GBP News 

Handelsbanken profit down; shrugs off Brexit fears

“Net profit last year was boosted by a SEK769 million capital gain from the sale of shares” writes Dominic Chopping for marketwatch.com. The lender’s U.K. operation makes up around 12% of group profit, and in a statement on Wednesday it said that it has continued to expand in the country despite uncertainty surrounding Brexit.STOCKHOLM–Svenska Handelsbanken AB (SHB-B.SK), one of the Nordic region’s largest lenders, posted an 8.6% drop in third-quarter net profit on Wednesday, in line with forecasts, and shrugged off any concerns surrounding the U.K.’s withdrawal from the European…

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News Stocks 

Stocks making the biggest moves premarket: UNH, MS, JNJ, HOG, CMA, NFLX & more

“The company’s revenue beat forecasts as well, but its profits were down more than 40 percent from a year earlier” writes Michael Nagle for cnbc.com. Sonic – Sonic reported adjusted quarterly profit of 45 cents per share, beating estimates by two cents a share.Morgan Stanley – The investment firm came in 12 cents a share above estimates, with quarterly profit of 93 cents per share.Johnson & Johnson – The medical products and drugmaker reported adjusted quarterly profit of $1.90 per share, 10 cents a share above estimates.Netflix – Netflix posted…

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Morgan Stanley’s earnings top estimates

“Morgan Stanley instead leans on its wealth management division, which oversees $2.2 trillion for some 3.5 million American households, to steady its earnings” writes Liz Hoffman for marketwatch.com. The Wall Street firm reported earnings of 93 cents a share versus analyst expectations of 81 cents a share.Morgan Stanley said its third-quarter profit rose to $1.78 billion as the firm’s giant wealth-management business continues to churn out reliable profits.Rivals including J.P. Morgan Chase & Co. and Citigroup Inc. last week reported profit increases powered by commercial lending and credit cards.Revenue of…

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Markets News 

Pearson stems decline in key US market

“Underlying sales in the core market were down 1pc, but it represented an improvement on the trend last year, when the decline was 4pc” writes Hugh Young for telegraph.co.uk. On the back of a string of profit warnings, Pearson said the improved trend meant it could narrow its full-year profit forecast to the upper end of the range.The troubled education giant Pearson has suffered a further decline in its core American textbook business in the third quarter but avoided its worst fears, to the relief of investors.The new profit guidance…

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Richemont expects profit to jump in first half

“Swiss luxury goods company Richemont SA (CFR.EB) said Tuesday its first-half earnings are expected to show a strong increase, partly due to exceptional items booked in the same period a year ago” writes Sarah Sloat for marketwatch.com. Richemont’s operating profit for the six months ended Sept. 30 showed an increase of approximately 45% against the comparative period, while net profit for the period is expected to rise by about 80%, the company said.The increases mostly reflect the non-recurrence of the exceptional inventory buybacks in the prior-year period, improved trading performance…

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Buy a Sofa Online? Wayfair Is Counting on It

“Most major furniture retailers will change at least $130 to deliver a couch” writes Julie Creswell for nytimes.com. A sofa from another company may start at $1,000, but Wayfair sells its sofas at an average price of $600, a spokeswoman said.But the big question hovering over Wayfair is whether the company can ever make money by delivering bulk furniture virtually for free.Wayfair argues that the margins of its competitors, like Restoration Hardware or Williams-Sonoma, are higher because they are building extra profit into their pricing. Source: nytimes.com Share This:

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Bank of America profit climbs but trading slumps

“Bank of America Corp. said its third-quarter profit rose to $5.59 billion, despite trading headwinds” writes Rachel Louise for marketwatch.com. Quarterly profit at the second-largest U.S. bank by assets rose 13% from $4.96 billion a year earlier.Buffett has publicly praised Bank of America chief Brian Moynihan and said his firm plans to be a shareholder for a long time.The bank and other major lenders warned that trading revenue would be under pressure. Source: marketwatch.com Share This:

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PNC’s profit rises above expectations

“Commercial lending at the Pittsburgh-based company rose 7% to $148.5 billion, compared with $138.2 billion a year earlier” writes Allison Prang for marketwatch.com. Net interest income at the company rose 12% to $2.3 billion.Net income was $1.11 billion, or $2.16 diluted earnings per share, compared with $988 million, or $1.84 a share, a year earlier.The net interest margin expanded by 23 basis points to 2.91%.PNC Financial Services Group Inc. delivered a stronger third-quarter profit, bolstered by growth in commercial lending. Source: marketwatch.com Share This:

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Consumer banking powers Bank of America profit beat

“Revenue rose across three of BofA’s four main businesses, with consumer banking up 10 percent” reports foxbusiness.com. Adjusted trading revenue fell 15 percent, with revenue from fixed income trading down 22 percent.Benefiting from higher Federal Reserve interest rates, the lender’s net interest income rose 9.4 percent to $11.16 billion.Bank of America Corp’s (BAC) profit surged 15 percent in the third quarter as higher U.S. interest rates boosted income from consumer banking and the lender also met its own target on cost control. JPMorgan and Citigroup also reported declines in trading…

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Samsung Electronics sees deeper leadership vacuum after CEO resigns citing ‘unprecedented crisis’

“Kwon’s surprise resignation came on the same day Samsung forecast a record third-quarter operating profit, citing strong memory chip prices” writes Kukil Bora for ibtimes.co.in. Ahead of the announcement of Kwon’s resignation, Samsung Electronics said its third-quarter operating profit nearly tripled from a year earlier to a new record.According to the company, its operating profit during the period was likely 14.5 trillion won ($12.81 billion), beating market expectations for the quarter.The company said Kwon, who is one of three co-chief executives of Samsung Electronics, would not seek re-election as a…

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