Tuesday 14/04/20 Precios de los importadores

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LAST CHG %CHG
DJIA 23977.50 586.73 2.51
S&P 500 2836.35 74.72 2.71
Nasdaq Composite 8460.37 267.94 3.27
Japan: Nikkei 225 19638.81 595.41 3.13
UK: FTSE 100 5823.36 -19.30 -0.33
Crude Oil Futures 21.76 -0.65 -2.90
Gold Futures 1783.20 21.80 1.24
Yen 107.32 -0.44 -0.41
Euro 1.0964

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Stocks extend rally, with the Dow now up more than 600 points
PUBLISHED MON, APR 13 20206:03 PM EDTUPDATED MOMENTS AGO
Fred Imbert
@FOIMBERT
Yun Li
@YUNLI626
WATCH NOW
VIDEO02:16
Investors will be looking at revenue guidance this earnings season, a big change from the past: Sarat Sethi
Stocks jumped on Tuesday as investors grew more optimistic about the coronavirus outlook while bracing for the start of the corporate earnings season.

The Dow Jones Industrial Average rallied more than 600 points, or 2.6%. The S&P 500 climbed 2.6% while the Nasdaq Composite advanced 3%. Johnson & Johnson was the best-performing stock in the Dow while the S&P 500 was led higher by 2% rallies in tech, real estate and utilities. Amazon rose to an all-time high to lead the Nasdaq higher.


“When you look at the facts, I think there’s reason to be more hopeful than we have been,” CNBC’s Jim Cramer said. “The worst-case scenario’s been taken off the table, and if Apple and Google can do contact tracing that we all embrace ... while we continue to roll out more testing, the economy could reopen a lot sooner than we thought even, say, three weeks ago.”

President Donald Trump said in a press conference Monday that growth in new coronavirus infections stabilized, providing “clear evidence” that mitigation is working in the country.

New York Gov. Andrew Cuomo struck an optimistic tone about the outbreak in his state, the epicenter of the pandemic in the United States. He said Monday it appears that “the worst is over ... if we continue to be smart going forward.” At least 10,000 people have died from the infection in the state.

“Financial markets have started to take a more positive view of the outlook,” said Jan Hatzius, chief economist at Goldman Sachs, in a note. “The initial improvement was mostly policy-driven, but the greater optimism
of the past week seems to be at least partly related to the virus itself. ”

“To be clear, the health situation remains very bad in absolute terms, especially in the US which is now ahead of Italy and Spain in terms of coronavirus-related fatalities (though still much lower on a per-capita basis).”

The number of coronavirus cases continues to rise globally. Data from Johns Hopkins University shows there are more than 1.9 million cases around the world, with over 582,000 in the U.S.

20200413 SP500 looking for a bottom
The corporate earnings season kicked off on Tuesday with JPMorgan Chase and Johnson and Johnson reporting their latest quarterly results, giving investors their first look at how devastating the hit to corporations has been from the pandemic.

JPMorgan Chase reported a big profit decline for the first quarter, but the stock rose 2.2% on record markets revenue. Johnson & Jonson shares gained 3.6% on better-than-expected earnings. Analysts expect S&P 500 earnings growth to decline 10.2% in the first quarter year-over-year, according to Refinitiv. There is also an unusually wide range of estimates given the unprecedented uncertainty from the coronavirus.

Wells Fargo, meanwhile, reported first-quarter profits well short of expectations as the San Francisco-based bank set aside cash for credit losses amid the coronavirus pandemic. It reported earnings of 1 cent per share, below analyst estimates of 33 cents per share.

“Even the lowered forecast may prove optimistic given some analysts have not adjusted numbers since mid-March in response to the lockdowns in many major cities throughout the country,” said Jeff Buchbinder, equity strategist for LPL Financial.

For the first quarter, 88 negative earnings pre-announcements have been issued by S&P 500 corporations, according to Refinitiv. A wave of major companies have already withdrawn their full-year guidance.

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Wells Fargo reports first-quarter EPS of just 1 cent as it sets aside more money for credit losses
PUBLISHED TUE, APR 14 20207:55 AM EDTUPDATED AN HOUR AGO
Fred Imbert
@FOIMBERT
Wells Fargo reported a profit of just 1 cent per share, well under analyst expectations of 33 cents per share.
Revenue of $17.717 billion also missed an estimate of $19.284 billion.
Amid the coronavirus outbreak, net income dropped 89% to $653 million for the quarter.
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VIDEO01:05
Wells Fargo EPS misses reporting $0.01 vs $0.33 estimated
Wells Fargo on Tuesday reported first-quarter earnings that were well below expectations as the company set aside money for credit losses amid the coronavirus pandemic.

The banking giant reported a profit of just 1 cent per share while analysts polled by Refinitiv expected earnings of 33 cents per share. Revenue of $17.717 billion also missed an estimate of $19.284 billion. Wells reported earnings of $1.20 per share in the year-earlier period. Net income dropped 89% to $653 million for the quarter.


Wells noted, however, its results suffered from a “reserve build and an impairment of securities” that resulted in a loss of 73 cents per share.

“Our results were impacted by a $3.1 billion reserve build, which reflected the expected impact these unprecedented times could have on our customers,” CFO John Shrewsberry said in a statement.

Net interest income at the bank fell to $11.31 billion in the quarter from about $12.3 billion in the year-earlier period. However, that was above a StreetAccount estimate of $10.91 billion. Credit card fees fell 6% year over year to $892 million.

The company’s stock gained 1.4% in the premarket.

Wells Fargo’s quarterly results were its first since the coronavirus outbreak paralyzed the global economy, with governments pushing people to stay at home to curb the spread.


JPMorgan Chase on Tuesday also posted first-quarter profit that was well below analysts’ expectations.

The outbreak led the stock market down from record highs in late February and into a bear market by March. The S&P 500 is down about 20% from its all-time high and 15% for 2020. Bank stocks such as Wells Fargo have fared even worse than the broader market.

Wells Fargo shares are down more than 41% in 2020 along with Citigroup. JPMorgan Chase has fallen about 30% year to date while Bank of America is down 32.1%.

The market drop, along with dimming economic prospects, sparked a flurry of stimulus measures from the government. One of those measures is the Paycheck Protection Program, which allocates nearly $350 billion in forgivable loans to small businesses.

However, Wells capped its participation in the program to $10 billion in loans, citing regulatory constraints.

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JPMorgan reports big decline in first-quarter earnings from coronavirus but posts record markets revenue
PUBLISHED TUE, APR 14 20206:20 AM EDTUPDATED 13 MIN AGO
Hugh Son
@HUGH_SON
JPMorgan posted first-quarter profit well below analysts’ expectations, although the bank’s revenue held up amid the coronavirus pandemic.
The bank posted quarterly per share earnings of 78 cents, missing analysts’ $1.84 estimate.
The company added $6.8 billion to loan loss provisions. The reserve increase signals that management expects a surge in defaults across the company’s lending businesses, including credit cards, energy, real estate and retail sector.
One bright spot: JPMorgan’s trading division posted a 32% increase in revenue to a record $7.2 billion.
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VIDEO02:38
JPMorgan reports Q1 credit costs of $8.3B with reserve build vs. $1.3B last year
JPMorgan Chase on Tuesday posted first-quarter profit that was well below analysts’ expectations, although the bank’s revenue held up amid the coronavirus pandemic.

The earnings drop was caused by a massive $6.8 billion addition to the bank’s credit reserves. The move signals that management expects a surge in defaults across the company’s lending businesses, from credit cards in its consumer division to energy, real estate and retail sector loans in its commercial operations.


The bank posted quarterly earnings per share of 78 cents, compared with analysts’ $1.84 estimate. Profit of $2.87 billion plunged 69% from a year earlier, driven mostly by the provisions, while revenue proved to be more resilient, slipping 3% from a year earlier to $29.07 billion. Shares of the bank climbed 3% in premarket trading.

The pandemic caused sharp declines in profit across three of the bank’s four main divisions; only the asset management business was spared. Another bright spot: JPMorgan’s trading division posted a 32% increase in revenue to a record $7.2 billion. Bond trading revenue surged to $5 billion, a full $1 billion higher than analysts expected, on stronger client activity in government bonds, currencies and emerging markets. Equities trading of $2.2 billion edged out the estimates as well on rising derivatives revenue.

WATCH NOW
VIDEO00:01
Jamie Dimon sounds very confident: Cramer
“JPMorgan Chase performed well in what was a very tough and unique operating environment,” CEO Jamie Dimon said in the earnings release. “In the first quarter, the underlying results of the company were extremely good, however given the likelihood of a fairly severe recession, it was necessary to build credit reserves of $6.8 billion, resulting in total credit costs of $8.3B for the quarter.”

Also Tuesday, Wells Fargo reported first-quarter earnings per share of just 1 cent, well below expectations, as the bank set aside money for credit losses amid the pandemic.

Bank stocks have been pummeled this year as the pandemic put an end to the longest economic expansion in U.S. history. Struggling companies across sectors have laid off millions of Americans and tapped bank credit lines, and investors will be looking out for how retail and corporate loan losses are developing.


While “revenues have held up pretty well in most units, the bank took a beating with provisions for credit losses reaching $8.3 billion, up from only $1.5 billion last year,” said Octavio Marenzi, CEO of capital markets consultancy Opimas. “Whether these provisions for credit are enough to cover what is sure to be a wave of defaults in the second quarter is extremely difficult to forecast.”

CFO Jennifer Piepszak warned that, in fact, the bank might be forced to add more to its reserves for defaulted loans, saying that “net reserve builds could be meaningfully higher in aggregate over the next several quarters relative to what we took in the first quarter, of course depending on the path of the economic recovery.”

As the world’s biggest Wall Street bank by revenue, JPMorgan benefited from surging volatility and higher demand in its trading operations. At its annual investor day in late January, JPMorgan co-president Daniel Pinto told investors that trading was headed toward a “mid-teens” percentage increase; the bank effectively doubled that increase for the quarter.

Investors will be keen to hear if Dimon, who returned to work recently after a heart operation, will give analysts guidance on how the bank will navigate the rest of the year, as well as an outlook on how lower interest rates will impact earnings.

The 64-year-old chairman and CEO said last week in his annual shareholders’ letter that the bank’s earnings “will be down meaningfully in 2020” from the record profit it posted last year. He also warned investors that if the downturn is “extremely adverse,” the bank will probably consider suspending its dividend to preserve capital.

When asked about his health during a call with reporters, Dimon said that he was “doing great” and walking several miles a day. His health scare didn’t change how he viewed his approach to retirement and succession planning, he added.

Here’s what Wall Street expected:

Earnings: $1.84 per share, a 31% decline from a year earlier, according to Refinitiv.
Revenue: $29.67 billion, a 0.6% decline from a year earlier.
Net Interest Margin: 2.37%, according to FactSet
Trading Revenue: Fixed income $4 billion, equities $2.08 billio

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New York City will buy 100,000 coronavirus test kits per week from mix of local and Indiana contractors
PUBLISHED TUE, APR 14 202010:19 AM EDT
William Feuer
@WILLFOIA
Noah Higgins-Dunn
@HIGGINSDUNN
KEY POINTS
New York City Mayor Bill de Blasio is holding a press conference Tuesday to update the public on the coronavirus outbreak.
The coronavirus has infected more than 106,700 people in New York City, according to data compiled by Johns Hopkins University.
GP: New York City Mayor De Balsio at press conference
New York Mayor Bill de Blasio
Eduardo Munoz Alvarez / Getty Images
New York City will purchase 100,000 coronavirus test kits per week from a mix of local contractors and a Carmel, Indiana-based company as the city works to identify more Covid-19 cases, Mayor Bill de Blasio announced Tuesday.

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“For the first time, we’re going to have a truly reliable major supply of testing,” de Blasio said at a press conference.


Aria Diagnostics donated 50,000 test kits to NYC, de Blasio said, adding that the city will purchase 50,000 kits per week from the firm starting next week. De Blasio said the city is also contracting through local companies to produce another 50,000 kits per week starting Monday. He described both commitments as “breakthroughs.”

“We’re going to need a huge number of test kits,” he said at a news briefing. In a few weeks, he said 50,000 test kits will be produced in New York City every week “with components put together right here with companies, universities, New York City workers right here, building a brand new supply chain to feed this industry that will now develop in New York City.”

Covid-19 has infected more than 106,763 people in New York City, according to data compiled by Johns Hopkins University. New York state has confirmed almost 200,000 Covid-19 cases so far — more than any country outside the United States, but the outbreak has shown signs of peaking in recent days.

“We’ll have 100,000 full test kits per week that New York City can rely on, 400,000 per month. And that’s just the beginning,” de Blasio said.

This is breaking news. Check back here for updates.

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LAST CHG %CHG
DJIA 23805.07 414.30 1.77
S&P 500 2821.22 59.59 2.16
Nasdaq Composite 8431.23 238.81 2.91
Japan: Nikkei 225 19638.81 595.41 3.13
UK: FTSE 100 5783.70 -58.96 -1.01
Crude Oil Futures 21.17 -1.24 -5.53
Gold Futures 1763.50 2.10 0.12
Yen 107.14 -0.63 -0.58
Euro 1.0962 0.0052 0.48

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El Nasdaq recupera lo perdido. Break even For the year.