Top Midday Stories: Big Bank Shares Down After Earnings Results; Trip.com Under Investigation by China's Market Regulator

MT Newswires Live01-15

All three major US stock indexes were down in late-morning trading Wednesday as more big banks reported their quarterly earnings results.

In company news, Bank of America (BAC) reported Q4 earnings Wednesday of $0.98 per diluted share, up from $0.83 a year earlier and above the FactSet consensus analyst estimate of $0.96. Q4 revenue was $28.37 billion, up from $26.48 billion a year ago and above the FactSet consensus of $27.76 billion. Bank of America shares were down 4.1% around midday.

Citigroup (C) reported Q4 net income Wednesday of $1.19 per diluted share, down from $1.34 a year earlier and below the FactSet consensus of $1.65. Q4 revenue was $19.87 billion, up from $19.47 billion a year ago but below the FactSet consensus estimate of $20.95 billion. Citigroup shares were down 3.3%.

Wells Fargo (WFC) reported Q4 net income Wednesday of $1.62 per diluted share, up from $1.43 a year earlier but below the FactSet consensus of $1.66. Q4 revenue was $21.29 billion, up from $20.38 billion a year ago but below the FactSet consensus of $21.65 billion. Wells Fargo shares were down 4.6%.

Trip.com (TCOM) said Wednesday it has received an investigation notice from China's State Administration for Market Regulations related to the nation's anti-monopoly law. The company is accused of abusing its dominant market position, news outlets reported, citing the regulator. Trip.com shares were down 17%.

Price: 52.12, Change: -2.43, Percent Change: -4.45

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment