Big financial names continued to roll out year-end earnings reports Tuesday , with Goldman Sachs, Morgan Stanely, Interactive Brokers and PNC Financial all on the calendar.
GS Stock
The lead-off batter, Dow Jones giant Goldman Sachs, reported revenue of $11.32 billion, up 6.9% and beating forecasts of $10.8 billion. Earnings jumped 65% to $5.48 per share. FactSet analysts expected earnings of $3.62 per share after cutting estimates from $6.67 per share in September.
Asset & wealth management and platform solutions revenue rose during the quarter, while global banking & markets revenue fell about 3%.
Goldman Sachs also reported $1 billion in share buybacks during the quarter.
GS stock ticked up a fraction Tuesday after reversing to a 0.4% loss premarket after results. Shares are trading near a 387.76 buy point in a three-weeks tight pattern.
Morgan Stanley
Morgan Stanley reported more than a 32% earnings decline to 85 cents per share, missing expectations of $1.07 per share. The earnings results included a $249 million one-time settlement regarding block-trading fraud charges and $286 million from a special FDIC assessment. The total amounted to a 28 cent per share hit to earnings results.
Q4 revenue increased about 1.2% to $12.89 billion, beating estimates of $12.77 billion. However, revenue growth slowed for the second quarter in a row.
Investment banking and wealth management revenues rose slightly, while Morgan Stanley's investment management revenue was essentially unchanged.
Morgan Stanley stock fell about 4.2% Tuesday, marking its fifth consecutive day of declines.
PNC Financial
PNC reported a 46.7% drop in earnings to $1.85 per share and missed predictions of $2.12 per share. Revenue declined roughly 7% to $5.36 billion, edging out forecasts of $5.3 billion. The results marked three consecutive quarters of declining earnings while revenue dropped for the second straight quarter.
PNC stock was flat Tuesday after slipping 2.4% in early trade.
Interactive Brokers
Greenwich, Conn.-based Interactive Brokers announced Q4 adjusted earnings of $1.52 per share, up nearly 17% from last year but just missing FactSet expectations of $1.53 per share. Revenue increased 16.6% to $1.139 billion, just beating forecasts of $1.137 billion.
Interactive Brokers' earnings and revenue growth both slowed over the past three quarters.
IBKR stock fell 2.8% late Tuesday after fading 1.3% during market hours. Shares are trading below an 89.72 buy point for a cup-with-handle base.
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