October 16, 2018
9:00 am EDT
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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428
So far the reaction to earnings reports, which have been dominated by big banks, has been pretty underwhelming. Today, the focus shifts to the investments sector with big asset managers and brokerages reporting. Results have been positive, so today should give a good indication if investors are looking for reasons to step up to the plate or for reasons to run to the sidelines this earnings season.
Highlights of today‚Äôs earnings reports include:
Blackrock¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† EPS $7.52 above street $6.84 and year ago $5.90, assets under management up 8%
Goldman Sachs¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† EPS $6.28 above street $5.38, investment banking drove upside surprise, trading was a bit soft.
Morgan Stanley¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† EPS $1.17 above street $1.01, Revenues $9.87B above street $9.55B
Johnson & Johnson¬†¬†¬†¬†¬†¬† EPS $2.05 above street $2.03, Sales $20.3B above street $20.05B
Netflix, Lam Research, IBM and railroad CSX report after the close this afternoon.
On these results, US indices are trading up 0.75% to 1.00% in premarket action, while the VIX has dropped back under 20. Gold is holding on to its recent gains holding above $1,230/oz. Crude oil and natural gas are down slightly as investors await this week‚Äôs inventory reports which run between this afternoon and Thursday morning.
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