:AZZ -- $37.34) provides galvanizing and metal coating solutions, welding solutions, specialty electrical equipment, and highly engineered services.

    - Earnings per share decreased 9.26% over the past year to $0.49, which beat the estimate of $0.43. Revenue of $203.37 million declined by 13.89% year over year, which missed the estimate of $219.02 million.


AZZ CHART

 

  • BlackRock, Inc. (NYSE:BLK -- $614.89) is a publicly owned investment manager.

    - Earnings per share were up 28.95% over the past year to $9.22, which beat the estimate of $7.77. Revenue of $4.37 billion, up 18.34% from the same period last year, which beat the estimate of $3.93 billion.


BLK CHART

 

  • Citigroup, Inc. (NYSE: C -- $45.88) provides various financial products and services to consumers, corporations, governments, and institutions. In September, this bank named consumer banking head Jane Fraser as its next chief executive officer in a historical move, making her the first woman to lead a major Wall Street bank. 

    - Shares of JPMorgan were trading lower by 1.44% Tuesday afternoon at $100.96. 


C CHART

  • Delta Air Lines, Inc. (NYSE:DAL -- $32.64) provides scheduled air transportation for passengers and cargo in the United States and internationally.

    - Earnings per share decreased 242.24% over the past year to -$3.30, which missed the estimate of -$3.00. Revenue of $3.06 billion decreased by 75.62% year over year, which missed the estimate of $3.11 billion.

 


DAL CHART

  • Fastenal Company (NASDAQ:FAST -- $47.64) engages in the wholesale distribution of industrial and construction supplies

    -  Earnings per share were up 2.70% year over year to $0.38, which beat the estimate of $0.37. Revenue of $1.41 billion up by 2.47% year over year, which missed the estimate of $1.42 billion.


FAST CHART

 

  • First Republic Bank (NYSE:FRC -- $125.61) provides private banking, private business banking, real estate lending, and wealth management services.

    - Earnings per share increased 16.03% year over year to $1.52, which beat the estimate of $1.39. Revenue of $1.00 billion up by 19.57% year-over-year, which beat the estimate of $955.96 million.


FRC CHART


JNJ CHART

 

  • JPMorgan Chase & Co. (NYSE:JPM) researches and develops, manufactures, and sells various products in the health care field worldwide. JPM really did kick off earnings with a bang. According to one analyst, the bulk of JPMorgan's EPS beat can be attributed to a $611-million provision versus expectations of $2.8 billion, while fees contributed to the revenue beat.


JPM CHART 

  • New Oriental Education & Technology Inc. (NYSE:EDU -- $170.93) provides private educational services under the New Oriental brand in the People's Republic of China.

    - Earnings per share were down 20.14% year over year to $1.15, which beat the estimate of $1.01. Revenue of $986.37 million declined by 7.99% year over year, which beat the estimate of $956.52 million.

 

EDU CHART
All earnings and economic dates listed below are tentative and subject to change. Please check with each company's respective website for official reporting dates.

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