Among the 79 or so second quarter earnings reports released on Tuesday, one of particular note was that of Capital One, the credit card and banking behemoth of "last resort" for many.
The company is well-known for its marketing campaign slogan, "What's in Your Wallet" and is also a lender to many who may not qualify for a credit card or auto loan from more traditional loan originators such as the major banks, thus rendering it to a largely "sub-prime" status.
Thus, when the firm released second quarter results after the closing bell on Tuesday, there was a chorus of "told you so" types who saw Capital One's demise in the making months prior.
The company recorded a quarterly loss of $918 million, or $2.21 a share, compared with a profit of $1.63 billion, or $3.24 a share in the year-ago period on a GAAP basis.
Notably, Capital One boosted its provision for credit losses to $4.25 billion from $1.34 billion in the year-earlier period. It also reported $1.51 billion in net charge-offs. That's $1.5 billion of defaults across all of their business units, but in particular, credit cards.
Total net revenue fell to $6.56 billion from $6.business unit.96 billion a year earlier. Analysts targeted $9.22 billion. Those analysts have yet to be fired, but are likely nervous and rapidly revising their third quarter estimates on the consumer lending giant.
Net interest margin, was 5.78%, compared with 6.80% a year ago, a significant decline.
During the conference call, company representatives touted the effectiveness of their forbearance provisions during the COVID crisis. Borrowers were allowed to skip payments on credit cards, home loans, car loans. In its earnings report presentation, the company offered: "As of June 30, 2020, we have assisted 2% of active accounts,
representing 3% of loans outstanding."
Those 2%, 3% figures are leading numbers. When those figures reach 4% to 5%, Capital One will be in dire straits, because of the declining net interest margin, which is heading south of 5% in the current quarter. Capital One also reported that 92% of customers seeking forbearance were current. Put another way, 8% of those were already 30 days delinquent. With net interest margins collapsing and more people expected to go into delinquent status, Capital One will have to provision even more toward credit losses in the third quarter.
Capital One has become the canary in the coal mine for the banking industry, specifically, consumer-oriented banks, like Wells Fargo, Bank of America, Citi, and JP Morgan Chase. When the dominoes begin to fall, expect Capital One to be among the first, if not THE first, to tip over.
Combined with the 3.10 loss in the first quarter, Capital One's price/earnings ratio fell from a high of around 26 to 12 after last quarter to N/A this quarter, as, on a twelve-trailing-month (TTM) basis, they've lost 26 cents per share over the past year.
The current quarter doesn't look very promising for the company either. They lowered their dividend for the third quarter from 40 cents to 10. When they report their third quarter results on or about October 21, expect the dividend to be reduced to zero.
Like Countrywide, the sub-prime mortgage darling prior to the GFC of 2007-09, Capital One may be forced at some time to sell off business segments. If one were to ask the executives at Capital One "what's in your wallet?" the answer would be, appropriately, "other people's money." And if one were to extrapolate out how that's going to work when millions of their customers are out of work, the correct answer would be "not well."
Oh, well, just another banking crisis the Fed plans on postponing until just before the November elections. COVID-19 and the government response is gearing up for an exciting fall presentation.
Meanwhile, silver and gold continue a rally that has now caught the attention of the financial media, at last. The last time CNBC talked about precious metals was back in Spring of 2011, when gold and silver were headed to all-time highs. A mania was underway.
In October, 2008, when everything was crashing, silver bottomed out at $8.88 an ounce, and gold fell to 712.50.
By the peak in 2011, silver checked in at $48.70, more than a five-bagger by April, and gold struck $1895.00 in September. Now, the shining sisters are back for Act Two.
Silver was slammed down to $12 an ounce in March, but has rebounded smartly. On July 2nd it stood at $17.93. It's currently trading above $22, hitting $22.50 on futures markets overnight.
Also in March, gold got smacked down to $1474.25. Overnight, gold futures hit $1862.50, just $32 short of it's record closing high. As of this writing, gold futures are trending at $1858.90.
While gold and silver aren't exactly what people carry around with them (they used to be), astute followers of currencies and real money might want a couple of one ounce silver coins and a few gram-denominated gold pieces in their wallets.
At the Close, Tuesday, July 21, 2020:
Dow: 26,840.40, +159.53 (+0.60%)
NASDAQ: 10,680.36, -86.73 (-0.81%)
S&P 500: 3,257.30, +5.46 (+0.17%)
NYSE: 12,508.68, +115.70 (+0.93%)
Showing posts with label Capital One. Show all posts
Showing posts with label Capital One. Show all posts
Wednesday, July 22, 2020
Monday, March 30, 2020
Coronavirus Will Kill Many, but Government Response Has Killed the Economy
Theories have been floated about the coronavirus, or COVID-19, pandemic, suggesting (or outright claiming) that the infectious virus is variously a Chinese communist plot, an American false flag, a scheme by central banks or other nefarious, elitist secret society types, a message from God, an outer space concoction that has something to do with planet X, or that it's just the flu and the media, in cahoots with the governments of the world, is hyping it to the maximum degree as a cover story for the second Great Depression that was about to unfold, anyway.
At least for a change, nobody is blaming Vladimir Putin, the Russians or the Ukraine. They seemed to have worn out their scapegoat status.
Whatever and wherever the truth may lay, it's becoming apparent that the cure may be worse than the disease.
If a business were to shut down for a month or six weeks or maybe two months, the chances of it coming back to life in a healthy manner would be slim. Employees may have found new positions at other companies, customers would have had the time to find alternative sources for the product or service the shut-down business provided, bills, such as rent, utilities, and loans may or may not have been paid in a timely manner, and most of all, there would have been zero income for said business.
Now, multiply that case by thousands in one area, then expand the condition to all areas of the country and you've got a real mess, or, the current state of the global economy. Hundreds of thousands of businesses are temporarily closed and have been shuttered for as long as six weeks in some countries. Many of these operations are small businesses with a handful of employees, but the afflicted include major corporations with thousands of employees as well.
Adding to the nightmarish scenario are government orders or advisories at national or local levels telling people to stay home, to not go to work, to shelter in place, and otherwise avoid all unnecessary travel and contact with other people.
This is madness.
There is precisely zero possibility that the global economy will return to any place similar to what it was six months ago. And while that may be a good thing in the long run, in the short term it will almost completely destroy most of the economy, and rip to shreds any of the tattered fabric that remained of societies at local or national levels.
We have all of this for the sake of people getting sick, some dying, others experiencing nothing more than a minor cold, even more not contracting the virus at all. The latest figures from reliable sources put the number of confirmed cases of COVID-19 worldwide at around 750,000. The number of deaths has surpassed 34,000. In the United States, there are now 143,000 confirmed cases and just over 2,500 deaths.
These numbers may sound frightening or staggering, but knowing how many people die every day may put them into a less-panicky perspective. Globally, about 153,000 people die every day. That's 1,071,000 every week and more than 380 million annually. In the United States, about 7500 people die daily, or about 2,750,000 each year.
Sure, the COVID-19 cases and death toll are mounting, but just taking the number of deaths already presented - 34,000 - and, for the sake of argument, assume they all died within the last month, that number is minuscule compared to the 4.6 million that normally die every month. It works out to 0.75%, or less than one percent worldwide.
So why are government officials making such a big deal out of COVID-19 when 80% of cases are resolved with little to no medical attention necessary and less than two percent eventually die from it?
Good question. People die in car accidents every day and we don't ban cars. There are murders and suicides every day and people have debated how to prevent them for decades. The normal flu variant - another virus - kills 290,000 to 650,000 people every year. Coronavirus has a lot of catching up to do, yet governments insist that we must destroy our economy in order to keep it in check. And guess what? It's not working. The caseloads and deaths pile up every day regardless of whether people stay home, avoid contact, wash their hands or (and, if the CDC were serious, they would require this of all Americans) wear face masks.
The goal is supposedly to slow the progress of this highly infectious pathogen. OK, fine, let's save some lives while killing our economy. Has anybody considered the number of lives that will be damaged or ruined, or the number of people that will die or have their lives shortened because of how this is being handled?
Face the facts. Many jobs are not going to be there if and when this virus panic is concluded. Over the weekend, President Trump extended the social distancing, avoid social contact, and stay at home guidelines though April 30. That's 4 1/2 more weeks. By that time, many people will have to stay at home - if they have one - because they'll have no job and no money, and ironically, even if they do have enough dough on hand to put gas in their cars at massively reduced prices, other than the grocery store, pharmacy, or bank, there's nowhere for them to go. Everything else is closed.
So, our so-called leaders (Chris Martenson of Peak Prosperity calls them "managers," because they aren't really leading anybody) have made the decision to save some number of lives (10,000? 4 million? Who knows?)by effectively shutting down the economy, crashing the stock market, then fixing it all with a $2.2 trillion rescue attempt which includes sending checks to most people who make less than $75,000 a year. Those checks or direct deposits, when and if they do arrive, will amount to $1200 for most adults and $500 for each dependent child. If they wanted to be fair about it, they could take that $2.2 trillion and just doe out $6,666 to every man, woman and child in the country. If they took the entire amount and send money to just people who earn less than $75,000 a year - roughly 200 million - everyone would get $11,000.
However, since those roughly 200 million are going to get $1200, that's only $240 billion. The rest of that money - roughly $2 trillion, is largely going to corporations, which are going to lay people off in droves, and states, to cover extra expenses incurred in dealing with the crisis and for additional unemployment insurance. It's a rather large boondoggle, which will explode the federal budget, but who cares, since we're destroying the economy anyhow? The US is already $23 trillion in debt, what's another $2 trillion? The rest of the developed nations are in equally bad conditions, so they're planning on doing some similar bailout.
When this is all over, maybe by September, your local restauranteur will be out of business, but the McDonalds, Applebees, Pizza Huts, and Taco Bells of the world will be there to please your palette. The government's solution to COVID-19 will manage to crush small businesses and reduce the middle class to rubble.
Stock market declines will wipe out pensions.
Banks and large corporations will get loans or grants, aka, bailouts, again.
In the face of all of this, stocks went on a tear last week, having the best week since 1932, supposedly, which is ironic, because 1932 was in the midst of the Great Depression. All of the top five or seven best daily or weekly gains for stocks have come during bear markets, just as last week's did.
While some people were claiming that the bear market was vanquished last week, there's absolutely no truth to that. All major indices are at least 20% lower from the all-time highs made in February. Stocks are in a bear market and they'll stay in one no matter how much money the government and Federal Reserve throws at them. Stocks may go up for a while, but they're destined to go right back down. There's no escaping the fact that the global economy is broken, banks are largely insolvent and at some point will likely be shut down, unemployment is headed north of 20% and bankruptcy attorneys are set to make fortunes.
Gas at the pump is the lowest it's been in decades. Gold and silver cannot be purchased and delivered at current quoted prices. Most dealers are sold out. Wait times for what may be available are as long as 45 days. While gold popped back over $1600 an ounce last week, nobody can touch an ounce for less than $1800. Pricing for physical has decoupled from the fake, manipulated futures con game price at the COMEX.
The same is true for silver. It's current price is floating somewhere around $14.50 per ounce. Sales on eBay, where delivery can be as quick as two day because private individuals are selling there, have the price for an ounce of silver anywhere from $20 to $25. That market is broken. More markets will break down in coming days, weeks, and months. It might be instructive to consider the equity markets broken since the Federal Reserve can prop up the banks and other companies at will, even though their mandate allows them to buy just about everything but stocks, though that will likely change. Imagine playing poker with a guy who has $20 trillion and you have $200. That's what trading stocks is going to be like soon.
Bond prices are the lowest in history. The short-dated maturities briefly went negative last week. Expect that to be the rule rather than the standard going forward.
It's an absolute mess, a complete shame. Already, the banks are in trouble, as CapitalOne (COF) received a back-handed bailout last week, getting a waiver from the CFTC when they were caught with their pants down playing derivatives in the oil market (yes, the oil market that crashed last month). There's more to come from your friendly banking community, which gets money for nothing and loans it to the public at 20%, 25%, 29% or more.
Everything is just peachy.
Here are some recent numbers for the major indices, noting the recent all-time highs (February, 2020) and interim lows (March, 2020):
Dow High: 29568.57, Low: 18213.65
NASDAQ High: 9838.37, Low: 6631.42
S&P High: 3393.52, Low: 2192.86
NYSE High: 14183.26, Low: 8664.94
Dow Transports: High: 11359.49, Low: 6481.20
At the Close, Friday, March 27, 2020:
Dow Jones Industrial Average: 21,636.78, -915.39 (-4.06%)
NASDAQ: 7,502.38, -295.16 (-3.79%)
S&P 500: 2,541.47, -88.60 (-3.37%)
NYSE: 10,187.21, -349.07 (-3.31%)
For the Week:
Dow: +2462.80 (+12.84%)
NASDAQ: +622.86 (+9.05%)
S&P 500: +236.55 (+10.26)
NYSE: +1054.05 (+11.54)
Dow Transports: +861.46 (+12.60%)
At least for a change, nobody is blaming Vladimir Putin, the Russians or the Ukraine. They seemed to have worn out their scapegoat status.
Whatever and wherever the truth may lay, it's becoming apparent that the cure may be worse than the disease.
If a business were to shut down for a month or six weeks or maybe two months, the chances of it coming back to life in a healthy manner would be slim. Employees may have found new positions at other companies, customers would have had the time to find alternative sources for the product or service the shut-down business provided, bills, such as rent, utilities, and loans may or may not have been paid in a timely manner, and most of all, there would have been zero income for said business.
Now, multiply that case by thousands in one area, then expand the condition to all areas of the country and you've got a real mess, or, the current state of the global economy. Hundreds of thousands of businesses are temporarily closed and have been shuttered for as long as six weeks in some countries. Many of these operations are small businesses with a handful of employees, but the afflicted include major corporations with thousands of employees as well.
Adding to the nightmarish scenario are government orders or advisories at national or local levels telling people to stay home, to not go to work, to shelter in place, and otherwise avoid all unnecessary travel and contact with other people.
This is madness.
There is precisely zero possibility that the global economy will return to any place similar to what it was six months ago. And while that may be a good thing in the long run, in the short term it will almost completely destroy most of the economy, and rip to shreds any of the tattered fabric that remained of societies at local or national levels.
We have all of this for the sake of people getting sick, some dying, others experiencing nothing more than a minor cold, even more not contracting the virus at all. The latest figures from reliable sources put the number of confirmed cases of COVID-19 worldwide at around 750,000. The number of deaths has surpassed 34,000. In the United States, there are now 143,000 confirmed cases and just over 2,500 deaths.
These numbers may sound frightening or staggering, but knowing how many people die every day may put them into a less-panicky perspective. Globally, about 153,000 people die every day. That's 1,071,000 every week and more than 380 million annually. In the United States, about 7500 people die daily, or about 2,750,000 each year.
Sure, the COVID-19 cases and death toll are mounting, but just taking the number of deaths already presented - 34,000 - and, for the sake of argument, assume they all died within the last month, that number is minuscule compared to the 4.6 million that normally die every month. It works out to 0.75%, or less than one percent worldwide.
So why are government officials making such a big deal out of COVID-19 when 80% of cases are resolved with little to no medical attention necessary and less than two percent eventually die from it?
Good question. People die in car accidents every day and we don't ban cars. There are murders and suicides every day and people have debated how to prevent them for decades. The normal flu variant - another virus - kills 290,000 to 650,000 people every year. Coronavirus has a lot of catching up to do, yet governments insist that we must destroy our economy in order to keep it in check. And guess what? It's not working. The caseloads and deaths pile up every day regardless of whether people stay home, avoid contact, wash their hands or (and, if the CDC were serious, they would require this of all Americans) wear face masks.
The goal is supposedly to slow the progress of this highly infectious pathogen. OK, fine, let's save some lives while killing our economy. Has anybody considered the number of lives that will be damaged or ruined, or the number of people that will die or have their lives shortened because of how this is being handled?
Face the facts. Many jobs are not going to be there if and when this virus panic is concluded. Over the weekend, President Trump extended the social distancing, avoid social contact, and stay at home guidelines though April 30. That's 4 1/2 more weeks. By that time, many people will have to stay at home - if they have one - because they'll have no job and no money, and ironically, even if they do have enough dough on hand to put gas in their cars at massively reduced prices, other than the grocery store, pharmacy, or bank, there's nowhere for them to go. Everything else is closed.
So, our so-called leaders (Chris Martenson of Peak Prosperity calls them "managers," because they aren't really leading anybody) have made the decision to save some number of lives (10,000? 4 million? Who knows?)by effectively shutting down the economy, crashing the stock market, then fixing it all with a $2.2 trillion rescue attempt which includes sending checks to most people who make less than $75,000 a year. Those checks or direct deposits, when and if they do arrive, will amount to $1200 for most adults and $500 for each dependent child. If they wanted to be fair about it, they could take that $2.2 trillion and just doe out $6,666 to every man, woman and child in the country. If they took the entire amount and send money to just people who earn less than $75,000 a year - roughly 200 million - everyone would get $11,000.
However, since those roughly 200 million are going to get $1200, that's only $240 billion. The rest of that money - roughly $2 trillion, is largely going to corporations, which are going to lay people off in droves, and states, to cover extra expenses incurred in dealing with the crisis and for additional unemployment insurance. It's a rather large boondoggle, which will explode the federal budget, but who cares, since we're destroying the economy anyhow? The US is already $23 trillion in debt, what's another $2 trillion? The rest of the developed nations are in equally bad conditions, so they're planning on doing some similar bailout.
When this is all over, maybe by September, your local restauranteur will be out of business, but the McDonalds, Applebees, Pizza Huts, and Taco Bells of the world will be there to please your palette. The government's solution to COVID-19 will manage to crush small businesses and reduce the middle class to rubble.
Stock market declines will wipe out pensions.
Banks and large corporations will get loans or grants, aka, bailouts, again.
In the face of all of this, stocks went on a tear last week, having the best week since 1932, supposedly, which is ironic, because 1932 was in the midst of the Great Depression. All of the top five or seven best daily or weekly gains for stocks have come during bear markets, just as last week's did.
While some people were claiming that the bear market was vanquished last week, there's absolutely no truth to that. All major indices are at least 20% lower from the all-time highs made in February. Stocks are in a bear market and they'll stay in one no matter how much money the government and Federal Reserve throws at them. Stocks may go up for a while, but they're destined to go right back down. There's no escaping the fact that the global economy is broken, banks are largely insolvent and at some point will likely be shut down, unemployment is headed north of 20% and bankruptcy attorneys are set to make fortunes.
Gas at the pump is the lowest it's been in decades. Gold and silver cannot be purchased and delivered at current quoted prices. Most dealers are sold out. Wait times for what may be available are as long as 45 days. While gold popped back over $1600 an ounce last week, nobody can touch an ounce for less than $1800. Pricing for physical has decoupled from the fake, manipulated futures con game price at the COMEX.
The same is true for silver. It's current price is floating somewhere around $14.50 per ounce. Sales on eBay, where delivery can be as quick as two day because private individuals are selling there, have the price for an ounce of silver anywhere from $20 to $25. That market is broken. More markets will break down in coming days, weeks, and months. It might be instructive to consider the equity markets broken since the Federal Reserve can prop up the banks and other companies at will, even though their mandate allows them to buy just about everything but stocks, though that will likely change. Imagine playing poker with a guy who has $20 trillion and you have $200. That's what trading stocks is going to be like soon.
Bond prices are the lowest in history. The short-dated maturities briefly went negative last week. Expect that to be the rule rather than the standard going forward.
It's an absolute mess, a complete shame. Already, the banks are in trouble, as CapitalOne (COF) received a back-handed bailout last week, getting a waiver from the CFTC when they were caught with their pants down playing derivatives in the oil market (yes, the oil market that crashed last month). There's more to come from your friendly banking community, which gets money for nothing and loans it to the public at 20%, 25%, 29% or more.
Everything is just peachy.
Here are some recent numbers for the major indices, noting the recent all-time highs (February, 2020) and interim lows (March, 2020):
Dow High: 29568.57, Low: 18213.65
NASDAQ High: 9838.37, Low: 6631.42
S&P High: 3393.52, Low: 2192.86
NYSE High: 14183.26, Low: 8664.94
Dow Transports: High: 11359.49, Low: 6481.20
At the Close, Friday, March 27, 2020:
Dow Jones Industrial Average: 21,636.78, -915.39 (-4.06%)
NASDAQ: 7,502.38, -295.16 (-3.79%)
S&P 500: 2,541.47, -88.60 (-3.37%)
NYSE: 10,187.21, -349.07 (-3.31%)
For the Week:
Dow: +2462.80 (+12.84%)
NASDAQ: +622.86 (+9.05%)
S&P 500: +236.55 (+10.26)
NYSE: +1054.05 (+11.54)
Dow Transports: +861.46 (+12.60%)
Thursday, January 16, 2014
Stock Stories: Best Buy, Intel, Citi, more; What Does Friday Hold; Up or Down?
Markets reversed direction again on Thursday, evening out the week at two down, two up sessions with a weekly gain or loss for the major averages hanging in the balance, all coming down to Friday's closing bell.
The Dow Jones Industrials are 20 points below break even for the week, the S&P is already in the green, by a scant 3.52 points and the NASDAQ is defiantly 44.02 into positive territory, so unless Friday is dramatically lower, there's a very good chance that all three averages will finish the week with positive returns. Jolly good.
Interest rates, particularly the 10-year note, have been trending gradually lower through the first two weeks of 2014, with the lid fully on inflation expectations after this week's PPI and CPI nothing-burger-type data.
Making headlines was Best Buy (BBY), the remaining national electronics retailer, was absolutely bludgeoned, down more than 28% on the day, after reporting total holiday same-store sales dropped 0.8% from the previous year, while analysts so an increase of 0.5%. Total revenue declined to $11.45 billion in the holiday period from $11.75 billion a year earlier, and the company lowered its fourth-quarter guidance. With fourth-quarter and full-year results still forthcoming, investors took a quick exit, en masse, leaving many searching for answers to the retail conundrum that was the 2013 holiday season.
Citigroup reported adjusted earnings of $0.82 a share which missed on estimates of $0.96. Revenue also missed coming in at $17.94 billion versus estimates of $18.18 billion, down from last year's $18.66 billion. The company also announced it will replace all customer debit cards involved in the Target data breach last month, sending shares down 2.39 to 52.60 at the close, a loss of 4.35%.
After the bell, Intel reported a slight miss at 0.51 cents per share on estimates of 0.52 and issued some downbeat guidance, sending shares lower by more than 3% in after-hours trading.
American Express (AXP) and Capital One (COF) each missed on their fourth-quarter reports, sending shares down in the after hours. American Express reported a one-cent miss (1.25 vs. 1.26), while credit provider misses by a solid dime - 1.45 versus expected 1.55 - prompting the question from investors, "what's in their wallet?" Clearly, it was not what they were hoping.
DOW 16,417.01, -64.93 (-0.39%)
NASDAQ 4,218.69, +3.80 (+0.09%)
S&P 1,845.89, -2.49 (-0.13%)
10-Yr Note 99.15, +0.91 (+0.92%) Yield: 2.85%
NASDAQ Volume 1.83 Bil
NYSE Volume 3.46 Bil
Combined NYSE & NASDAQ Advance - Decline: 3069-2613
Combined NYSE & NASDAQ New highs - New lows: 382-38
WTI crude oil: 93.96, -0.21
Gold: 1,240.20, +1.90
Silver: 20.05, -0.08
Corn: 428.00, +2.25
The Dow Jones Industrials are 20 points below break even for the week, the S&P is already in the green, by a scant 3.52 points and the NASDAQ is defiantly 44.02 into positive territory, so unless Friday is dramatically lower, there's a very good chance that all three averages will finish the week with positive returns. Jolly good.
Interest rates, particularly the 10-year note, have been trending gradually lower through the first two weeks of 2014, with the lid fully on inflation expectations after this week's PPI and CPI nothing-burger-type data.
Making headlines was Best Buy (BBY), the remaining national electronics retailer, was absolutely bludgeoned, down more than 28% on the day, after reporting total holiday same-store sales dropped 0.8% from the previous year, while analysts so an increase of 0.5%. Total revenue declined to $11.45 billion in the holiday period from $11.75 billion a year earlier, and the company lowered its fourth-quarter guidance. With fourth-quarter and full-year results still forthcoming, investors took a quick exit, en masse, leaving many searching for answers to the retail conundrum that was the 2013 holiday season.
Citigroup reported adjusted earnings of $0.82 a share which missed on estimates of $0.96. Revenue also missed coming in at $17.94 billion versus estimates of $18.18 billion, down from last year's $18.66 billion. The company also announced it will replace all customer debit cards involved in the Target data breach last month, sending shares down 2.39 to 52.60 at the close, a loss of 4.35%.
After the bell, Intel reported a slight miss at 0.51 cents per share on estimates of 0.52 and issued some downbeat guidance, sending shares lower by more than 3% in after-hours trading.
American Express (AXP) and Capital One (COF) each missed on their fourth-quarter reports, sending shares down in the after hours. American Express reported a one-cent miss (1.25 vs. 1.26), while credit provider misses by a solid dime - 1.45 versus expected 1.55 - prompting the question from investors, "what's in their wallet?" Clearly, it was not what they were hoping.
DOW 16,417.01, -64.93 (-0.39%)
NASDAQ 4,218.69, +3.80 (+0.09%)
S&P 1,845.89, -2.49 (-0.13%)
10-Yr Note 99.15, +0.91 (+0.92%) Yield: 2.85%
NASDAQ Volume 1.83 Bil
NYSE Volume 3.46 Bil
Combined NYSE & NASDAQ Advance - Decline: 3069-2613
Combined NYSE & NASDAQ New highs - New lows: 382-38
WTI crude oil: 93.96, -0.21
Gold: 1,240.20, +1.90
Silver: 20.05, -0.08
Corn: 428.00, +2.25
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