Charles Schwab soars after strong results, boosts outlook
1 hour 15 minutes ago
Shares of Charles Schwab (SCHW) soared Tuesday after the financial services company reported better-than-expected third-quarter results and also raised its full-year revenue forecast.
The investment management company reported total revenue of $4.85 billion, up about 5% from the same period last year and beating analysts' expectations, according to estimates compiled by Visible Alpha. Profits also exceeded expectations, increasing 25% to $1.41 billion, while net interest income (NII) fell by several million dollars to $2.22 billion, narrowly beating expectations.
The company also raised its full-year sales forecast, calling for an increase of 2% to 3%, compared with previous expectations of flat to 2% growth.
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Charles Schwab stock rose about 7% early Tuesday afternoon, trading at a three-month high. Stock prices have returned to positive territory since the beginning of the year.
Shares plunged in mid-July after Chief Executive Officer Walt Bettinger announced in the company's second-quarter report that it planned to reduce the size of the bank to improve profitability.
–Aaron McDade
J&J's results rise to meet highest expectations
2 hours 15 minutes ago
Johnson & Johnson (JNJ) shares rose on Tuesday after the pharmaceutical and medical device company posted better-than-expected third-quarter sales and adjusted earnings.
Johnson & Johnson reported revenue of $22.47 billion, up 5% from a year ago and beating analyst expectations, according to estimates compiled by Visible Alpha. Net income fell 38% to $2.69 billion, significantly lower than expected due to billions of dollars in one-time costs such as litigation and acquisition costs.
Johnson & Johnson's adjusted profit of $5.88 billion beat expectations by more than $500 million, after factoring in more than $3 billion in one-time charges such as litigation costs, “intangible asset amortization” and acquisition costs.
The company also adjusted its full-year outlook, raising its sales forecast to $88.4 billion to $88.8 billion from the previous range of $88 billion to $88.4 billion.
Shares rose nearly 2% in recent trading.
–Aaron McDade
Walgreens soars on earnings and closure plans
3 hours 49 minutes ago
Walgreens Boots Alliance (WBA) said Tuesday it will close about 1,200 stores over the next three years as the drugstore chain looks to rebuild its struggling U.S. business.
Walgreens also reported fourth-quarter sales and adjusted earnings that beat Wall Street expectations.
The company's stock has risen more than 15% in recent trading, leading the S&P 500 gainers. Despite the rise, the stock has fallen about 60% since the beginning of the year.
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–Nisha Gopalan
Bank stocks rise on strong financial results
5 hours 45 minutes ago
Bank of America (BAC), Citigroup (C), and Goldman Sachs (GS) shares were in premarket trading Tuesday after the financial services giants each reported better-than-expected third-quarter results. It rose.
The latest report continues the strong performance of big banks by rivals JPMorgan Chase (JPM) and Wells Fargo (WFC) that began last week.
Bank of Amercia, Citi and Goldman each rose more than 2% before closing, while JPMorgan and Wells Fargo both rose slightly.
Major index stock price futures remain almost unchanged
6 hours 35 minutes ago
Futures, which track the Dow Jones Industrial Average, rose less than 0.1%.
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S&P 500 futures fell less than 0.1%.
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Nasdaq 100 futures also fell less than 0.1%.
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