Earnings season continues to rage as we recap yesterday's results and look forward to today's schedule
With investors already feeling beaten down around the subject of a second stimulus, Treasury Secretary Steven Mnuchin announced yesterday that, although progress between Democrats and Republicans is being made, he did not expect a stimulus package before the election. The result of that announcement plus some dismal earnings reactions from banking giants? All major indexes ended in the red on Wednesday. The Dow Jones Industrial Average (DJI - 28,514) lost 165.8 points. The S&P 500 Index (SPX - 3,488.67) fell 23.3 points yesterday, while the Nasdaq Composite (IXIC - 11,768.73) shed 95.2 points during Wednesday's trading session.
Yesterday was truly packed with action and we wouldn't blame you if you missed a few things. That's why we have rounded up the must-reads from yesterday, complete with actionable trading insights:
Today, October 15, will be a busy day with the producer price index (PPI) on top along with a whole slew of earnings reports from big names. For your convenience, we have rounded up the companies slated to release their earnings today, October 15:
- Aphria, Inc. (NASDAQ:APHA -- $5.88) cultivates, processes, produces, markets, distributes, and sells medical cannabis. We shared Aphria's latest news on their first certified European shipment of dried flower last week, along with a ton of other cannabis stock news.
- Aphria will report its fiscal fourth-quarter earnings before the bell today.
- The Charles Schwab Corporation (NYSE:SCHW -- $37.12) provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services.
- Charles Schwab will report its fiscal fourth-quarter earnings before the bell today.
- Commercial Metals Company (NYSE:CMC -- $22.93) manufactures, recycles, and markets steel and metal products, and related materials and services. CMC is currently down 8.1% year-over-year.
- Commercial Metals will report its third-quarter earnings before the bell today.
- Home Bancshares, Inc. (NASDAQ:HOMB -- $16.49) operates as the bank holding company for Centennial Bank that provides commercial and retail banking, and related financial services.
- Home Bancshares will report its fiscal second-quarter earnings before the bell today.
- Morgan Stanley (NYSE:MS -- $50.65) provides various financial products and services to corporations, governments, financial institutions, and individuals. Amid news that Morgan Stanley is set to buy industry giant Eaton Vance (NYSE:EV), MS stock took a dip last week.
- Morgan Stanley will report its fiscal second-quarter earnings before the bell today.
- Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM -- $88.60) manufactures and sells integrated circuits and semiconductors. TSM has gone up 21.6% year-to-date. We took a look behind the scenes at Taiwan Semi earlier last quarter.
- Taiwan Semi will report its fiscal second-quarter earnings before the bell today.
- Truist Financial Corporation (NYSE:TFC -- $42.23) provides banking and trust services in the Southeastern and Mid-Atlantic United States. TFC has increased by a whopping 85.1% year-over-year.
- Truist Financial will report its third-quarter earnings before the bell today.
- Walgreens Boots Alliance, Inc. (NASDAQ:WBA -- $35.91) operates as a pharmacy-led health and wellbeing company. Here is a closer look at Walgreens' fundamentals set up for a long-term investment option.
- Walgreens will report its third-quarter earnings before the bell today.
- WNS (Holdings) Limited (NYSE:WNS -- $67.87) provides data, voice, analytical, and business transformation services worldwide. WNS has dropped 2.9% year-to-date.
- WNS will report its fiscal second-quarter earnings before the bell today.
- Westamerica Bancorporation (NASDAQ:WABC -- $54.87) operates as a bank holding company that provides various banking products and services.
- Westamerica Banc will report its fiscal second-quarter earnings during the trading hours today.
- Intuitive Surgical, Inc. (NASDAQ:ISRG -- $751.08) designs, manufactures, and markets da Vinci surgical systems, and related instruments and accessories.
- Intuitive Surgical will report its fiscal second-quarter earnings after the market closes today.
- Marten Transport, Ltd. (NASDAQ:MRTN -- $17.21) operates as a temperature-sensitive truckload carrier for shippers in the United States, Canada, and Mexico.
- Marten Transport will report its fiscal second-quarter earnings after the market closes today.
Again, for your convenience, we have rounded up how the banking-dominated earnings docket played out for all those released yesterday, October 14:
- ASML Holding N.V. (NASDAQ:ASML) develops, produces, markets, sells, and services advanced semiconductor equipment systems. ASML is 32.6% higher year-over-year. ASML Holding reported its fiscal second-quarter earnings before the bell on Wednesday.
- Bank of America Corporation (NYSE:BAC) provides banking and financial products and services worldwide. BAC has gone down 11.6% year-over-year. Bank of America released its fiscal second-quarter earnings before the bell yesterday.
- Earnings per share fell 32% year-over-year to $0.51, which beat the estimate of $0.49. Revenue of $20.45 billion decreased by 10.91% year-over-year, which missed the estimate of $20.81 billion.
- The Goldman Sachs Group, Inc. (NYSE:GS) 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 announced its fiscal second-quarter earnings before the bell yesterday.
- Earnings per share were up 102.09% year-over-year to $9.68, which beat the estimate of $5.57. Revenue of $10.78 billion up by 29.53% year-over-year, beating analysts' estimate of $9.46 billion.
- The PNC Financial Services Group, Inc. (NYSE:PNC) operates as a diversified financial services company in the United States. PNC has remained essentially flat year-over-year. PNC reported its fiscal second-quarter earnings before the bell yesterday.
Earnings per share increased 15.31% over the past year to $3.39, beating estimates of $2.12. Revenue of $4.28 billion decreased by 4.72% from the same period last year, which beat analysts' estimate of $4 billion.
- The Progressive Corporation (NYSE:PGR) provides personal and commercial insurance and related services primarily in the United States. Progressive reported its fiscal second-quarter earnings before the bell yesterday.
- Earnings per share increased 32.39% over the past year to $1.88, which beat estimates of $1.72. The company reported revenue of $9.97 billion, up by 10.67% year-over-year, but missed analyst estimates of $10.92 billion.
- U.S. Bancorp (NYSE:USB) 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 released its fiscal second-quarter earnings before the bell yesterday.
- The company reported that earnings per share decreased 13.91% to $0.99, which beat the estimate of $0.91. Revenue of $5.94 billion increased by 0.75% when compared to the same period last year. This beat analysts' estimate of $5.71 billion.
- UnitedHealth Group Incorporated (NYSE:UNH) operates as a diversified health care company in the United States. Late last month, there were rumors of acquisition surrounding UnitedHealth. Here is how the stock reacted.
UnitedHealth released its fiscal second-quarter earnings before the bell on Wednesday.- Earnings per share fell 9.54% year-over-year to $3.51, beating analysts' estimate of $3.09. Revenue of $65.12 billion increased by 7.89% year-over-year, beating estimates of $63.96 billion.
- Wells Fargo & Company (NYSE:WFC) provides banking, investment, mortgage, and consumer and commercial finance products and services. Wells Fargo announced its fiscal second-quarter earnings before the bell yesterday.
- Alcoa Corporation (NYSE:AA) produces and sells bauxite, alumina, and aluminum products. Alcoa reported its fiscal second-quarter earnings after the market closes yesterday.
- Earnings per share decreased 165.91% over the past year to -$1.17 as reported yesterday, which beat the expected -$1.38 EPS. Revenue of $2.37 billion represents a decrease of 7.87% year-over-year, beating the analysts' estimate of $2.23 billion.
- Sleep Number Corporation (NASDAQ:SNBR) provides sleep solutions and services in the United States. Sleep Number reported its fiscal second-quarter earnings after the market closed yesterday.
- The company reported an EPS of $1.79, representing an increase of 90.43% year-over-year. This EPS beat analyst expectations of $1.00. Quarterly company revenue was reported to be $531.15 million, increasing by 11.87% year-over-year, and beating estimates of $515.82 million.
- United Airlines Holdings, Inc. (NASDAQ:UAL) 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 reported its fiscal second-quarter earnings after the market closed Wednesday.
- Washington Federal, Inc. (NASDAQ:WAFD) operates as the bank holding company that provides lending, depository, insurance, and other banking services. Washington Federal reported its third-quarter earnings after the market closed yesterday.
To cap off the week tomorrow, core retail sales and consumer sentiment data will be released, along with earnings from Ally Financial (ALLY) and Citizens Financial Group (CFG). Remember, 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.