Friday, 21 Jun 2024

U.S. Consumer Sentiment Improves April, Year-Ahead Inflation Expectations Jump

M&T Bank Corp. Q1 Net Income Nearly Doubles

M&T Bank Corp. (MTB) reported first-quarter GAAP-basis net income of $702 million, compared to $362 million, last year. Earnings per common share was $4.01, compared with $2.62. Net operating income was $715 million, compared with $376 million in the first quarter of 2022. Net operating earnings per common share was $4.09, compared to $2.73.

Net interest income expressed on a taxable-equivalent basis totaled $1.83 billion in the quarter, up 102% from $907 million, a year ago. Noninterest income was $587 million, compared with $541 million, prior year.

Darren King, CFO, said, “These results reflect loan growth, steady credit quality, a strong liquidity position and, as in past years, seasonally higher salaries and employee benefits expense. M&T’s estimated Common Equity Tier 1 ratio was 10.15% at March 31, 2023 compared with 10.44% at last year’s end.”

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M&T Bank Corp. Bottom Line Rises In Q1

M&T Bank Corp. (MTB) released earnings for its first quarter that increased from last year

The company’s bottom line came in at $676 million, or $4.01 per share. This compares with $340 million, or $2.62 per share, in last year’s first quarter.

M&T Bank Corp. earnings at a glance (GAAP) :

-Earnings (Q1): $676 Mln. vs. $340 Mln. last year.
-EPS (Q1): $4.01 vs. $2.62 last year.

Gold Prices Rebound Despite Strong Dollar

Prices of the yellow metal rose on Monday, recovering a portion of the losses, after hawkish comments from Fed officials caused prices of the yellow metal to plunge close to 2 percent on Friday and drop below the $2,000 level.

Gold prices gained despite the hawkish comments by Fed Governor Christopher Waller helping the Dollar firm up against major currencies. The Dollar Index (DXY), a measure of the Dollar’s relative strength against a basket of six currencies has gained 0.12 percent overnight to 101.67. The day’s range was between a low of 101.53 and 101.84.

Gold Futures for June Settlement gained 0.19 percent to trade at $2,019.55. The day’s trading range has been between $2,008.25 and $2027.95.

Spot Gold has gained 0.23 percent to trade at $2,008.95 per troy ounce. The day’s trading range has been between $1,995.55 and $2,015.05.

Gold has benefited most from the recent banking crisis as well as the anxiety of a recession it is feared to induce. The instability triggered by the banking crisis and the fears of a potential credit crunch has been adding to the precious metal’s safe haven appeal.

SPAR Group Inc Q4 Earnings Summary

Below are the earnings highlights for SPAR Group Inc (SGRP):

Earnings: -$0.351 million in Q4 vs. -$4.390 million in the same period last year.
EPS: -$0.02 in Q4 vs. -$0.21 in the same period last year.
Excluding items, SPAR Group Inc reported adjusted earnings of $1.932 million or $0.08 per share for the period.

Revenue: $64.643 million in Q4 vs. $60.023 million in the same period last year.

Charles Schwab Q1 Profit Increases, beats estimates

Charles Schwab (SCHW) reported earnings for its first quarter that increased from the same period last year and beat the Street estimates.

The company’s bottom line totaled $1.53 billion, or $0.83 per share. This compares with $1.28 billion, or $0.67 per share, in last year’s first quarter.

Excluding items, Charles Schwab reported adjusted earnings of $1.71 billion or $0.93 per share for the period.

Analysts on average had expected the company to earn $0.90 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 9.6% to $5.12 billion from $4.67 billion last year.

Charles Schwab earnings at a glance (GAAP) :

-Earnings (Q1): $1.53 Bln. vs. $1.28 Bln. last year.
-EPS (Q1): $0.83 vs. $0.67 last year.
-Analyst Estimate: $0.90
-Revenue (Q1): $5.12 Bln vs. $4.67 Bln last year.

Prometheus Biosciences Surges On Acquisition By Merck

Shares of Prometheus Biosciences, Inc. (RXDX) are surging more than 69 percent on Monday morning trade after Merck (MRK) agreed to acquire the company for $10.8 billion. The deal is for $200 per share in cash.

Merck expects the acquisition of Prometheus which develop PRA023 for the treatment of immune-mediated diseases including ulcerative colitis, Crohn’s disease, and other autoimmune conditions to accelerate its growing presence in immunology and add diversity to its overall portfolio.

Currently, shares are at $192.99, up 69.28 percent from the previous close of $114.01 on a volume of 7,737,250.

U.S. Consumer Sentiment Improves April, Year-Ahead Inflation Expectations Jump

Preliminary data released by the University of Michigan on Friday showed a modest improvement in U.S. consumer sentiment in the month of April.

The report showed the consumer sentiment index rose to 63.5 in April from 62.0 in March. Economists had expected the index to inch up to 62.7.

The uptick by the headline index came as the current economic conditions index climbed to 68.6 in April from 66.3 in March, while the index of consumer expectations crept up to 60.3 from 59.2.

“Sentiment is now about 3% below a year ago but 27% above the all-time low from last June,” said Surveys of Consumers Director Joanne Hsu. “Rising sentiment for lower-income consumers was offset by declines among those with higher incomes.”

Meanwhile, the University of Michigan said year-ahead inflation expectations jumped to 4.6 percent in April from 3.6 percent in March.

“These expectations have been seesawing for four consecutive months, alternating between increases and decreases,” said Hsu.

She added, “Uncertainty over short-run inflation expectations continues to be notably elevated, indicating that the recent volatility in expected year-ahead inflation is likely to continue.”

At the same time, five-year inflation expectations held at 2.9 percent for fifth straight month and have stayed within the narrow 2.9 to 3.1 percent range for 20 of the last 21 months.

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