Bank of America, The Charles Schwab, Bank of New York Mellon Corp and other stocks published their quarterly earnings, check out this rundown of reports and how they turned out.
Markets had an interesting day yesterday; S&P 500 gained 2.65% and closed at 3,678. Nasdaq ended the session at 10,676 after a 3.43% gain.
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 stocks have released their quarterly earnings reports. Have a look.
Bank of America: outperforms predictions
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.
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 performed better than the S&P 500 by 2.84%. Bank of America's market cap currently stands at $270.14 billion with an average daily volume of 46.00 million shares.
Charles Schwab: better than expectations
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 outperforming the S&P 500 by 10.23%. Charles Schwab is currently trading with a market cap of $127.92 billion with an average daily trading volume of 8.69 million shares.
BNY Mellon: surprises and beats estimations
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%.
After closing yesterday at $40.36, BNY Mellon peaked at $40.96 before giving up early gains and closing at $40.36.
Having set a significant high of $63.66 6 days ago, BNY Mellon is trading 3% lower. So far in 2022, it has been under-performing the S&P 500 by 0.87%. BNY Mellon has a market cap of $32.62 billion with an average daily volume of 5.28 million shares.