Fifth Third Bancorp Q4 Income Drops

Fifth Third Bancorp (FITB) released a profit for fourth quarter that decreased from the same period last year.

The company’s profit totaled $569 million, or $0.78 per share. This compares with $701 million, or $0.96 per share, in last year’s fourth quarter.

Fifth Third Bancorp earnings at a glance:

-Earnings (Q4): $569 Mln. vs. $701 Mln. last year.
-EPS (Q4): $0.78 vs. $0.96 last year.

NYC Mayor Weighs Pulling City Contracts With Trump Organization

New York City Mayor Bill de Blasio said on Tuesday that he’s directed his legal team to review whether grounds exist to end deals with the Trump Organization.

The Trump Organization has more than $17 million in contracts with the city. Many of these are for iconic tourist attractions in New York City, including a golf course, a carousel and two ice rinks. One, the Wollman Skating Rink in Central Park, generated $9.4 million in income for the Trump Organization, according to its most recent financial disclosures.

“The president incited a rebellion and people died,” de Blasio said at a briefing on Tuesday. “That’s unforgivable.”

De Blasio said there are “several contracts with the city and they are all under review,” he said. “Our legal team is assessing the options.”

New York joins an onslaught of companies and organizations that are cutting ties with Trump after he encouraged a mob of supporters to storm the Capitol. Banks, payment companies and the PGA of America are among the groups that have pulled business from Trump.

STAAR Surgical Sees Q4, FY Results Above View

STAAR Surgical Co. (STAA) said it expects earnings per share to be about $0.06 and total net sales of $46 million for the fourth quarter. Analysts polled by Thomson Reuters expect the company to report earnings of $0.02 per share and revenues of $43.39 million for the fourth-quarter. Analysts’ estimates typically exclude special items.

Looking ahead for the fiscal year ended January 1, 2021, the company anticipates earnings per share to be about $0.12 and sales of about $163 million. Wall Street currently is looking for the fiscal year earnings of $0.08 per share on annual revenues of $160.84 million.

The company anticipates its first quarter 2021 revenue to be slightly down from its fourth quarter 2020 preliminary results which is consistent with its historic seasonality.

The company said it remains its growth targets of 25% compound annual revenue and 35% compound annual ICL unit growth over the three-year planning cycle with accelerating growth in 2022 benefitting from the building momentum of significant product initiatives and its expectations for a more normal business environment.

STAAR expects to report complete fourth quarter and fiscal year results on or about February 24.

Biden Says Trump Should Not Be in Office After Capitol Riot

President-elect Joe Biden said Donald Trump should no longer hold office after inciting a riot at the U.S. Capitol last week but that his legislative priority is economic stimulus, not the current president’s impeachment.

“I think President Trump should not be in office. Period,” Biden told reporters while receiving his second dose of a coronavirus vaccine in Wilmington, Delaware, on Monday.

The Travelers Companies Inc. Q4 adjusted earnings Beat Estimates

The Travelers Companies Inc. (TRV) reported earnings for its fourth quarter that rose from last year.

The company’s earnings came in at $1.31 billion, or $5.10 per share. This compares with $0.87 billion, or $3.35 per share, in last year’s fourth quarter.

Excluding items, The Travelers Companies Inc. reported adjusted earnings of $1.26 billion or $4.91 per share for the period.

Analysts had expected the company to earn $3.18 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 4.2% to $8.40 billion from $8.06 billion last year.

The Travelers Companies Inc. earnings at a glance:

-Earnings (Q4): $1.26 Bln. vs. $0.87 Bln. last year.
-EPS (Q4): $4.91 vs. $3.32 last year.
-Analysts Estimate: $3.18
-Revenue (Q4): $8.40 Bln vs. $8.06 Bln last year.

Vistry Group Issues Trading Update – Quick Facts

Vistry Group Plc said it recorded strong second half performance with fiscal 2020 profit before tax expected to be at the top end of the range at approximately 140 million pounds. The Group has delivered completions in 2020 at the top end of expectations reflecting a strong second half performance.

Vistry Group said the Group is well positioned to deliver a step-up in profit before tax to 310 million pounds in fiscal 2021.

The Board now expects to resume dividend payments with a modest final dividend in respect of fiscal 2020.

FULL SHOW 01/06/2021: A rocky start to 2021

New York (CNN Business)America’s job market recovery ground to a halt in December, losing a staggering 140,000 jobs, the Bureau of Labor Statistics reported Friday — a far worse outcome than economists predicted.

The unemployment rate remained flat at 6.7%, marking the first month that the rate hasn’t improved in seven months.
The US economy is still down 9.8 million jobs since February.

Workers who have lost their jobs through no fault of their own still need the government’s help to make ends meet. And while the stimulus package that was signed into law in the final week of 2020 extends and expands jobless benefits, more work likely remains to be done.
The Democratic sweep of the Senate, which gives the party both the White House and Congress, paved the way for a swift implementation of President-elect Joe Biden’s economic agenda, which will likely include more stimulus in the near-term. Biden also plans to pour dollars into the infrastructure and clean energy industries to create millions jobs in the medium and long-term.

This is a developing story. It will be updated.