Company Overview and News
Stocks shrugged off early morning losses and briefly rallied into the green on Wednesday afternoon, but Wall Street remained cautious ahead of the release of the latest Fed meeting minutes. That event will likely move markets this afternoon, although investors had plenty of solid earnings reports to celebrate regardless.
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Welcome to U.S. Bancorp’s Third Quarter 2018 Earnings Conference Call. Following a review of the results by Andy Cecere, Chairman, President and Chief Executive Officer, and Terry Dolan, U.S. Bancorp’s Vice Chairman and Chief Financial Officer, there will be a formal question-and-answer session. [Operator Instructions] This call will be recorded and available for replay beginning today at approximately noon, Eastern Daylight Time, through Wednesday, October 24th at 12:00 midnight, Eastern Daylight Time.
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Riding on higher revenues and lower provisions, U.S. Bancorp’s (USB - Free Report) third-quarter 2018 earnings per share of $1.06 outpaced the Zacks Consensus Estimate of $1.04. Also, results came ahead of the prior-year quarter earnings of 88 cents. Shares of U.S. Bancorp climbed more than 1% in pre-market trading, highlighting investors’ optimism on higher revenues along with loan growth and lower provisions.
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On today’s episode of Free Lunch, Ryan McQueeney discusses the upcoming Fed minutes and Wilbur Ross’ comments about U.S.-China trade talks. He also recaps earnings reports from United, Abbot Labs, and U.S. Bancorp. Later, he takes at a look at the earnings scorecard for bank stocks and explains why investors are worried about revenue growth.
As investors welcome mostly positive Q3 earnings results so far early on in the new reporting season, we also get new information on the housing market this morning, from a couple different sources: Housing Starts/Building Permits and new Mortgage Applications. All these figures reflect some strain within the all-important residential real estate sector.
Reflecting the highest strong year-to-date net revenues in eight years, Goldman Sachs’ (GS - Free Report) third-quarter 2018 results recorded a positive earnings surprise of 15.9%. The company reported earnings per share of $6.28, comfortably beating the Zacks Consensus Estimate of $5.42. Further, the bottom line witnessed 25.1% year-over-year improvement. The investment bank turned triumphant with strong equity underwriting revenues aiding continued momentum in investment banking business, supporting the bottom-line numbers.
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U.S. Bancorp (USB - Free Report) is scheduled to report third-quarter 2018 results on Oct 17, before the opening bell. The bank’s revenues and earnings are anticipated to reflect year-over-year growth. Benefits of higher rates and improved lending scenario are expected to have offset the muted trading performance. The Zacks Consensus Estimate for sales of $5.7 billion reflects a rise of 2% from the year-ago quarter.
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2018-10-13 seekingalpha - 6
Welcome to Seeking Alpha's Stocks to Watch - a preview of key events scheduled for the next week. Follow this account and turn the e-mail alert on to receive this article in your inbox every Saturday morning.
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Impacted by lower mortgage banking revenues, Wells Fargo (WFC - Free Report) recorded a negative earnings surprise of 3.4% in third-quarter 2018. Earnings of $1.13 per share missed the Zacks Consensus Estimate of $1.17. However, the bottom-line compared favorably with 83 cents recorded in the prior-year quarter.
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Higher-than-expected equity trading revenues and rise in demand for loans drove JPMorgan’s (JPM - Free Report) third-quarter 2018 earnings of $2.34 per share, which outpaced the Zacks Consensus Estimate of $2.24. The figure was up 33% from the prior-year quarter. The stock rose nearly 1.5% in pre-market trading, indicating that investors have taken the results in their stride. Notably, the full-day trading session will depict a better picture.
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Driven by expense management, Citigroup (C - Free Report) delivered a positive earnings surprise of 4.8% in third-quarter 2018. Earnings from continuing operations per share of $1.74 for the quarter handily outpaced the Zacks Consensus Estimate of $1.66. Also, earnings climbed 22.5% year over year. Net income came in at $4.6 billion or $1.73 per share compared with $4.1 billion or $1.42 reported in the prior-year quarter.
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Driven by stellar revenues, PNC Financial (PNC - Free Report) delivered a positive earnings surprise of 3.3% in third-quarter 2018. Earnings per share of $2.82 beat the Zacks Consensus Estimate of $2.73. Moreover, the bottom line reflected a 30.6% jump from the prior-year figure. Continued easing of pressure on net interest margin led to higher net interest income during the reported quarter. Though mortgage banking revenues declined, overall non-interest income witnessed year-over-year growth.
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2018-10-01 - Asif
Overview The following discussion and analysis should be read in conjunction with its unaudited interim condensed consolidated financial statements and the related notes that appear elsewhere in this quarterly report on Form 10-Q. This discussion contains forward-looking statements reflecting its current expectations that involve risks and uncertainties. Actual results may differ materially from those discussed in these forward-looking statements due to a number of factors, including those set forth in the section entitled “Risk Factors” in its most recent annual report on Form 10-K. For further information regarding forward-looking statements, please refer to the “Special Note Regarding Forward-Looking Statements and Projections” immediately after the index to this quarterly report on Form 10-Q. Alimera Sciences, Inc., and its subsidiaries (we or Alimera), is a pharmaceutical company that specializes in the commercialization and development of prescription ophthalmic pharma...
2018-09-25 - Asif
Background DelMar Pharmaceuticals, Inc. is a clinical stage drug development company with a focus on the treatment of cancer. The company's mission is to benefit patients and create shareholder value by developing and commercializing anti-cancer therapies for patients whose tumors exhibit features that make them resistant to, or unlikely to respond to, currently available therapies, particularly for orphan cancer indications where patients have failed, or are unlikely to respond to, currently available therapy. DelMar Pharmaceuticals is developing VAL-083, a novel, DNA-targeting agent, for the treatment of glioblastoma multiforme (“GBM”) and potentially other solid tumors, including ovarian cancer. VAL-083 is a first-in-class, DNA-targeting chemotherapeutic that demonstrated activity against a range of tumor types in prior Phase 1 and Phase 2 clinical studies sponsored by the US National Cancer Institute (“NCI”). The company's recent research has highlighted the opportunit...
2018-09-18 - Asif
Overview Rigel Pharmaceuticals is a biotechnology company dedicated to discovering, developing and providing novel small molecule drugs that significantly improve the lives of patients with immune and hematologic disorders, cancer and rare diseases. The company's pioneering research focuses on signaling pathways that are critical to disease mechanisms. The company's first FDA-approved product is TAVALISSE™ (fostamatinib disodium hexahydrate), an oral spleen tyrosine kinase (SYK) inhibitor, for the treatment of adult patients with chronic immune thrombocytopenia who have had an insufficient response to a previous treatment. The company's current clinical programs include Phase 2 studies of fostamatinib in autoimmune hemolytic anemia and IgA nephropathy, and a Phase 1 study for its IRAK program. In addition, Rigel Pharmaceuticals has product candidates in development with partners BerGenBio AS, Daiichi Sankyo, and Aclaris Therapeutics. Since inception, Rigel Pharmaceuticals h...
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