Stocks making the biggest moves premarket: JP Morgan, Goldman Sachs, BlackRock & more - CNBC

Check out the companies making headlines before the bell:

JPMorgan Chase – The bank reported quarterly profit of $2.68 per share, 23 cents a share above estimates. Revenue also beat Wall Street forecasts, helped by growth in home loans, auto loans, and credit cards.

BlackRock – The asset management firm beat estimates by 19 cents a share, with quarterly profit of $7.15 per share. Revenue came in essentially in line with analyst forecasts. Profit dropped from a year ago, however, as investors shifted money to fixed-income funds and other less profitable accounts.

Johnson & Johnson – The medical device and consumer products maker earned an adjusted $2.12 per share for the third quarter, compared to a consensus estimate of $2.01. Revenue also beat estimates, helped by growth in pharmaceuticals and medical devices.

Goldman Sachs – Goldman reported quarterly profit of $4.79 per share, 2 cents a share below estimates. Revenue was essentially in line with expectations.

UnitedHealth – UnitedHealth reported adjusted quarterly profit of $3.88 per share, beating consensus by 13 cents a share. Revenue came in above forecasts, as well. The company saw higher revenue in both its core health insurance business, as well as its pharmacy benefits management unit. The company also raised its full-year forecast.

Walmart – The retailer has begun its "InHome" service that deliveries groceries directly into a customer's home refrigerator. The service, which was first announced in June, will start in 3 areas – Kansas City, Pittsburgh, and Vero Beach, Florida.

Southwest Airlines – Southwest pilots are predicting that Boeing's 737 Max jet won't return to service until February. Boeing is still targeting a fourth-quarter return, and Southwest – along with United and American – are estimating that the jet will be back in the skies in January. Southwest is the biggest domestic user of the 737 Max jet.

Hilton Grand Vacations – The stock remains on watch after surging yesterday on a Bloomberg report that Apollo Global is offering $40 per share to buy the vacation time-share company.

General Motors – GM and the United Auto Workers union continue to negotiate, with a strike in its fifth week. The UAW has called a Thursday meeting of union leaders from around the nation to update them on the status of the talks.

Deere – Deere is spending billions to ramp up its leasing program, according to The Wall Street Journal, in an effort to combat declining demand for farm tractors and construction equipment.

Bloomin' Brands – The restaurant chain operator was downgraded to "hold" from "buy" at Deutsche Bank, which is cutting its third-quarter comparable sales estimate for the Outback Steakhouse parent to a 0.6% increase from 1.1%. Deutsche Bank is also becoming more conservative on comparable sales estimates for next year, as well.

Bed Bath & Beyond – Bed Bath & Beyond was upgraded to "overweight" from "sector weight" at KeyBanc, which points to a favorable near-term outlook for the housewares retailer as well as expected improvements in merchandising and operations under a new CEO.

Lowe's – Lowe's was upgraded to "overweight" from "neutral" at Piper Jaffray, citing an expected improvement in fundamentals for the home improvement retailer even as Street expectations remain modest.

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2019-10-15 11:44:59Z
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JPMorgan Q3 earnings beat expectations, stock jumps - Yahoo Finance

IMAGE DISTRIBUTED FOR JPMORGAN CHASE & CO- Jamie Dimon, Chairman and CEO, JPMorgan Chase, speaks at the Chase NYC Flagship, Tuesday, June 25, 2019 in New York. (Adam Hunger/AP Images for JPMorgan Chase & Co.)

JPMorgan Chase (JPM), the largest U.S. bank by assets, reported third-quarter earnings on Tuesday that surpassed Wall Street’s expectations, boosted by broad strength in nearly all its major business lines.

Here were the key figures from the report, compared to consensus expectations compiled by Bloomberg:

• Revenue: $29.3 billion vs. $28.46 billion expected

• Adj. earnings: $2.68 per share, vs. $2.34 per share expected

Revenue for the quarter set a record, and was even higher on an adjusted basis at $30.06 billion.

“The consumer remains healthy with growth in wages and spending, combined with strong balance sheets and low unemployment levels. This is being offset by weakening business sentiment and capital expenditures mostly driven by increasingly complex geopolitical risks, including tensions in global trade,” said CEO Jamie Dimon.

JPMorgan maintained its No. 1 spot for global investment banking fees, with 9.3% of the wallet share this year. Dimon noted that the firm had a record quarter for investment banking fees with "particularly strong performance in [Debt Capital Markets] and [Equity Capital Markets]." Banking revenue for the quarter was $3.3 billion, up 2% from the same quarter a year ago. Investment banking revenue was $1.9%, up 8% on higher underwriting fees.

Total markets revenue came in at $5.1 billion, up 14% from last year. Fixed income revenue rebounded 25% to come in at $3.6 billion, "driven by strong client activity across products." Equity markets revenue slipped 5% to $1.5 billion "reflecting lower revenues in derivatives."

Elsewhere, in the consumer and community bank, credit card sales volume rose 10% in the quarter, while merchant processing jumped 11%.

The stock, traded on the New York Stock Exchange, jumped more than 2% from Monday’s close to trade near $119.

JPMorgan kicked earnings season off for the big financials. Goldman Sachs (GS), Wells Fargo (WFC), Citigroup (C) will report results on Tuesday, followed by Bank of America (BAC) on Wednesday and Morgan Stanley (MS) on Thursday.

This story is developing.

—

Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.

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2019-10-15 11:04:00Z
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WeWork reportedly expected to lay off 2,000 workers as early as this week - CNBC

A WeWork logo is seen at a WeWork office in San Francisco, September 30, 2019.

Kate Munsch | Reuters

WeWork is expected to lay off at least 2,000 people, about 13% of its staff, as soon as this week, the Guardian newspaper reported.

WeWork staff told the Guardian that they believe the cuts will not stop there, suggesting more of the company's 15,000 person workforce could be sacked. The Information reported in September that executives and bankers have discussed cutting up to a third of those workers. The embattled start-up is attempting to turn its fortunes around with painful cost reduction measures.

Employees also told the Guardian that little to no work is getting done at the company and new projects have been put on hold.

WeWork declined to comment to the Guardian. Representatives for the company did not immediately respond to CNBC's request for additional comment.

Last month, the start-up pulled the plug on plans to go public. Its much-anticipated IPO prospectus in August revealed a massive $900 million loss in the first six months of 2019 and drew skepticism over its corporate governance. WeWork had a private market valuation of about $47 billion but its potential value in the public market had been slashed significantly.

There has also been a showdown between former CEO Adam Neumann and SoftBank chief Masayoshi Son, who has invested billions into the start-up. Neumann stepped down last month. It was also reported that SoftBank has readied a financing package to take control of the company and further sideline Neumann, who is also a co-founder.

WeWork rents out office spaces to start-ups, freelancers and enterprises by investing in real estate in some of the most expensive markets around the world. It makes money back over time as companies and individuals pay their rent or membership fees.

Read more about the Guardian's report on WeWork's plans to sack 2,000 staff here.

— CNBC's Alex Sherman and Lauren Feiner contributed to this report.

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2019-10-15 09:34:38Z
CAIiEP9EWOjoSSm1wDPvjjuAUsoqGQgEKhAIACoHCAow2Nb3CjDivdcCMP3ungY

WeWork reportedly expected to lay off 2,000 workers as early as this week - CNBC

A WeWork logo is seen at a WeWork office in San Francisco, September 30, 2019.

Kate Munsch | Reuters

WeWork is expected to lay off at least 2,000 people, about 13% of its staff, as soon as this week, the Guardian newspaper reported.

WeWork staff told the Guardian that they believe the cuts will not stop there, suggesting more of the company's 15,000 person workforce could be sacked. The Information reported in September that executives and bankers have discussed cutting up to a third of those workers. The embattled start-up is attempting to turn its fortunes around with painful cost reduction measures.

Employees also told the Guardian that little to no work is getting done at the company and new projects have been put on hold.

WeWork declined to comment to the Guardian. Representatives for the company did not immediately respond to CNBC's request for additional comment.

Last month, the start-up pulled the plug on plans to go public. Its much-anticipated IPO prospectus in August revealed a massive $900 million loss in the first six months of 2019 and drew skepticism over its corporate governance. WeWork had a private market valuation of about $47 billion but its potential value in the public market had been slashed significantly.

There has also been a showdown between former CEO Adam Neumann and SoftBank chief Masayoshi Son, who has invested billions into the start-up. Neumann stepped down last month. It was also reported that SoftBank has readied a financing package to take control of the company and further sideline Neumann, who is also a co-founder.

WeWork rents out office spaces to start-ups, freelancers and enterprises by investing in real estate in some of the most expensive markets around the world. It makes money back over time as companies and individuals pay their rent or membership fees.

Read more about the Guardian's report on WeWork's plans to sack 2,000 staff here.

— CNBC's Alex Sherman and Lauren Feiner contributed to this report.

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2019-10-15 06:35:32Z
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Up to three-sailing ferry waits on busy holiday Monday - Vancouver Is Awesome

The Monday afternoon lineup at Swartz Bay for boarding ferries to Tsawwassen. Oct. 14, 2019
Photograph By B.C. FERRIES

Long weekend travellers kept B.C. Ferries busy over the Thanksgiving holiday, with many sailings at capacity.

Passengers travelling without reservations experienced up to three-sailing waits Monday afternoon.

As of 2:30 p.m. Monday, the 3 p.m., 4 p.m. and 5 p.m. sailings on the Swartz Bay to Tsawwassen route were full.

The 3 p.m. and 4 p.m. sailings from Tsawwassen to Swartz Bay were also at capacity, while the 5 p.m. was 67 per cent full.

There were also waits for passengers travelling out of Nanaimo. From Departure Bay to Horseshoe Bay, the 3:30 p.m. and 5:45 p.m. sailings were at capacity and the 8 p.m. was 52 per cent full.

Departures from Duke Point fared slightly better, with the 3:15 p.m. full, the 5:45 p.m. at 80 per cent capacity, and the 8:15 p.m. at 71 per cent.

Walk-on passengers normally don’t experience sailing waits, but the Thanksgiving long weekend is one of the few weekends in the year when it may happen. B.C. Ferries advised walk-on passengers to arrive 45 to 60 minutes ahead of their desired departure.

B.C. Ferries wasn’t able to confirm whether walk-on passengers experienced waits.

Monday is the most popular travel day of the Thanksgiving long weekend, with traffic returning to the mainland from Swartz Bay, Departure Bay and Langdale.

B.C. Ferries added 93 sailings, with 74 between Swartz Bay and Tsawwassen, the most popular route. Thirteen sailings were added between Departure Bay and Horseshoe Bay, and six between Langdale and Horseshoe Bay.

The busy weekend played out as expected, with no major hiccups, said Tessa Humphries, B.C. Ferries communications manager.

regan-elliott@timescolonist.com

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October 15, 2019 at 05:52AM

SoftBank could take control of WeWork - CBC.ca

Japanese investment firm SoftBank could take control of WeWork as part of a financial package to address the company's cash crunch since its botched effort to sell the public its stock, according to The Wall Street Journal.

The deal would further sideline co-founder Adam Neumann, who resigned as chief executive last month but still wields influence over the company because his shares carry higher voting power. SoftBank, the office-sharing company's biggest investor, is aiming to invest several billion dollars in new equity and debt, The Journal reported, citing people familiar with the matter.

WeWork declined to comment on the Softbank package. In statement, the New York company said it has retained a major Wall Street institution to arrange financing and was meeting with "60 financing sources."

Softbank declined to comment.

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October 14, 2019 at 10:56PM

US futures point to a higher open - CNBC

U.S. stock index futures were higher Tuesday morning, as traders look ahead to a new earnings season.

At around 04:10 a.m. ET, Dow futures rose 100 points, indicating a positive open of more than 102 points. Futures on the S&P and Nasdaq were both also higher.

Overall, market players are monitoring developments on the trade front. U.S. Treasury Secretary Steven Mnuchin told CNBC that tariffs will go up in December if there is no deal in place with China.

"I have every expectation if there's not a deal those tariffs would go in place, but I expect we'll have a deal," Mnuchin said Monday.

Furthermore, the U.S. has also decided to stop trade negotiations with Turkey and raised its steel prices to 50%. The decision followed an earlier U.S. announcement to remove all U.S. troops from the northern border of Syria with Turkey.

Investors are also looking ahead to a new earnings season. BlackRock, Citigroup, Goldman Sachs, Wells Fargo and J.P. Morgan Chase are set to release their latest performance numbers before the bell. United Airlines and Interactive Brokers will also release earnings after the bell.

On the data front, the Empire State manufacturing figures are due to be released at 08:30 a.m. ET.

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2019-10-15 06:13:44Z
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