US Stock Reports, Quotes and News
Bank of America\’s first-quarter profits decreased due to higher expenses related to rising interest rates, surpassing expectations. The bank made a $700 million payment to the FDIC to support the deposit insurance fund, impacting its earnings.
Bajaj Auto anticipates a 29% YoY jump in PAT to Rs 1,606 crore for Q4FY24, driven by higher sales volume, richer product mix, and commodity tailwinds. Revenue expected to grow by 24% YoY.
(Reuters) – Bank of New York Mellon (NYSE:BK) beat Wall Street expectations on Tuesday with a 5% increase in profits, as rising asset values boosted investment services fees, more than offsetting lower interest income for the world\’s largest custodian bank.
Johnson & Johnson (NYSE:JNJ) reported mixed financial results for the first quarter of 2024, with adjusted earnings per share (EPS) slightly surpassing analyst expectations, while revenue fell marginally short of estimates. The healthcare giant posted an adjusted EPS of $2.71, which was $0.07 higher than the consensus estimate of $2.64. However, quarterly revenue was a hair\’s breadth away from consensus, coming in at $21.38 billion against the expected $21.4 billion.
PITTSBURGH – PNC Financial Services Group, Inc. (NYSE: NYSE:PNC) disclosed its first-quarter financial results, slightly surpassing Wall Street\’s earnings expectations but falling short on revenue forecasts.
29 companies expected to double profits in Q4FY24 across various sectors like BFSI, Auto, Healthcare. Notable companies include Adani Ports, KEC International, Birla Corporation, JK Cements, United Breweries, Gland Pharma, Quess Corp Ltd, Signature Global, NMDC.
CRISIL Ltd reported a 5.5% YoY decline in consolidated net profit to Rs 138 crore for the March quarter, with revenue rising 3% YoY to Rs 738 crore. The Board approved an interim dividend of Rs 7 per share. Margins dropped to 26%, and EPS fell by 5% to Rs 18.84.
Goldman Sachs (GS) has delivered strong first-quarter results for 2024, with net revenues reaching $14.2 billion and net earnings of $4.1 billion. The company\’s Global Banking & Markets segment was a significant contributor, generating $9.7 billion in revenues, thanks to notable performances in advisory, equity underwriting, and debt underwriting.
Most domestic high-frequency indicators have trended higher during the quarter, which could translate into good demand momentum for the domestic corporate segment.
TCS leaders discuss integrating with top academic institutions, AI evolution, margin improvement, productivity focus, back to office transition, campus hiring, diversified portfolio growth, and expectations for FY25. Samir Seksaria says: \”The pricing is stable, so it is a more disciplined execution and focus on operational rigour which has delivered this margin.\”
Goldman Sachs profit rose 28% in the first quarter, buoyed by a recovery in debt underwriting and dealmaking that boosted its investment banking unit, it reported on Monday.
\”While the revenue was lower than our expectations, the margin improvement and deal wins remained robust, driven by better utilisation of resources,\” said Sumit Pokharna, IT analyst at Kotak Securities. \”In the near term, the stock is likely to move up as the numbers are good.\”