Bank of America, UnitedHealth, JP Morgan Chase are the ones to read about today.
Leading equity indices in the US rose as S&P 500 ended the session at 3,678 after a 2.65% gain. Nasdaq closed the day at 10,676, having gained 3.43%.
With Q3 earnings season getting underway, around 100% of US companies have beaten market estimates. This past week, UnitedHealth and TSM published their earnings reports while Alphabet and Tesla are scheduled to release their results in the coming days.
What is an earnings report?
An earnings report is an official statement of a company's profitability over a certain period of time. Usually, these reports are released four times a year (quarterly reports) and have a significant impact on the market. These announcements are typically taken into consideration when making predictions.
Markets were up and mega cap stocks have released their quarterly earnings reports. Have a look.
Bank of America: beats estimations
Bank of America released its quarterly earnings report yesterday, beating analysts estimates. The company reported earnings of 0.81 per share on revenue of $24.5 billion, topping estimates of 0.78 per share on revenue of $23.56 billion. Since the release of its earnings report, Bank of America gained 6.06%.
Bank of America rose as high as $33.87 before giving up its gains and dropping back to $33.62 before the close on yesterday. Daily trading volume (84.80 million shares) was higher than the current multiday average of 46.00 million.
UnitedHealth: surprises and beats estimations
UnitedHealth released its quarterly earnings report Friday, beating analysts estimates. The company reported earnings of 5.79 per share on revenue of $80.9 billion, topping estimates of 5.43 per share on revenue of $80.52 billion. Since the release of its earnings report, UnitedHealth gained 2.35%.
UnitedHealth rallied 1.71% and ended the session at $521.88.
The healthcare services provider is now trading 6.42% below the significant high of $548.32 it set around a month ago. The Dow Jones has been doing worse in 2022, it has been passing it by 25.56%. UnitedHealth is currently trading with a market cap of $488.16 billion with an average daily trading volume of 2.77 million shares.
JP Morgan Chase: rises above expectations
JP Morgan Chase released its quarterly earnings report Friday, beating analysts estimates. The company reported earnings of 3.12 per share on revenue of $32.7 billion, topping estimates of 2.92 per share on revenue of $32.11 billion. Since the release of its earnings report, JP Morgan Chase gained 5.93%.
After closing yesterday at $115.86, the banking services company peaked at $117 before giving up early gains and closing at $115.86.
Having set a significant high of $171.78 7 days ago, the banking services company is trading 9.05% lower. So far in 2022, it has been doing worse than the Dow by 7.6%. The company's market cap is $339.84 billion with an average daily volume of 14.39 million shares.
TSMC: better than expectations
TSMC released its quarterly earnings report Thursday, beating analysts estimates. The company reported earnings of 1.79 per share on revenue of $20.23 billion, topping estimates of 1.66 per share on revenue of $19.65 billion. Since the release of its earnings report, TSMC gained 1.22%.
TSMC went up to $64.89, gaining 1.52%. The day's trading volume totalled 11.20 million shares — slightly below the 21-day average of 14.81 million.