Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
---|
Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
---|
Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
---|
The fourth-quarter reporting season kicked off with earnings releases from major banks last Friday, delivering less-than-optimistic news and casting a shadow on profit growth prospects.
The Season So Far: As of now, 6% of S&P 500 companies have reported earnings. According to FactSet’s latest weekly Earnings Insight report, 76% of them reported positive earnings surprises, and 55% reported revenue exceeding estimates.
JPMorgan Chase & Co. (NYSE:JPM) reported a revenue beat but faced earnings pressure due to costs linked to regional bank bailouts. Despite reaching a record annual revenue in 2023, Bank of America Corp. (NYSE:BAC) missed revenue expectations.
UnitedHealth Group, Inc. (NYSE:UNH) experienced a share pullback due to concerns over higher medical costs, and Delta Air Lines, Inc. (NYSE:DAL) witnessed a significant drop on Friday following disappointing guidance.
Earnings Drop Looms? Projections indicate a potential negative 0.1% blended year-over-year earnings growth for S&P 500 companies, marking a potential negative profit growth for the fourth time in the past five quarters, according to FactSet. Four S&P 500 companies have issued below-consensus earnings per share guidance, while three anticipate results above consensus.
Fund manager Louis Navellier sees the forward outlook as more important than the December-quarter earnings. “Guidance for ’24 will be much more important than 4Q23 results with current valuations counting on double-digit earnings growth and multiple cuts by the Fed,” he said.
While noting that the stock market has got off to a negative start this year, he said, “All it will take is a couple of days of positive earnings results and guidance to get back on track.”
See Also: Best Bank Stocks
Key Earnings To Watch This Week:
The SPDR S&P 500 ETF Trust (NYSE:SPY) closed at $476.68, up 0.07% , according to data from Benzinga Pro.
Read Next: Goldman Sachs Q4 Earnings Preview: Financial Strengths And Analyst Predictions
Photo via Shutterstock
Posted In: AA BAC CMA DAL DFS FAST FITB GS IBKR JBHT JPM KEY KMI MS NTB NTRS PNC PPG PRGS RF