Wednesday, September 27, 2023
  • Login
CEO North America
  • Home
  • News
    • Business
    • Entrepreneur
    • Industry
    • Innovation
    • Management & Leadership
  • CEO Interviews
  • Opinion
  • Technology
  • Environment
  • CEO Life
    • Art & Culture
    • Food
    • Health
    • Travel
No Result
View All Result
  • Home
  • News
    • Business
    • Entrepreneur
    • Industry
    • Innovation
    • Management & Leadership
  • CEO Interviews
  • Opinion
  • Technology
  • Environment
  • CEO Life
    • Art & Culture
    • Food
    • Health
    • Travel
No Result
View All Result
CEO North America
No Result
View All Result

Earnings season off to best start in a decade, Bank of America says

in News
Bank of america’s quarterly profit falls 12%
Share on LinkedinShare on WhatsApp

First quarter earnings have kicked off defying analysts’ warnings for the dreariest season in years, according to Bank of America Corp. strategists.

Of the 30 S&P 500 companies comprising 10% of the index that reported results so far, 90% have trounced earnings per share estimates while 73% beat on sales, strategists led by Savita Subramanian said in a research note Monday. That marks the best upside surprise in the first week of a reporting period going back to at least 2012, thanks largely to impressive results from JPMorgan Chase & Co., Citigroup Inc., and Wells Fargo & Co.

“Big banks’ solid results despite March’s bank scare helped performance,” Subramanian wrote. “Banks may be tightening credit standards, but larger ones are operating with excess capital versus prior crises.”

Strong results from financial heavyweights have helped mitigate fears of an industry crisis after the collapse of Silicon Valley Bank last month. After better than feared results, BofA said its current 2023 EPS forecast of $200, which is below the consensus $220, may be too low if further evidence shows March events were temporary.

Still, BofA forecasts downward guidance from companies, noting that earnings revisions have been deteriorating across the board. Last week, strategists at the bank warned estimate cuts could accelerate in later quarters.

“A massive, systemic financial confidence shock appears to have been averted, but tighter credit is manifesting in the real economy,” the firm wrote, citing the more prevalent impact of a credit crunch on industrials and consumption.

Results expand past financial firms this week, with 26% of earnings due to be released from S&P 500 companies in all sectors except utilities. Demand outlook, margins and the impact of credit on cash use are factors that BofA are eyeing. The bank, itself, is scheduled to report first quarter earnings on Tuesday.

Morgan Stanley’s top equity strategist Mike Wilson also said Monday earnings forecasts remain overly optimistic despite recent downward revisions. The Wall Street bear warned declines in estimates will accelerate “materially” in coming quarters on disappointing revenue growth.

Meanwhile, BlackRock strategists including Jean Boivin and Wei Li said even with results expected to slump the most in three years, that will not reflect the “coming damage” yet.

By Alexandra Semenova / Bloomberg

Tags: Bank of AmericaJPMorgan ChaseS&P 500Silicon ValleyUnited StatesUS Economy

Related Posts

S&p 500, nasdaq end four-day loss streak
Business

S&P 500, Nasdaq end four-day loss streak

Costco rolls out online healthcare services
Innovation

Costco rolls out online healthcare services

Amazon deploys $4 billion into ai company
Business

Amazon deploys $4 billion into AI company

Credit card companies continue racking up losses
Industry

Credit card companies continue racking up losses

Federal reserve to lay off hundreds of workers
Innovation

Federal Reserve to lay off hundreds of workers

Mcdonalds hikes up franchising royalty fees
Business

McDonalds hikes up franchising royalty fees

Hollywood studios reaches tentative deal with  wga
Industry

Hollywood studios reaches tentative deal with WGA

Philip morris weighs selling stakes in pharmaceutical sector
Business

Philip Morris weighs selling stakes in pharmaceutical sector

Treasury yield hits 15-year high
Industry

Treasury yield hits 15-year high

Cisco to acquire splunk for $28 billion
Business

Cisco to acquire Splunk for $28 billion

No Result
View All Result

Recent Posts

  • Lego nixes plans for recycled bricks
  • ChatGPT now offers voice chatbot
  • Consumers still spending on in-demand items
  • S&P 500, Nasdaq end four-day loss streak
  • Blue Origin taps ex Amazon exec as CEO

Recent Comments

  • Juul Unveils Cutting-Edge Vaping Tech: Navigating FDA Uncertainties – iStreetPark Blog on Juul hopes FDA won’t ban its new high-tech vape
  • CEO North America, August - September 2023 - CEO North America on Interviews – CEO North America, October – November 2022
  • CEO North America, August - September 2023 - CEO North America on CEO North America, December 2022 – January 2023
  • CEO North America, August - September 2023 - CEO North America on Why Tech Companies Are Moving to Texas and Florida
  • CEO North America, August - September 2023 - CEO North America on CEO North America, February 2023 – March 2023

Archives

Categories

  • Art & Culture
  • Business
  • CEO Interviews
  • CEO Life
  • Editor´s Choice
  • Entrepreneur
  • Environment
  • Food
  • Health
  • Highlights
  • Industry
  • Innovation
  • Issues
  • Management & Leadership
  • News
  • Opinion
  • PrimeZone
  • Printed Version
  • Technology
  • Travel
  • Uncategorized

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

  • CONTACT
  • GENERAL ENQUIRIES
  • ADVERTISING
  • MEDIA KIT
  • DIRECTORY
  • TERMS AND CONDITIONS

Editorials – stuart.james@ceo-na.com

Advertising – media@ceo-na.com

NEW YORK

110 Wall St.,
3rd Floor
New York, NY.
10005
USA
+1 212 432 5800

 

MEXICO CITY

Paseo de la Reforma 296,
Floor 38
Mexico City
06600
MEXICO

HOUSTON

1201 Fannin St.
Suite 262
Houston, TX
77002
USA

  • CONTACT
  • GENERAL ENQUIRIES
  • ADVERTISING
  • MEDIA KIT
  • DIRECTORY
  • TERMS AND CONDITIONS

Editorials –
stuart.james@ceo-na.com

Advertising –
media@ceo-na.com

NEW YORK

110 Wall St.,
3rd Floor
New York, NY.
10005
USA
+1 212 432 5800

MEXICO CITY

Paseo de la Reforma 296,
Floor 38
Mexico City
06600
MEXICO

HOUSTON

1201 Fannin St.
Suite 262
Houston, TX
77002
USA

CEO North America © 2022 - Sitemap

No Result
View All Result
  • Home
  • News
    • Business
    • Entrepreneur
    • Industry
    • Innovation
    • Management & Leadership
  • CEO Interviews
  • Opinion
  • Technology
  • Environment
  • CEO Life
    • Art & Culture
    • Food
    • Health
    • Travel

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Warning: array_sum() expects parameter 1 to be array, null given in /home/ceonacom/public_html/wp-content/plugins/jnews-social-share/class.jnews-social-background-process.php on line 111