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The Market In 5 Minutes: JPMorgan, Wells Fargo And Citi Get The Earnings Party Started

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The Market In 5 Minutes: JPMorgan, Wells Fargo And Citi Get The Earnings Party Started

Below is a tool used by the Benzinga News Desk each trading day -- it's a look at everything happening in the market, in five minutes. Apply for daily AM access by clicking here or email minutes@benzinga.com.

Macro Focus

Futures for the Dow Jones Industrial Average climbed 91 points to 18,113.00, while the Standard & Poor’s 500 index futures gained 10.25 points to 2,136.50. Futures for the Nasdaq 100 index rose 21 points to 4,817.50.

Oil prices traded higher as Brent crude futures gained 0.71 percent to trade at $52.40 per barrel, while US WTI crude futures also rose 0.96 percent to trade at $51.34 a barrel.

USA Retail Sales Ex Auto & Gas (MoM) for Sep 0.50% vs -0.10% prior reading. USA PPI (MoM) for Sep 0.30% vs 0.20% consensus estimate. USA PPI (YoY) for Sep 0.70% vs 0.60% consensus estimate.

  • Data on business inventories for August will be released at 10:00 a.m. ET.
  • The University of Michigan's consumer sentiment index for October is schedule for release at 10:00 a.m. ET.
  • Federal Reserve Bank of Cleveland President Loretta Mester is set to speak in Cleveland at 12:00 p.m. ET.
  • Federal Reserve Chairman Janet Yellen will speak at the Boston Fed's 60th Economic Conference, "The Elusive Recovery" at 12:30 p.m. ET.
  • The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.
  • The U.S. Treasury budget data for September will be released at 2:00 p.m. ET.

BZ News Desk Focus

  • Wells Fargo (NYSE: WFC) Reports Q3 GAAP EPS $1.03 vs $1.01 Est., Sales $22.3B vs $22.2B Est.
  • Citi (NYSE: C) Reports Q3 GAAP EPS $1.24, EPS Excluding CVA/DVA $1.31 vs $1.16 Est., Adj. Sales $17.76B vs $17.34B Est.
  • JPMorgan (NYSE: JPM) Q3 EPS $1.58 vs. $1.39 Est., Revenue $25.5B vs $24.0B Est.
  • PNC (NYSE: PNC) Q3 EPS $1.84, Revenue $3.83B
  • Reed's (NYSE:NYSE) Reports Q3 EPS $(0.02) vs $(0.04) Est., Sales $12.3M vs $12.44M Est.
  • Del Friscos (NASDAQ: DFRG) Q3 EPS $0.04 vs $0.05 Est., Revenue $71.4M vs $73.2M Est.
  • ServiceMaster Global (NYSE: SERV) Reports Q3 Prelim. EPS $0.59 vs. Est. $0.63, Rev. $758M vs. $753M Est.

Sell-Side Themes

Piper Jaffray upgraded Under Armour (NYSE: UA) and Zumiez (NASDAQ: ZUMZ) to Overweight, and downgraded Estee Lauder (NYSE: EL) to Neutral.

Sell-Side's Most Noteworthy Calls

  • RBC downgraded Lear (NYSE: LEA) to Sector perform.
  • Berenberg downgraded Boston Beer (NYSE: SAM) to Sell.
  • Bank of America upgraded Terex (NYSE: TEX) to Buy.
  • Imperial started TASER (NASDAQ: TASR) at Outperform.
  • SunTrust started Stryker (NYSE: SYK) at Buy.

Deal Talk

Verizon's (NYSE: VZ) general counsel, Craig Silliman, said that Verizon has a "reasonable basis" to believe that Yahoo's (NASDAQ: YHOO) data breach of 500 million email accounts could create a material impact and trigger a clause that might permit Verizon to withdraw its $4.83 billion deal to acquire Yahoo, according to Reuters. Speaking to reporters, Silliman would not comment on whether the companies are discussing a renegotiation of the purchase price.

In The News

Donald Trump will broaden his attack on the media to hit globalism and the Clinton Foundation by charging that Mexican billionaire Carlos Slim is part of a biased coalition working with the Clinton campaign to generate reports of decades-old allegations from several women.

Kashagan, a vast oil field in the Caspian Sea, sent its first crude for export after about 16 years in development and more than $50 billion of investments. The venture loaded 26,500 metric tons of crude for export into the country’s pipelines. Of that, 7,700 tons was sent to the Caspian Pipeline Consortium. Reaching stable production will take “some time” as commissioning work continues both offshore and onshore, the ministry said.

Blogosphere

"Some investors and many people in the media tend not to understand the concept of secular bull markets and so they date the start of this one to March of 2009," writes Downtown Josh Brown. "They tell you it’s 'long in the tooth' and they count other bull markets that haven’t made it this many years in a row as evidence for why it should end soon. This is so wrong for so many reasons I can’t even get into them all."

Trending

JPM ACAD EGLT WFC C IBM ULTA INFY TWLO BABA PNC BAC INTC SPY

Happy #NationalDessertDay! What's your favorite sweet treat?

Guess This Chart

  • This consumer discretionary stock will report earnings Tuesday morning.
  • Analysts are looking for $0.64 EPS on $1.09 billion in revenue. Sympathy plays include Arctic Cat and Polaris.
  • This stock rallied in July after rumors swirled of takeover interest from KKR & Co.
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