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Banking On It 🏦
TLDR
MARKET RECAP → The Dow Jones Industrial Average (DIA) reached new highs on Tuesday, as the bull market extended beyond technology stocks, fueled by optimism over anticipated interest rate cuts.
MORGAN STANLEY REPORTS STRONG Q2 PERFORMANCE→📈 Morgan Stanley (MS) beat Q2 estimates with a $2.94B net income, boosted revenues by 12%, and declared a $0.925 dividend, solidifying its financial robustness and shareholder value.
BANK OF AMERICA Q2 EARNINGS IMPRESS → 📈 Bank of America (BAC) surpassed Q2 expectations with $0.83 EPS and $25.38 billion revenue, though shares dipped 0.5% on lower year-over-year earnings.
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TODAY’S TOP NEWS
Morgan Stanley Reports Strong Q2 Performance
📈 Earnings Beat Expectations: Morgan Stanley reported Q2 net income of $2.94 billion, or $1.82 per share, exceeding analysts' expectations of $1.65 per share. This was driven by strong performance across its operating segments and a significant reduction in credit loss provisions.
📊 Revenue Growth Across Segments: The firm's net revenues increased by 12% to $15.02 billion, surpassing the $14.30 billion anticipated by analysts. Institutional Securities and Wealth Management segments showed notable growth, reflecting higher client activity and robust debt underwriting results.
💰 Dividend and Stock Repurchase: Morgan Stanley declared a quarterly dividend of $0.925 per share, payable on August 15, 2024, and reauthorized a $20 billion stock repurchase program. These moves highlight the company's strong financial position and commitment to returning value to shareholders.
TODAY’S TOP NEWS
Bank of America Q2 Earnings Impress
📈 Earnings Beat: Bank of America reported Q2 earnings of $0.83 per share, slightly above the consensus estimate of $0.81. This marked a small decline from the previous year's $0.88 per share.
💼 Revenue Growth: The bank's revenue reached $25.38 billion, surpassing expectations of $25.22 billion. This increase was driven by strong sales and trading performances.
🔄 Market Reaction: Despite the earnings beat, shares dipped slightly by 0.5% to $41.59, reflecting market caution amid lower year-over-year earnings.
KEEP READING
Amazon’s Prime Day a ‘major’ cause of worker injuries, Senate probe finds (CNBC)
Microsoft’s hiring of staff from AI startup Inflection referred for UK merger probe (CNBC)
New Balance partners with the WNBA as the brand looks to grow in women’s sports (CNBC)
Man who claimed to be inventor of bitcoin referred to UK prosecutors for alleged perjury (CNBC)
Apple releases iOS 18 public beta for iPhone — Here’s what’s new and how to get it (CNBC)
Stocks surge after retail sales data shows Americans are still shopping (CNN)
The Dow’s surge is a calculated response to political turmoil (CNN)
Hacker group claims it leaked internal Disney Slack messages over AI concerns (CNN)
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Finviz — Financial visualizations
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CME FedWatch Tool — Market-implied probabilities of future levels of interest rates
Dataroma — Track stock picks and portfolios of legendary value investors such as Warren Buffett
ChatGPT — Large language model-based chatbot powered by generative AI
Notion AI — Notion AI is a writing assistant that can help you write, brainstorm, edit, summarize, and more
Vimcal — Lightning-fast calendar and AI scheduling assistant
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