Financialinsiders.com Earnings Recap Week Ending July 21st, 2017

NEW YORK, July 21, 2017 /PRNewswire/ --

U.S. equities were flat on Thursday after they closed at record highs in previous trading session. The S&P 500 Index increased 0.7 percent to 2,475.42 as of 3:20 P.M. EDT and the Nasdaq Composite Inched 0.6 percent higher to 6,389.17. While the Dow Jones Industrial Average was little changed. Strong corporate earnings are the main factor that drives the stock market higher. Most of the big banks reported revenue and earnings that topped analysts' estimates. Morgan Stanley closed more than 3.28 percent higher on Wednesday as it reported trading revenue better than its rivals. Bank of America Corp. (NYSE: BAC), Goldman Sachs Group Inc. (NYSE: GS), Morgan Stanley (NYSE: MS), American Express Company (NYSE: AXP), Netflix, Inc. (NASDAQ: NFLX) 

Netflix kicked off the earning season for the so-called 'FAANG'- Facebook, Amazon, Apple, Netflix and Google. Better-than-expected subscriber-growth sent Netflix's shares up 13.5 percent on Monday. The tech-heavy NASDAQ composite index has rallied for a ninth straight day and is up 18.74 percent this year. Jon Adams, Senior Investment Strategist at BMO Global Asset Management, said in a CNBC report: "Earnings are clearly the driver in the equity market. We had an earnings recession last year but we now have consecutive quarters of earnings growth."

Bank of America Corp. (NYSE: BAC), the second largest bank in the U.S. by assets under management, posted better-than-expected earnings early Tuesday, beating Wall Street estimates. The bank reported that it made $0.46 earnings per share for $22.829 billion, beating estimated earnings per share of $0.43 on sales of $21.781 billion. This amounted to an increase of 12% on earnings per share and a 7% increase in revenue from last year. BAC also posted a net income of $5.3 billion, a 10% increase from last year's $4.78 billion. The bank has also shown efficiency as the bank hit an objective spending of 60 cents for every dollar of revenue, down from 63% last year. However, shares of BAC are down 1.5% because of a reported slump in sales and trading. The bank saw sales and trading down 9% to $3.2 billion.

Goldman Sachs Group Inc. (NYSE: GS) on Tuesday reported second-quarter revenue and earnings that top analysts' estimates, but shares still fell as investors are disappointed by its weak performance in trading activity. The bank said it earned $3.95 per share in the second quarter, beating analysts' expectation of $3.39 per share. Total revenue was $7.89 billion, also topped Wall Street estimates of $7.521 billion. However, the weaker-than-expected performance in Fixed income, currency and commodities (FICC) trading raised investors' concerns over the Wall Street giant. Goldman said revenue in FICC tumbled as much as 40 percent to $1.16 billion. The bank attributed the weak FICC trading performance to "a challenging environment characterized by low levels of volatility, low client activity and generally difficult market-making conditions."

Morgan Stanley (NYSE: MS) shares rose more than 3 percent on Wednesday as it reported better trading revenue than most of its peers. Morgan Stanley's trading revenue fell as many other banks. However, its overall trade revenue only fell a miniscule 2% to $3.2 billion. The bank also said second-quarter profit rose to $1.6 billion, or 87 cents per share, from $1.4 billion, or 75 cents per share, a year earlier. This also beat analyst's expected earnings of 76 cents per share. The bank also posted revenue of $9.50 billion, a 7% increase from the same period last year, topping the estimated $9.09 billion. Morgan Stanley saw gains in many departments such as their wealth management business which rose 9% to $4.2 billion and also saw a 14% increase in investment management to $655million.

American Express Company (NYSE: AXP), an American multinational financial services corporation, had a strong second quarter as other financial institution did. The company, best known for its credit cards, reported earnings of $1.47 per share on revenue of $8.24 billion Wednesday after the bell. Analysts polled by Thomson Reuters had estimated earnings of 1.43 per share. American Express's stock has gained more than 14 percent this year. Kenneth I. Chenault, Chairman and Chief Executive Officer, said: "We started the year strong and accelerated the pace this quarter by continuing to execute a strategy that is transforming our consumer, commercial and merchant businesses,"

Netflix, Inc. (NASDAQ: NFLX) shares surged on Monday after the company beat its subscriber-growth estimate during its second quarter earnings report on Monday. The California-based company said it added 5.2 million users during the second quarter, far more than analysts' projection of 3.5 million net additions. The video streaming company also said it earned $66 million, or 15 cents per share, in the second quarter, compared with a profit of $41 million, or 9 cents per share, a year earlier. Netflix stock closed 13.5 percent higher to $183.6 per share on Tuesday. Netflix is one of the market's best-performing stock as its shares have rallied more than 30 percent this year through Monday versus the S&P 500's 10 percent return.

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