Bank of America, The Charles Schwab, Bank of New York Mellon Corp 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 & 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 stocks have released their quarterly earnings reports. Have a look.
Bank of America: exceeds expectations
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 topped out at $33.87 having ended yesterday at $33.62. However, despite early momentum, the stock gave up its gains to now trade at $33.62.
Bank of America hit a significant low of $29.77 around 7 days ago, but has since recovered 6.48%. So far in 2022, it has been outperforming the S&P 500 by 2.84%. The company's market cap is $270.14 billion with an average daily trading volume of 46.00 million shares.
Charles Schwab: beats estimations
Charles Schwab was down, even though its quarterly earnings released on yesterday beat the analysts’ estimates. The reported earnings of 1.1 per share on revenue of $5.5 billion, topping estimates of 1.05 per share on revenue of $5.42 billion.
Charles Schwab has almost recovered all its losses from a previous close of $69 after dipping down to $65.39 yesterday.
Charles Schwab is now trading 27.79% below the significant high of $95.53 it set around 9 months ago. So far in 2022 it has been beating the S&P 500 by 10.23%. Charles Schwab's market cap currently stands at $127.92 billion with an average daily volume of 8.69 million shares.
BNY Mellon: outperforms predictions
BNY Mellon released its quarterly earnings report yesterday, beating analysts estimates. The company reported earnings of 1.21 per share on revenue of $4.28 billion, topping estimates of 1.1 per share on revenue of $4.2 billion. Since the release of its earnings report, BNY Mellon gained 5.08%.
BNY Mellon rose as high as $40.96 before giving up its gains and dropping back to $40.36 before the close on yesterday.
BNY Mellon is now trading 3% above the significant low ($37.29) it slumped to 6 days ago. So far in 2022, it has been under-performing the S&P by 0.87%. BNY Mellon's market cap is currently $32.62 billion with an average daily trading volume of 5.28 million shares.