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Bank profits at the end of a short trading week


If I am ever told that I have contributed to the well-being and happiness of my neighbors through my work, I will be satisfied.
“George Westinghouse Jr.”

On Tuesday, April 13, 1869, 22-year-old engineer and entrepreneur George Westinghouse Jr. received U.S. Patent No. 88,929 for his “Improvement of Steam Brake Devices.”

Westinghouse, perhaps best known for developing AC systems for power distribution, has also made significant strides in the design and safety of railways, including a rotary steam engine and a device for returning freight cars that have derailed.

Prior to Westinghouse engineers had to manually apply the brakes on each car to stop the train.

Its new brake design used compressed air and a flexible piping system that allowed train engineers to apply the brakes on each train car at the same time.

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The negative safety system has been designed to automatically apply the brakes in the event of a drop in air pressure.

The Westinghouse compressed air brake was widely recognized, and the Railway Safety Devices Act of 1893 made them mandatory on all American trains.

During his life he received more than 360 patents.


Futures on stock indexes equaled at night trading on Thursday morning after a market rally on Wednesday that cut losses for the week. Futures S&P 500, Nasdaq 100 and Dow 30 moved only 0.1% or less as of 5:30 a.m. EDT.

J. P. Morgan ( JPM) missed estimates on Wednesday, posting net income of $ 8.3 billion, or $ 2.63 per share, up 42% from the first quarter of 2021. The street was looking for earnings per share of $ 2.72.

The largest U.S. bank has added $ 902 million to loan loss reserves, and CEO Jamie Diman said the bank sees “significant geopolitical and economic problems due to high inflation, supply chain problems and the war in Ukraine.”

Other major banks this morning will report earnings for the 1st quarter of 2022, including Citi ( S), Goldman Sachs G.S.), Morgan Stanley ( MADAM) and Wales Fargo ( WFC), beginning around 7:00 a.m. EDT.

Apart from banks, sentiment is positive around expected earnings for the first quarter. Delta ( DAL) helped lift airlines on Wednesday despite reports of losses.

CEO Ed Bastian said Delta had “experienced the highest level of sales and bookings at any point in our history” over the past five weeks and said it was expecting a “very strong summer” for the carrier.

This morning, oil futures are slightly lower: Brent and West Texas Intermediate oil are 0.4% lower to $ 108.39 and $ 103.83 per barrel, respectively, as of 5:30 am EDT.

Vitol Group, the world’s largest independent oil trader, said on Wednesday that it would stop trading in Russian oil and other petroleum products by the end of 2022. In 2021, the Dutch energy giant traded 7.6 million barrels of oil and other petroleum products per day.

On the economic side, on Thursday we will see unemployment statements and retail sales this morning at 8:30 EDT.

The study of options activities provided by the Tradier API shows a long-standing great interest in Apple ( AAPL) bulls. Last week, the stock was again playing at $ 180, approaching its 52-week high of $ 182.94, which was reached in the first week of trading in 2022.

Also on the radar bulls were Tesla ( TSLA) options. Although the stock consolidated slightly after the sharp rise it had in March, expect options to remain in the spotlight before the company’s earnings for the first quarter are released next Wednesday, April 20th.

On the bearish side of the book, we see significant activity in BRC options ( BRCC), a veteran-based coffee company that went public through the SPAC merger in February 2022. Over the past two months, stocks have risen sharply, and last week traders began actively selling calls.

We continue to see growing interest in iron condor spreads, the direction of the neutral strategy that yields the most profits in the low-volatility side market.

Happy Easter and Chag Pesach Sameah.

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Source: Equities News

Share price data is provided by IEX Cloud with a 15-minute delay. Chart cost data is provided by TradingView with a 15-minute delay.

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