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BofA and Morgan Stanley Report Earnings Beat
Bank of America (BofA) reported Q4 2021 earnings that topped estimates. EPS came at $0.82 vs. $0.76 forecasted with net profits of $7bn, up 28% YoY. Revenues rose 10% YoY to $22.17bn. BofA released $851mn in reserves with provision for credit losses improving by...
United Beats on Q4 Earnings; Warns of Higher Costs in Q1
American carrier United Airlines reported stronger than expected earnings for Q4 ended December with revenues coming in at $8.19bn, above estimates of $7.96bn but 25% below Q4 2019 levels. Net loss for the airline narrowed to $646mn vs. a loss of $1.9bn in Q4 2020 and...
HY Index on the Verge of its Biggest Monthly Fall Since the Pandemic
The Bloomberg US Corporate HY Bond Index is already down 1.23% this month, its largest monthly fall since March 2020 when the pandemic began. At the current fall, this would see the index headed for its worst January performance in six years with US Treasury yields...
FWD Raises $200mn via pre-IPO Funding
Hong Kong insurer FWD raised $200mn in funding ahead of its planned Hong Kong IPO, as per two sources. The sources said that the funds were raised via a private placement with ORIX Corp and Huatai Securities Co. being two new investors. FWD has now raised $1.6bn in...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets dropped sharply after the long weekend with the S&P and Nasdaq down 1.8% and 2.6% on Tuesday. Barring Energy that was up 0.4%, all other sectors were in the red led by IT and Financials down 2.3-2.5%. US 10Y Treasury yields rose a further 4bp to...
Goldman Misses Earnings Estimates with Higher Expenses
Goldman Sachs reported its Q4 2021 earnings with mixed results - EPS came at $10.81/share, missing the $11.76 estimate with earnings of $3.94bn, down 13% YoY. Revenues however climbed 8% YoY to $12.6bn vs. estimates of $12.1bn. Its operating expenses jumped 23% due to...
Ford Sees $8.2bn Gain from Rivian Investment
Ford Motors gave a guidance for its Q4 results saying that it includes an $8.2bn gain on its investment in Rivian Automotive Inc., an American electric vehicle automaker and automotive technology company. Rivian debuted in public markets with a $12bn IPO in 2021 and a...
Agile Downgraded by Moody’s to B1; DaFa Flags Warns of Non-Payment on Dollar Bond
Moody's cut Chinese property developer Agile's corporate family rating to B1 from Ba2 and its senior unsecured rating to B2 from Ba3. This comes just a day after S&P downgraded Agile to B+ from BB-. Similar to most of the recent rating actions on Chinese...
UniCredit to Cut APAC Banking Services Presence
UniCredit said that it would stop basic banking services to APAC units of its European clients in an effort to streamline its international presence and operations besides cutting costs. It would close down its Tokyo, Shanghai and Singapore branches and only maintain...
