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Poppymouse

Poppymouse

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2022-04-18

With the impending rise in interest rates, I don't really understand why bank stocks are dropping. Would love to hear where my reasoning is wrong..

Bank Earnings Recap: Good Times Are Coming to an End

2023-02-13

No rival in the west?? Dude - Ford??

Sorry, the original content has been removed

2023-07-14

Thankful

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rival in the west?? Dude - Ford??","listText":"No rival in the west?? Dude - Ford??","text":"No rival in the west?? Dude - Ford??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954884066","repostId":"1125252366","repostType":2,"repost":{"id":"1125252366","pubTimestamp":1676244856,"share":"https://ttm.financial/m/news/1125252366?lang=&edition=fundamental","pubTime":"2023-02-13 07:34","market":"us","language":"en","title":"Elon Musk Reveals a Tesla Secret","url":"https://stock-news.laohu8.com/highlight/detail?id=1125252366","media":"The Street","summary":"Electric vehicle maker has profit margins that rivals envy.","content":"<html><head></head><body><p>Tesla is often seen as a unique case in the automotive industry.</p><p>There is certainly the fact that the manufacturer of electric vehicles has managed to take a considerable lead over all its rivals in the West.</p><p>Its share in the global passenger electric vehicle market was 13% in the third quarter of 2022, according to Counterpoint. Volkswagen, the second western carmaker in terms of sales of passenger electric vehicles has only a market share of 4%.</p><p>Apart from the Chinese automakers, in particular BYD whose major shareholder is the legendary investor Warren Buffett, Tesla has almost no rival in the West. For many consumers in North America and Europe, electric vehicles sometimes come down to Tesla.</p><p>This domination is reflected not only in sales figures but above all in earnings. The Austin, Texas-based company has profit margins not found in the automotive industry. Such margins are found among tech groups.</p><h3>Tesla&#39;s Profit Margins</h3><p>Tesla&#39;s automotive gross margin was 28.5% last year, according to its annual report. To compare, Ford had an adjusted margin before interest and taxes of 6.6%, while GM said its adjusted Ebit margin in North America was 10.1% in 2022.</p><p>Between 2015–2020, the average profit margin for major automotive companies worldwide was nearly 7.5%, according to a report from ZT Corporate analyst Azhar Hirani.</p><p>&#34;Profitability varies from company to company, but generally, premium car brands, like BMW, will observe higher profit margins than general and budget brands,&#34; Hirani said. &#34;There are, however, exceptions to this rule, such as Volkswagen and Toyota, which both show potential for profitability.&#34;</p><p>More often than not, critics of Tesla and Musk point out that the company benefits from having lower costs than legacy carmakers. GM, Ford, Volkswagen and other carmakers have costs related to their manufacturing activities of gasoline cars. To this must be added the costs related to their dealer networks, etc. Tesla has no dealerships. The company sells its cars --- the Model 3 sedan, Model S sedan, Model Y SUV and Model X SUV --- directly to consumers. Tesla also does not advertise unlike its rivals who spend millions of dollars on marketing.</p><p>Last year, for example, Ford&#39;s total costs rose 15% last year, while GM&#39;s rose 24.4%. Tesla&#39;s operating expenses edged up 1.6%.</p><p>Musk, however, believes it&#39;s not just about reducing costs. For the billionaire, the secret of his firm&#39;s long-term profitability is also based on the product, in other words the vehicles developed. This is what he just said in a thread on Twitter.</p><p>&#34;Large incumbent carmakers sell their cars at low to zero true margin,&#34; posted, on Feb. 11, a Twitter account that regularly posts statements from the Techno king, as Musk is known at Tesla. &#34;Most of their profit is selling replacement parts to their fleet, of which 70% to 80% are past warranty. Like razors &amp; blades.&#34;</p><p>The statement ends with: &#34;New car companies lack this advantage. Also lack sales &amp; service infrastructure.&#34;</p><p>Musk made this statement on Sept. 6, 2021.</p><h3>Cash Machine</h3><p>When he revisited his own quote, Musk took the opportunity to elaborate further.</p><p>&#34;This is the fundamental reason why Tesla was the first new American car company to reach sustained positive cash flow since Chrysler ~100 years ago,&#34; the billionaire said on Feb. 11. &#34;The product has to be compelling enough to overcome a fundamental cost disadvantage.&#34;</p><p>Basically it&#39;s all about the car. It is true that the design of Tesla vehicles differs from other brands both outside and inside. The lines are pure and simple. The Tesla vehicle prides itself on offering a completely different experience to its users not only with its power and the technologies it embeds, but also with its sleek and slightly futuristic design, which breaks the stereotype of electric cars.</p><p>Tesla also relies heavily on interior volume and the unprecedented feeling of space.</p><p>In addition, Musk and Tesla innovated by introducing the over-the-air delivery of software updates in vehicles with new features and functionality. When an update comes available, vehicle owners are notified and given instructions on how to do it themselves. This keeps their vehicles up-to-date with the latest innovations and gives the car manufacturer a steady source of income through subscriptions for the service updates.</p><p>The automaker increased its free cash flow by 51% last year to $7.6 billion despite huge investments in new factories, factory expansion, and new tooling. As a result, the company&#39;s total cash and investments increased $1.1 billion sequentially in Q4 to $22.2 billion.</p><p>Tesla therefore has an important war chest in case of need.</p><p>&#34;We have sufficient liquidity to fund our product roadmap, long-term capacity expansion plans and other expenses,&#34; the carmaker said on Jan. 25. &#34;Furthermore, we will manage the business such that we maintain a strong balance sheet during this uncertain period.&#34;</p></body></html>","source":"thestreet_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Reveals a Tesla Secret</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Reveals a Tesla Secret\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-02-13 07:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/technology/elon-musk-reveals-a-tesla-secret><strong>The Street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla is often seen as a unique case in the automotive industry.There is certainly the fact that the manufacturer of electric vehicles has managed to take a considerable lead over all its rivals in ...</p>\n\n<a href=\"https://www.thestreet.com/technology/elon-musk-reveals-a-tesla-secret\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.thestreet.com/technology/elon-musk-reveals-a-tesla-secret","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125252366","content_text":"Tesla is often seen as a unique case in the automotive industry.There is certainly the fact that the manufacturer of electric vehicles has managed to take a considerable lead over all its rivals in the West.Its share in the global passenger electric vehicle market was 13% in the third quarter of 2022, according to Counterpoint. Volkswagen, the second western carmaker in terms of sales of passenger electric vehicles has only a market share of 4%.Apart from the Chinese automakers, in particular BYD whose major shareholder is the legendary investor Warren Buffett, Tesla has almost no rival in the West. For many consumers in North America and Europe, electric vehicles sometimes come down to Tesla.This domination is reflected not only in sales figures but above all in earnings. The Austin, Texas-based company has profit margins not found in the automotive industry. Such margins are found among tech groups.Tesla's Profit MarginsTesla's automotive gross margin was 28.5% last year, according to its annual report. To compare, Ford had an adjusted margin before interest and taxes of 6.6%, while GM said its adjusted Ebit margin in North America was 10.1% in 2022.Between 2015–2020, the average profit margin for major automotive companies worldwide was nearly 7.5%, according to a report from ZT Corporate analyst Azhar Hirani.\"Profitability varies from company to company, but generally, premium car brands, like BMW, will observe higher profit margins than general and budget brands,\" Hirani said. \"There are, however, exceptions to this rule, such as Volkswagen and Toyota, which both show potential for profitability.\"More often than not, critics of Tesla and Musk point out that the company benefits from having lower costs than legacy carmakers. GM, Ford, Volkswagen and other carmakers have costs related to their manufacturing activities of gasoline cars. To this must be added the costs related to their dealer networks, etc. Tesla has no dealerships. The company sells its cars --- the Model 3 sedan, Model S sedan, Model Y SUV and Model X SUV --- directly to consumers. Tesla also does not advertise unlike its rivals who spend millions of dollars on marketing.Last year, for example, Ford's total costs rose 15% last year, while GM's rose 24.4%. Tesla's operating expenses edged up 1.6%.Musk, however, believes it's not just about reducing costs. For the billionaire, the secret of his firm's long-term profitability is also based on the product, in other words the vehicles developed. This is what he just said in a thread on Twitter.\"Large incumbent carmakers sell their cars at low to zero true margin,\" posted, on Feb. 11, a Twitter account that regularly posts statements from the Techno king, as Musk is known at Tesla. \"Most of their profit is selling replacement parts to their fleet, of which 70% to 80% are past warranty. Like razors & blades.\"The statement ends with: \"New car companies lack this advantage. Also lack sales & service infrastructure.\"Musk made this statement on Sept. 6, 2021.Cash MachineWhen he revisited his own quote, Musk took the opportunity to elaborate further.\"This is the fundamental reason why Tesla was the first new American car company to reach sustained positive cash flow since Chrysler ~100 years ago,\" the billionaire said on Feb. 11. \"The product has to be compelling enough to overcome a fundamental cost disadvantage.\"Basically it's all about the car. It is true that the design of Tesla vehicles differs from other brands both outside and inside. The lines are pure and simple. The Tesla vehicle prides itself on offering a completely different experience to its users not only with its power and the technologies it embeds, but also with its sleek and slightly futuristic design, which breaks the stereotype of electric cars.Tesla also relies heavily on interior volume and the unprecedented feeling of space.In addition, Musk and Tesla innovated by introducing the over-the-air delivery of software updates in vehicles with new features and functionality. When an update comes available, vehicle owners are notified and given instructions on how to do it themselves. This keeps their vehicles up-to-date with the latest innovations and gives the car manufacturer a steady source of income through subscriptions for the service updates.The automaker increased its free cash flow by 51% last year to $7.6 billion despite huge investments in new factories, factory expansion, and new tooling. As a result, the company's total cash and investments increased $1.1 billion sequentially in Q4 to $22.2 billion.Tesla therefore has an important war chest in case of need.\"We have sufficient liquidity to fund our product roadmap, long-term capacity expansion plans and other expenses,\" the carmaker said on Jan. 25. \"Furthermore, we will manage the business such that we maintain a strong balance sheet during this uncertain period.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":26,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9081723928,"gmtCreate":1650282559924,"gmtModify":1676534685672,"author":{"id":"4106831455803910","authorId":"4106831455803910","authorIdStr":"4106831455803910","name":"Poppymouse","avatar":"https://community-static.tradeup.com/news/ecbb8e3c709f4f0851a459f2b30bfdbe","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4106831455803910"},"themes":[],"htmlText":"With the impending rise in interest rates, I don't really understand why bank stocks are dropping. Would love to hear where my reasoning is wrong..","listText":"With the impending rise in interest rates, I don't really understand why bank stocks are dropping. Would love to hear where my reasoning is wrong..","text":"With the impending rise in interest rates, I don't really understand why bank stocks are dropping. Would love to hear where my reasoning is wrong..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9081723928","repostId":"1163973655","repostType":2,"isVote":1,"tweetType":1,"viewCount":135,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4106831455803910","authorId":"4106831455803910","authorIdStr":"4106831455803910","name":"Poppymouse","avatar":"https://community-static.tradeup.com/news/ecbb8e3c709f4f0851a459f2b30bfdbe","crmLevel":5,"crmLevelSwitch":1,"idStr":"4106831455803910"},"content":"Was expecting an earlier strong upward price movement as expected interest rate hikes get priced in..","text":"Was expecting an earlier strong upward price movement as expected interest rate hikes get priced in..","html":"Was expecting an earlier strong upward price movement as expected interest rate hikes get priced in.."}],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9081723928,"gmtCreate":1650282559924,"gmtModify":1676534685672,"author":{"id":"4106831455803910","authorId":"4106831455803910","authorIdStr":"4106831455803910","name":"Poppymouse","avatar":"https://community-static.tradeup.com/news/ecbb8e3c709f4f0851a459f2b30bfdbe","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4106831455803910"},"themes":[],"htmlText":"With the impending rise in interest rates, I don't really understand why bank stocks are dropping. Would love to hear where my reasoning is wrong..","listText":"With the impending rise in interest rates, I don't really understand why bank stocks are dropping. Would love to hear where my reasoning is wrong..","text":"With the impending rise in interest rates, I don't really understand why bank stocks are dropping. Would love to hear where my reasoning is wrong..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9081723928","repostId":"1163973655","repostType":2,"repost":{"id":"1163973655","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1650281523,"share":"https://ttm.financial/m/news/1163973655?lang=&edition=fundamental","pubTime":"2022-04-18 19:32","market":"us","language":"en","title":"Bank Earnings Recap: Good Times Are Coming to an End","url":"https://stock-news.laohu8.com/highlight/detail?id=1163973655","media":"Tiger Newspress","summary":"Wall Street's biggest players have had a rough start to the year.All of the biggest US banks saw pro","content":"<html><head></head><body><p>Wall Street&#39;s biggest players have had a rough start to the year.</p><p>All of the biggest US banks saw profits take a hit in the first three months of 2022, ending a pandemic-era boom.</p><p>Citi, Goldman Sachs, Morgan Stanley and Wells Fargo all announced large year-over-year profit declines in their first-quarter earnings reports, joining JPMorgan Chase, which announced that its first-quarter profit fell 42%.</p><p>Citi saw a drop of 46%, Goldman Sachs fell 42%, Morgan Stanley dropped 11%, Wells Fargo fell 21% and Bank of America lost 12%.</p><p><img src=\"https://static.tigerbbs.com/cd14ed570a134e3629931edddce287b6\" tg-width=\"1491\" tg-height=\"1529\" width=\"100%\" height=\"auto\"/></p><p>In each report, the sprawling financial entities most certainly carry important insights not only into the health of the financial system, but the overall U.S. economy that is now potentially headed toward a recession in the near future.</p><p>With JPMorgan declaring &#34;it&#39;s a fact&#34; that &#34;storm clouds&#34; are on the horizon, there is good reason to parse each of the results and discern economic signals from individual firm execution.</p><p><b>Rollercoaster Results</b></p><p>The slew of important prints hitting the presses began on last Wednesday with JPMorgan&#39;s disappointing results, which signal dark clouds on the horizon.</p><p>In each case, headline figures came in below Wall Street expectations.</p><p>For JPMorgan, the issue was apparent in profitability, while Wells failed to reach previously expected revenue results. Much of the disappointment was blamed on Ukraine war, rising inflation, and preparation on the part of each bank to steel themselves ahead of expected market downturns.</p><p>&#34;We&#39;ve built $902 million in reserves, driven by increasing the probability of downside risks due to high inflation and the war in Ukraine, as well as builds for Russia-associated exposures, and [Corporate &amp; Investment Banking] and [Asset &amp; Wealth Management],&#34; JPMorgan CFO Jeremy Barnum told analysts.</p><p>While loan growth and an increase in deposits were pointed to as bright spots, these were not enough to overcome significant declines in revenue from investment banking and equity underwriting.</p><p>The results for Wells Fargo were even more troubling, as the Main Street-focused bank took a big hit from expenses related to the bank&#39;s checkered past which exacerbated the impact of underwhelming net income figures. Further, much like JPMorgan before it, CEO Charlie Scharf warned about recession risks on the horizon.</p><p>&#34;Our internal indicators continue to point towards the strength of our customers&#39; financial position, but the Federal Reserve has made it clear that it will take actions necessary to reduce inflation and this will certainly reduce economic growth,&#34; Scharf said in a prepared statement. &#34;In addition, the war in Ukraine adds additional risk.&#34;</p><p>As WFC shares fell in Thursday&#39;s session, the lackluster results are leaving investors less than pleased.</p><p>However, not all banks were so downbeat. In fact, Citi, Goldman Sachs, and Morgan Stanley quickly shrugged off this trend, far surpassing expectations and sending their shares skyward to start the shortened last week&#39;s final trading day.</p><p>While both Goldman and Citi noted the same significant impacts to Wall Street-focused divisions like investment banking as their underperforming contemporaries, CEOs across the board touted their resilience even amidst these headwinds. This resilience allowed each to top analyst estimates and shift pessimistic sentiment on the big banks to a notable degree.</p><p>&#34;Despite the environment, our results in the quarter show we continued to effectively support our clients and I am encouraged that our more resilient and diversified franchise can generate solid returns in uncertain markets,&#34; Goldman Sachs CEO David Solomon told analysts.</p><p><b>Trading Tells the Tale</b></p><p>Solomon may be underselling the key aspect in earnings that bifurcated the trajectory of banking stocks, however. That aspect was clearly the trading divisions of each firm, with some more capable of capitalizing on volatility than others, overcoming consistent issues apparent across the industry.</p><p>&#34;In Markets, our traders navigated the environment quite well, aided by our mix, with strong gains in FX and commodities,&#34; Citi CEO Jane Fraser said, speaking to this crucial cushion.</p><p>The firm reported a jump in fixed-income revenue from $2.43 billion in the fourth quarter of 2021 to $4.3 billion in the reported quarter. Meanwhile, equity trading income trended upward to over $1.5 billion from just over $900 million in the prior-year quarter. This was a crucial respite from concerns that have boiled over at Citi given its sprawling international interests, making it one of the hardest-hit U.S. banks from Russia&#39;s invasion of Ukraine.</p><p>Goldman&#39;s results reflected the same dynamic, with fixed-income trading clearing the bar set by analysts by $1.7 billion and equities trading eclipsing expectations by more than $500 million. In this case, the trading windfall far outpaced a fall in deal-flow as SPAC popularity rapidly subsided.</p><p>Finally, Morgan Stanley showed its prowess in trading and utilized these specific results to blow away top-line and bottom-line expectations. For the quarter, equity trading revenue reached $3.2 billion, $500 million above estimates, while fixed-income results soared about $700 million above analyst forecasts.</p><p>Additionally, wealth management, which now includes the ETrade platform was also cited as an area of strength by CEO James Gorman.</p><p>&#34;Wealth Management&#39;s margin proved resilient and the business added $142 billion net new assets in the quarter, and Investment Management benefited from its diversification,&#34; he said in a statement. &#34;The quarter&#39;s results affirm our sustainable business model is well-positioned to drive growth over the long term.&#34;</p><p><b>Recession Risks, Rising Rates</b></p><p>Yet, in the end, the bank earnings all appear to be showing investors the basic Federal Reserve-related dynamic that could define the trend for all banking stocks. That, of course, is still-increasing inflation and the ensuing Fed response.</p><p>At present, many of the banks benefiting from the current environment are not only succeeding in trading departments, but also eager to rise with the tide of interest rates. Historically, rising interest rates are a boon to big banks for a myriad of reasons.</p><p>Analysts on Wall Street are most certainly cognizant of this trend. In fact, just this week, Bank of America (BAC) analyst Keith Horowitz upgraded Wells Fargo to a &#34;Buy&#34; on the expectation that it could benefit greatly from a rising rate environment.</p><p>The question is about just how quickly the Fed will be forced to move. While banks are eager to increase margins with interest-rate hikes, a raise too steep can curtail any benefit by adversely impacting the economy overall.</p><p>JPMorgan CFO Jeremy Barnum was perhaps the most straightforward in outlining how persistently high inflation could soon trigger a full recession.</p><p>He explained that the bank is forecasting a heightened probability of a &#34;Volcker-style, Fed-induced recession in response to the current inflationary environment...driven by commodity price increases, which are in part driven by the war in Ukraine.&#34;</p><p>As that war continues and sends gas prices skyward while COVID-19 lockdowns continue, supply-chain problems look as though they will persist for quite some time. With historic levels of inflation flowing through in CPI data in recent months, the Fed may well be encouraged to quicken their pace.</p><p>If this is the case, JPMorgan&#39;s &#34;storm cloud&#34; forecasts and preparation for such a rainy day may prove prescient. At the very least, investors in financials will need to remain vigilant as trading benefits from volatility might not shore up earnings results should such a scenario play out.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bank Earnings Recap: Good Times Are Coming to an End</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBank Earnings Recap: Good Times Are Coming to an End\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-04-18 19:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Wall Street&#39;s biggest players have had a rough start to the year.</p><p>All of the biggest US banks saw profits take a hit in the first three months of 2022, ending a pandemic-era boom.</p><p>Citi, Goldman Sachs, Morgan Stanley and Wells Fargo all announced large year-over-year profit declines in their first-quarter earnings reports, joining JPMorgan Chase, which announced that its first-quarter profit fell 42%.</p><p>Citi saw a drop of 46%, Goldman Sachs fell 42%, Morgan Stanley dropped 11%, Wells Fargo fell 21% and Bank of America lost 12%.</p><p><img src=\"https://static.tigerbbs.com/cd14ed570a134e3629931edddce287b6\" tg-width=\"1491\" tg-height=\"1529\" width=\"100%\" height=\"auto\"/></p><p>In each report, the sprawling financial entities most certainly carry important insights not only into the health of the financial system, but the overall U.S. economy that is now potentially headed toward a recession in the near future.</p><p>With JPMorgan declaring &#34;it&#39;s a fact&#34; that &#34;storm clouds&#34; are on the horizon, there is good reason to parse each of the results and discern economic signals from individual firm execution.</p><p><b>Rollercoaster Results</b></p><p>The slew of important prints hitting the presses began on last Wednesday with JPMorgan&#39;s disappointing results, which signal dark clouds on the horizon.</p><p>In each case, headline figures came in below Wall Street expectations.</p><p>For JPMorgan, the issue was apparent in profitability, while Wells failed to reach previously expected revenue results. Much of the disappointment was blamed on Ukraine war, rising inflation, and preparation on the part of each bank to steel themselves ahead of expected market downturns.</p><p>&#34;We&#39;ve built $902 million in reserves, driven by increasing the probability of downside risks due to high inflation and the war in Ukraine, as well as builds for Russia-associated exposures, and [Corporate &amp; Investment Banking] and [Asset &amp; Wealth Management],&#34; JPMorgan CFO Jeremy Barnum told analysts.</p><p>While loan growth and an increase in deposits were pointed to as bright spots, these were not enough to overcome significant declines in revenue from investment banking and equity underwriting.</p><p>The results for Wells Fargo were even more troubling, as the Main Street-focused bank took a big hit from expenses related to the bank&#39;s checkered past which exacerbated the impact of underwhelming net income figures. Further, much like JPMorgan before it, CEO Charlie Scharf warned about recession risks on the horizon.</p><p>&#34;Our internal indicators continue to point towards the strength of our customers&#39; financial position, but the Federal Reserve has made it clear that it will take actions necessary to reduce inflation and this will certainly reduce economic growth,&#34; Scharf said in a prepared statement. &#34;In addition, the war in Ukraine adds additional risk.&#34;</p><p>As WFC shares fell in Thursday&#39;s session, the lackluster results are leaving investors less than pleased.</p><p>However, not all banks were so downbeat. In fact, Citi, Goldman Sachs, and Morgan Stanley quickly shrugged off this trend, far surpassing expectations and sending their shares skyward to start the shortened last week&#39;s final trading day.</p><p>While both Goldman and Citi noted the same significant impacts to Wall Street-focused divisions like investment banking as their underperforming contemporaries, CEOs across the board touted their resilience even amidst these headwinds. This resilience allowed each to top analyst estimates and shift pessimistic sentiment on the big banks to a notable degree.</p><p>&#34;Despite the environment, our results in the quarter show we continued to effectively support our clients and I am encouraged that our more resilient and diversified franchise can generate solid returns in uncertain markets,&#34; Goldman Sachs CEO David Solomon told analysts.</p><p><b>Trading Tells the Tale</b></p><p>Solomon may be underselling the key aspect in earnings that bifurcated the trajectory of banking stocks, however. That aspect was clearly the trading divisions of each firm, with some more capable of capitalizing on volatility than others, overcoming consistent issues apparent across the industry.</p><p>&#34;In Markets, our traders navigated the environment quite well, aided by our mix, with strong gains in FX and commodities,&#34; Citi CEO Jane Fraser said, speaking to this crucial cushion.</p><p>The firm reported a jump in fixed-income revenue from $2.43 billion in the fourth quarter of 2021 to $4.3 billion in the reported quarter. Meanwhile, equity trading income trended upward to over $1.5 billion from just over $900 million in the prior-year quarter. This was a crucial respite from concerns that have boiled over at Citi given its sprawling international interests, making it one of the hardest-hit U.S. banks from Russia&#39;s invasion of Ukraine.</p><p>Goldman&#39;s results reflected the same dynamic, with fixed-income trading clearing the bar set by analysts by $1.7 billion and equities trading eclipsing expectations by more than $500 million. In this case, the trading windfall far outpaced a fall in deal-flow as SPAC popularity rapidly subsided.</p><p>Finally, Morgan Stanley showed its prowess in trading and utilized these specific results to blow away top-line and bottom-line expectations. For the quarter, equity trading revenue reached $3.2 billion, $500 million above estimates, while fixed-income results soared about $700 million above analyst forecasts.</p><p>Additionally, wealth management, which now includes the ETrade platform was also cited as an area of strength by CEO James Gorman.</p><p>&#34;Wealth Management&#39;s margin proved resilient and the business added $142 billion net new assets in the quarter, and Investment Management benefited from its diversification,&#34; he said in a statement. &#34;The quarter&#39;s results affirm our sustainable business model is well-positioned to drive growth over the long term.&#34;</p><p><b>Recession Risks, Rising Rates</b></p><p>Yet, in the end, the bank earnings all appear to be showing investors the basic Federal Reserve-related dynamic that could define the trend for all banking stocks. That, of course, is still-increasing inflation and the ensuing Fed response.</p><p>At present, many of the banks benefiting from the current environment are not only succeeding in trading departments, but also eager to rise with the tide of interest rates. Historically, rising interest rates are a boon to big banks for a myriad of reasons.</p><p>Analysts on Wall Street are most certainly cognizant of this trend. In fact, just this week, Bank of America (BAC) analyst Keith Horowitz upgraded Wells Fargo to a &#34;Buy&#34; on the expectation that it could benefit greatly from a rising rate environment.</p><p>The question is about just how quickly the Fed will be forced to move. While banks are eager to increase margins with interest-rate hikes, a raise too steep can curtail any benefit by adversely impacting the economy overall.</p><p>JPMorgan CFO Jeremy Barnum was perhaps the most straightforward in outlining how persistently high inflation could soon trigger a full recession.</p><p>He explained that the bank is forecasting a heightened probability of a &#34;Volcker-style, Fed-induced recession in response to the current inflationary environment...driven by commodity price increases, which are in part driven by the war in Ukraine.&#34;</p><p>As that war continues and sends gas prices skyward while COVID-19 lockdowns continue, supply-chain problems look as though they will persist for quite some time. With historic levels of inflation flowing through in CPI data in recent months, the Fed may well be encouraged to quicken their pace.</p><p>If this is the case, JPMorgan&#39;s &#34;storm cloud&#34; forecasts and preparation for such a rainy day may prove prescient. At the very least, investors in financials will need to remain vigilant as trading benefits from volatility might not shore up earnings results should such a scenario play out.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛","JPM":"摩根大通","WFC":"富国银行","MS":"摩根士丹利","C":"花旗","BAC":"美国银行"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163973655","content_text":"Wall Street's biggest players have had a rough start to the year.All of the biggest US banks saw profits take a hit in the first three months of 2022, ending a pandemic-era boom.Citi, Goldman Sachs, Morgan Stanley and Wells Fargo all announced large year-over-year profit declines in their first-quarter earnings reports, joining JPMorgan Chase, which announced that its first-quarter profit fell 42%.Citi saw a drop of 46%, Goldman Sachs fell 42%, Morgan Stanley dropped 11%, Wells Fargo fell 21% and Bank of America lost 12%.In each report, the sprawling financial entities most certainly carry important insights not only into the health of the financial system, but the overall U.S. economy that is now potentially headed toward a recession in the near future.With JPMorgan declaring \"it's a fact\" that \"storm clouds\" are on the horizon, there is good reason to parse each of the results and discern economic signals from individual firm execution.Rollercoaster ResultsThe slew of important prints hitting the presses began on last Wednesday with JPMorgan's disappointing results, which signal dark clouds on the horizon.In each case, headline figures came in below Wall Street expectations.For JPMorgan, the issue was apparent in profitability, while Wells failed to reach previously expected revenue results. Much of the disappointment was blamed on Ukraine war, rising inflation, and preparation on the part of each bank to steel themselves ahead of expected market downturns.\"We've built $902 million in reserves, driven by increasing the probability of downside risks due to high inflation and the war in Ukraine, as well as builds for Russia-associated exposures, and [Corporate & Investment Banking] and [Asset & Wealth Management],\" JPMorgan CFO Jeremy Barnum told analysts.While loan growth and an increase in deposits were pointed to as bright spots, these were not enough to overcome significant declines in revenue from investment banking and equity underwriting.The results for Wells Fargo were even more troubling, as the Main Street-focused bank took a big hit from expenses related to the bank's checkered past which exacerbated the impact of underwhelming net income figures. Further, much like JPMorgan before it, CEO Charlie Scharf warned about recession risks on the horizon.\"Our internal indicators continue to point towards the strength of our customers' financial position, but the Federal Reserve has made it clear that it will take actions necessary to reduce inflation and this will certainly reduce economic growth,\" Scharf said in a prepared statement. \"In addition, the war in Ukraine adds additional risk.\"As WFC shares fell in Thursday's session, the lackluster results are leaving investors less than pleased.However, not all banks were so downbeat. In fact, Citi, Goldman Sachs, and Morgan Stanley quickly shrugged off this trend, far surpassing expectations and sending their shares skyward to start the shortened last week's final trading day.While both Goldman and Citi noted the same significant impacts to Wall Street-focused divisions like investment banking as their underperforming contemporaries, CEOs across the board touted their resilience even amidst these headwinds. This resilience allowed each to top analyst estimates and shift pessimistic sentiment on the big banks to a notable degree.\"Despite the environment, our results in the quarter show we continued to effectively support our clients and I am encouraged that our more resilient and diversified franchise can generate solid returns in uncertain markets,\" Goldman Sachs CEO David Solomon told analysts.Trading Tells the TaleSolomon may be underselling the key aspect in earnings that bifurcated the trajectory of banking stocks, however. That aspect was clearly the trading divisions of each firm, with some more capable of capitalizing on volatility than others, overcoming consistent issues apparent across the industry.\"In Markets, our traders navigated the environment quite well, aided by our mix, with strong gains in FX and commodities,\" Citi CEO Jane Fraser said, speaking to this crucial cushion.The firm reported a jump in fixed-income revenue from $2.43 billion in the fourth quarter of 2021 to $4.3 billion in the reported quarter. Meanwhile, equity trading income trended upward to over $1.5 billion from just over $900 million in the prior-year quarter. This was a crucial respite from concerns that have boiled over at Citi given its sprawling international interests, making it one of the hardest-hit U.S. banks from Russia's invasion of Ukraine.Goldman's results reflected the same dynamic, with fixed-income trading clearing the bar set by analysts by $1.7 billion and equities trading eclipsing expectations by more than $500 million. In this case, the trading windfall far outpaced a fall in deal-flow as SPAC popularity rapidly subsided.Finally, Morgan Stanley showed its prowess in trading and utilized these specific results to blow away top-line and bottom-line expectations. For the quarter, equity trading revenue reached $3.2 billion, $500 million above estimates, while fixed-income results soared about $700 million above analyst forecasts.Additionally, wealth management, which now includes the ETrade platform was also cited as an area of strength by CEO James Gorman.\"Wealth Management's margin proved resilient and the business added $142 billion net new assets in the quarter, and Investment Management benefited from its diversification,\" he said in a statement. \"The quarter's results affirm our sustainable business model is well-positioned to drive growth over the long term.\"Recession Risks, Rising RatesYet, in the end, the bank earnings all appear to be showing investors the basic Federal Reserve-related dynamic that could define the trend for all banking stocks. That, of course, is still-increasing inflation and the ensuing Fed response.At present, many of the banks benefiting from the current environment are not only succeeding in trading departments, but also eager to rise with the tide of interest rates. Historically, rising interest rates are a boon to big banks for a myriad of reasons.Analysts on Wall Street are most certainly cognizant of this trend. In fact, just this week, Bank of America (BAC) analyst Keith Horowitz upgraded Wells Fargo to a \"Buy\" on the expectation that it could benefit greatly from a rising rate environment.The question is about just how quickly the Fed will be forced to move. While banks are eager to increase margins with interest-rate hikes, a raise too steep can curtail any benefit by adversely impacting the economy overall.JPMorgan CFO Jeremy Barnum was perhaps the most straightforward in outlining how persistently high inflation could soon trigger a full recession.He explained that the bank is forecasting a heightened probability of a \"Volcker-style, Fed-induced recession in response to the current inflationary environment...driven by commodity price increases, which are in part driven by the war in Ukraine.\"As that war continues and sends gas prices skyward while COVID-19 lockdowns continue, supply-chain problems look as though they will persist for quite some time. With historic levels of inflation flowing through in CPI data in recent months, the Fed may well be encouraged to quicken their pace.If this is the case, JPMorgan's \"storm cloud\" forecasts and preparation for such a rainy day may prove prescient. At the very least, investors in financials will need to remain vigilant as trading benefits from volatility might not shore up earnings results should such a scenario play out.","news_type":1},"isVote":1,"tweetType":1,"viewCount":135,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4106831455803910","authorId":"4106831455803910","authorIdStr":"4106831455803910","name":"Poppymouse","avatar":"https://community-static.tradeup.com/news/ecbb8e3c709f4f0851a459f2b30bfdbe","crmLevel":5,"crmLevelSwitch":1,"idStr":"4106831455803910"},"content":"Was expecting an earlier strong upward price movement as expected interest rate hikes get priced in..","text":"Was expecting an earlier strong upward price movement as expected interest rate hikes get priced in..","html":"Was expecting an earlier strong upward price movement as expected interest rate hikes get priced in.."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9954884066,"gmtCreate":1676245871056,"gmtModify":1676250799939,"author":{"id":"4106831455803910","authorId":"4106831455803910","authorIdStr":"4106831455803910","name":"Poppymouse","avatar":"https://community-static.tradeup.com/news/ecbb8e3c709f4f0851a459f2b30bfdbe","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4106831455803910"},"themes":[],"htmlText":"No rival in the west?? Dude - Ford??","listText":"No rival in the west?? Dude - Ford??","text":"No rival in the west?? Dude - Ford??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954884066","repostId":"1125252366","repostType":2,"isVote":1,"tweetType":1,"viewCount":26,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197836431757424,"gmtCreate":1689334277790,"gmtModify":1689339719279,"author":{"id":"4106831455803910","authorId":"4106831455803910","authorIdStr":"4106831455803910","name":"Poppymouse","avatar":"https://community-static.tradeup.com/news/ecbb8e3c709f4f0851a459f2b30bfdbe","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4106831455803910"},"themes":[],"htmlText":"Thankful","listText":"Thankful","text":"Thankful","images":[{"img":"https://community-static.tradeup.com/news/7624f981bb291d993c44f196b1a5068d","width":"1125","height":"1476"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/197836431757424","isVote":1,"tweetType":1,"viewCount":16,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}