Bank Shatters Income Record

By George Banko

January 12, 2024

Good Morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures were down on Friday after a volatile week. Expectations of the Federal Reserve being done hiking interest rates in 2024 are still in place after faster-than-expected inflation data on Thursday. Also, oil saw a 4% surge following the launch of joint military strikes by the US and its allies against Houthi rebels in Yemen.

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Here’s a look at the top-moving stocks this morning.

UnitedHealth Group Incorporated (NYSE: UNH)

UnitedHealth Group Incorporated (UNH) is down 4.58% premarket after its latest earnings report. The healthcare company’s earnings per share (EPS) for the quarter ending December 31, 2023, was $5.98, representing an 11.99% increase from the same quarter last year. This beat has placed UNH in a strong position compared to its competitors in the industry, with a higher earnings growth and positive market sentiment.

JP Morgan Chase & Co. (NYSE: JPM)

JP Morgan is up 1.76% in premarket trading. The banking giant reported $49.6 billion in annual net income, which was the most ever in American history for a bank. It blew away all rivals, including Bank of America (BAC) by $23 billion and Wells Fargo (WFC) by $30 billion. However, analysts don’t expect the bank to earn as much in 2024 as it did in 2023, dropping estimated profits to $45 billion.

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Bank of America (NYSE: BAC)

Bank of America is down 0.72% premarket after showing its revenue fell 10% to $21.99 billion according to its latest earnings report. Analysts expected $23.7 billion. Overall, the nation’s second-largest bank earned $3.14 billion, down 56% from $7.13 billion a year earlier.

Wells Fargo (NYSE: WFC)

Wells Fargo is down 1.51% premarket despite seeing a 9% rise in profits. Its revenue was dragged down by a historic settlement with the Consumer Financial Protection Bureau over allegations that Wells Fargo’s loan and deposit products harmed millions of customers.