SCHW, MS, and BAC are all confidently higher after earnings this morning
Earnings season is in full swing, and more bank names have stepped into the confessional this morning. Below, we will take a look at the outsized post-earnings reactions from Charles Schwab Corporation (NYSE:SCHW), Morgan Stanley (NYSE:MS), and Bank of America Corp (NYSE:BAC).
SCHW is propping up the New York Stock Exchange (NYSE) today, last seen 12.1% higher to trade at $65.71. The security is on track for its largest single-session pop since March 2020, and is set to close at its highest level since a massive bear gap back in March. Schwab's second-quarter earnings and revenue topped estimates thanks to a jump in asset management fees. Despite today's breakout, there's overhead resistance at the shares' 200-day moving average and -20% year-to-date level.
MS is 6.2% higher to trade at $91.81, on track for its best day since November and eyeing its highest close since March. Morgan Stanley also turned in a top-line beat for the second quarter thanks to a growing investment banking backlog. Shares are now up 16.4% year-over-year.
BAC is up 4.2% to trade at $30.64 at last check, brushing off a downgrade from CFRA to "hold" from "buy," as well as a price-target cut to $32. Bank of America announced a beat-and-raise for the second quarter, with a share buyback offering tailwinds as well. The stock remains off over 7% in 2023, with their 160-day moving average looming above.