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Wed, Oct

Earnings live: Bank of America, LVMH, and ASML stocks jump on strong results

Earnings live: Bank of America, LVMH, and ASML stocks jump on strong results

Financial News
Earnings live: Bank of America, LVMH, and ASML stocks jump on strong results

The third quarter earnings season kicked off in earnest on Tuesday as the major Wall Street banks reported their quarterly results.

Coming into the quarter, analysts expect S&P 500 companies to report a 7.9% jump in earnings per share during the third quarter, according to FactSet data. If that figure holds, it would mark the ninth straight quarter of positive earnings growth but a deceleration from the 12% earnings growth reported in Q2 of this year.

Source: FactSet
Source: FactSet

On Tuesday, the major financial institutions will test those expectations when JPMorgan Chase (JPM), Goldman Sachs (GS), Wells Fargo (WFC), Citigroup (C), and BlackRock (BLK) report results. That initial slew of earnings will be followed by Bank of America (BAC), Morgan Stanley (MS), PNC (PNC), Synchrony Financial (SYF), and Citizens Financial Group (CFG) on Wednesday.

Earnings from Charles Schwab (SCHW), BNY Mellon (BK), and U.S. Bancorp (USB) will help round out the financial sector on Thursday, while the world's largest chipmaker — Taiwan Semiconductor Manufacturing Company (TSM) — will provide a closely watched update on its business and chip demand.

The weekly earnings calendar also features quarterly results from Fastenal (FAST), Johnson & Johnson (JNJ), Domino's (DPZ), Albertsons (ACI), Progressive (PGR), Abbott Laboratories (ABT), Prologis (PLD), United Airlines (UAL), Marsh & McLennan (MMC), Infosys (INFY), CSX (CSX), American Express (AXP), Truist (TFC), State Street (STT), and Ally Financial (ALLY).

Here are the latest updates from corporate America.

LIVE14 updates
  • Grace O'Donnell

    Abbott stock falls as earnings miss expectations

    Shares of pharmaceutical and medical device maker Abbott (ABT) fell 1% in premarket trading on Wednesday after earnings came in a tad light.

    The company reported diluted earnings per share of $0.94; the Street was looking for $1.04, according to S&P Global Market Intelligence. Revenue of $11.3 billion was roughly in line with Wall Street's estimates.

    Sales in Abbott's Nutrition segment rose 4.2%, propped up by 13.3% growth internationally. In the US, Nutrition sales fell 6.5%. Abbott makes products such as Pedialyte and Ensure.

    Its Diagnostics sales declined by 6.6% year over year, while sales of Established Pharmaceuticals, which are only sold internationally, rose 7.5%. Medical Device sales saw the greatest amount of growth, increasing by 14.8%.

  • Grace O'Donnell

    Wall Street boom boosts profits at Bank of America

    Yahoo Finance's David Hollerith reports:

    Read more here.

    Chairman and CEO of Bank of America Brian Moynihan visits Fox Business Network Studios on March 27, 2025, in New York City. (John Lamparski/Getty Images)
    Bank of America CEO Brian Moynihan noted strong fee improvements in the third quarter. (John Lamparski/Getty Images)·John Lamparski via Getty Images
  • Karen Friar

    LVMH stock jumps after surprising return to sales growth

    LVMH (MC.PA, LVMUY) unexpectedly reported a return to sales growth in its third quarter earnings, a sign the decline in luxury demand is easing.

    Paris-listed shares of the owner of Louis Vuitton and Christian Dior rose as much as 14% — the biggest intraday gain since 2001 — while its US-listed stock jumped around 9% in premarket.

    Reuters reports:

    Read more here.

  • Karen Friar

    Global AI rush helps ASML beat orders estimates, but China outlook dims

    ASML's (ASML, ASML.AS) orders topped estimates in the third quarter amid an AI investment boom, and the Dutch maker of chipmaking equipment said it expects to keep benefiting.

    Shares rose over 3% in premarket trading even after ASML also warned it expects Chinese demand to drop significantly next year,

    Reuters reports:

    Read more here.

  • Grace O'Donnell

    Citigroup Q3 results boosted by dealmaking and trading

    Citigroup (C) stock rose just under 1% on Tuesday morning as Wall Street banks benefited from dealmaking, mergers, and IPOs in the third quarter.

    Dealmaking fees at Citi jumped 17%, and traders in equities and fixed income generated $5.6 billion — 15% more than a year earlier, Yahoo Finance's David Hollerith reported.

    Meanwhile, Citi's total revenue grew 9% as all of its divisions set records for the quarter. Its net income for the third quarter was $3.8 billion, or $1.86 per diluted share, on revenue of $22.1 billion. A year ago, the bank reported net income of $3.2 billion, or $1.51 per diluted share, on revenue of $20.2 billion.

    "The cumulative effect of what we have done over the past years — our transformation, our refreshed strategy, our simplification — have put Citi in a materially different place in terms of our ability to compete," Citi CEO Jane Fraser said in a statement. "Investments in new products, digital assets and AI are driving innovation and improved capabilities across the franchise."

  • Grace O'Donnell

    Domino's stock rises on strong US pizza sales

    Shares of Domino's Pizza (DPZ) climbed nearly 5% in premarket trading after the pizza chain reported that US same-store sales accelerated by 5.2%.

    Domino's third quarter earnings and revenue also beat expectations, which CEO Russell Weiner attributed to promotional activity and a new stuffed-crust offering. Earnings per share came in at $4.08, topping estimates of $3.97, while revenue of $1.15 billion narrowly surpassed estimates of $1.14 billion.

    Year to date, Domino's stock is down 2%, however.

  • Grace O'Donnell

    Johnson & Johnson raises sales forecast, announces plans to spin off orthopedics unit

    Johnson & Johnson (JNJ) announced it plans to spin off its orthopedics business on Tuesday as the company reported better-than-expected earnings and raised its 2025 revenue guidance.

    J&J's orthopedics unit, which makes hip, knee, and shoulder implants, among other products, is expected to become an independent company called DePuy Synthes within the next 18 to 24 months.

    "We think this business will benefit from focused capital deployment and a focus in the competitive landscape. We think this positions both entities for success," CFO Joe Wolk told Yahoo Finance's Julie Hyman.

    For the quarter, J&J reported adjusted earnings per share of $2.80, compared to Wall Street estimates of $2.76.

    Pharmaceutical sales rose 6.8% year over year to $15.56 billion, while medical device sales also rose 6.8% to $8.43 billion. Oncology treatment sales hit $3.67 billion.

    Johnson & Johnson raised its 2025 sales forecast by about $300 million to a new range of $93.5 billion to $93.9 billion, above analysts' expectations of $93.4 billion.

    The stock ticked lower in premarket trading.

  • Brian Sozzi
    Brian Sozzi

    The impact of booming markets on a bank

    Greetings from Dreamforce out in San Francisco! I just can't help myself in weighing in on JPMorgan (JPM) earnings — indeed, these numbers in the markets business will be the gold standard for comparing to other banks in terms of third quarter performance.

    The numbers also offer a good snapshot into how surging markets are impacting banks. They show how performance like this is at risk if we get the long-overdue 3% pullback in markets in the fourth quarter.

    JPMorgan's markets performance:

  • Grace O'Donnell

    Wells Fargo boosts key profitability metric as asset cap removed

    Wells Fargo (WFC) posted third quarter results that beat analysts' expectations on Tuesday, lifting the stock over 2% in premarket trading.

    Bloomberg reports:

    Read more here.

  • Grace O'Donnell

    Wall Street bonanza boosts profits at JPMorgan

    JPMorgan Chase (JPM) stock edged lower after the major US bank reported that its profits climbed in the third quarter.

    Yahoo Finance's David Hollerith reports:

    Read more here.

  • Jenny McCall
    Jenny McCall

    BlackRock hauls in $205B as private assets accelerate

  • Jenny McCall
    Jenny McCall

    Ericsson shares rise after profit beat, plays down tariff impact

    Ericsson's (ERIC) shares surged by 14% on Tuesday after the Swedish telecommunications company beat forecasts for its quarterly earnings growth and also shrugged off US tariffs.

    Reuters reports:

    Read more here.

  • Grace O'Donnell

    Wall Street's biggest banks are riding high as earnings season begins

    Yahoo Finance's David Hollerith previews what to look for when the major Wall Street banks report earnings on Tuesday:

    Read more here.

  • Grace O'Donnell

    Analysts forecast 8% S&P 500 earnings growth for Q3. It's likely to be higher.

    Over the past four months, analysts have been revising their earnings per share estimates upward.

    As of Oct. 10, the estimated year-over-year earnings growth rate for the S&P 500 is 8%, according to FactSet research. At the end of June, analysts were predicting a growth rate of 7.3%.

    But as FactSet senior earnings analyst John Butters points out, most S&P 500 companies report earnings that surprise estimates to the upside. Butters notes that, based on the average improvement in the earnings growth rate during the earnings season, the S&P 500 is likely to report earnings growth in the double digits. He estimates an actual growth rate of 13%.

    As the chart below highlights, actual earnings for S&P 500 companies surpassed estimates in 37 of the past 40 quarters. The few exceptions were in Q1 2020, Q3 2022, and Q4 2022.

    (Chart: FactSet)
    (Chart: FactSet)

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