Daily comment Oct 16

Analytics, 16 October 2019

Market movers:

Bank of America (+2.8%) reported a 21% fall in 3Q profit. Rev. -0.5% y/y to $22.81bn. Trading rev. +3.8% y/y, FICC rev. -1.2% y/y, Equities rev. +15% y/y, IB rev. +27% y/y. Adj. EPS were 75c vs est. 68c. Net interest yield 2.41% vs est. 2.39%. (https://reut.rs/2MK30Pn)
Bank of America: Berkshire filled an application to Fed asking approval to increase its stake in BAC above 10%. Berkshire currently owns a 9.96% stake. (https://reut.rs/2IVO3so)
Interactive Brokers (+0.1%) reported in-line sales and EPS miss. Rev. +2% y/y to $466mn vs est. $465.8mn. Adj. EPS -22% y/y to 39c vs est. 49c. Results included a $47mn loss on currency. Customer accounts +16% y/y to 666k and customer equity +10% y/y to $156.6bn. (https://bit.ly/32mHtTx)
United Airlines (+2.0%) topped estimates for quarterly profit. 3Q Rev. +3.4% y/y to $11.38bn vs est. $11.42bn. Adj. EPS +33% y/y to $4.07 vs est. $3.97. Sees FY19 adj. EPS of $11.25-12.25, saw $10.50-12.00, est. $11.88. (https://reut.rs/35CppXE)
ASOS (+23.8%): The company said it has overcome operational issues with US and Germany warehouses, which caused a 68% slump in annual profit. (https://reut.rs/32msBo3)
Alphabet (-0.1%): The Co. revealed its new Pixel smartphones. (https://reut.rs/32oIRoI)
Saudi Aramco (private): IPO’ advisers are expected to share fees of ~$350mn-$450mn, making it one of the biggest ever IPO payouts. (https://bit.ly/31lEh9i)

Macro:

China warned it would retaliate in case the US approved a bill supporting Hong-Kong protesters. (https://bloom.bg/2qinMhE)
US Sep retail sales -0.3% m/m vs est. +0.3%. Retail sales ex-auto: -0.1% m/m vs est. +0.2%. (https://bloom.bg/31lWUKg)

Commodities:

WTI (-0.1%): IEA warned OPEC of slowing growth in oil demand and increasing rivals supplies. (Bloomberg)
EIA sees US production increased 58k bpd to 8.97mn bpd in November. (Bloomberg)

Coming up:

Company / Analytics