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Wall Street gains to end the week
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Results season starts on a strong note
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UBS raises recommendation on Microsoft shares (MSFT.US)
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Coinbase (COIN.US) gains on wave of Ripple win with SEC
This week's final trading session on Wall Street began with indexes rallying, responding positively to incoming quarterly data from Wall Street companies. The current leader of the increases is the Dow Jones adding 0.5%, closely followed by the NASDAQ adding 0.4%. The earnings season is off to a strong start, however, the overall season for Q2 is expected to see earnings fall close to 7% year-over-year.
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Open account Try demo Download mobile app Download mobile appS&P 500 Index categorised by sector and industry. Size denotes market capitalisation. Source: xStation5
The US500 Index is gaining nearly 0.31% early in today's session and is climbing to new local highs. Source: xStation 5
Company news:
Results from JP Morgan (JPM.US), Citigroup (C.US) and WellsFargo (WFC.US) can be found here!
BlackRock (BLK.US), the world's largest asset manager, reported a 25% increase in adjusted earnings in the second quarter, benefiting from investor contributions to its various market funds. On an adjusted basis, BlackRock earned $1.4 billion, or $9.28 per share, compared to $1.1 billion, or $7.36 per share, reported a year earlier. The company ended the second quarter with $9.4 trillion in assets under management, up from $8.5 trillion a year earlier and more than $9.1 trillion in the first quarter of this year. Revenues at BlackRock fell 1.4 per cent to $4.4 billion from a year earlier, driven by the impact of market movements on average AUM over the past 12 months. The company's shares are not seeing much of a bounce early in the session.
BlackRock (BLK.US) shares are climbing at the start of the session to the area of resistance set by the 50% Fibo elimination of the downward wave initiated in the first half of November 2021. Source: xStation 5
UnitedHealth Group (UNH.US) is gaining 4 per cent early in the session after the company reported quarterly profit above estimates due to lower-than-expected medical costs, allaying some fears that a surge in non-urgent procedures would impact earnings growth. The company reported adjusted earnings of $6.14 per share for the second quarter ended 30 June, above analysts' expectations of $5.99. It now expects annual earnings between US$24.70 and US$25 per share, raising the low end of its previous forecast from US$24.50 to US$25 per share.
The company's shares started today's session with a near 3.5% upward gap. Source: xStation 5
Coinbase (COIN.US) is gaining more than 5% in today's session after a landmark legal victory in a closely watched lawsuit involving Ripple Lab.
Coinbase (COIN.US) share chart. Source: xStation 5
UBS raised its recommendation on shares of Microsoft (MSFT.US) to a 'buy' rating from an earlier 'hold', The target price was set at $400. The stock is gaining nearly 2% early in the session.
Microsoft (MSFT.US) is climbing towards its historical highs. Source: xStation 5
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