PNC Financial (PNC) Fell Following Weak Results, While JPMorgan (JPM) Tumbled Even After Strong Results

SBUX Stock
SBUX Stock

The PNC Financial Services Group Inc (PNC) declined by -4.16 percent to $154.78. In fiscal 2020, PNC Financial posted net revenues of $7.55 billion and $16.96 per share, compared with $5.41 billion a year earlier. The company posted sales of $1.46 billion, $3.26 per share, in the fourth quarter alone, compared to $1.53 billion in the previous quarter and $1.38 billion in the fourth quarter of 2019. The quarterly consensus on EPS is well overshadowed by (72 cents). Q4 sales, even past forecasts, totaled around $4.2 billion.

JPMorgan Chase & Co. (JPM) fell -1.79% to $138.64. For its fourth quarter, JP Morgan Chase reported outstanding results. The U.S. banking giant posted net income of more than $12 billion for the time, with $29.2 billion in revenues and $3.79 per share in earnings. Quarterly earnings, minus the impact of the credit reserve, were $9.9 billion and $3.07 per share, 45 cents better than consensus. For the period, sales were estimated to be $28.7 billion.

Jamie Dimon, boss of the bank, praised the “solid” performance, ending a tough year. Thanks to the diversified approach, the executive is delighted with the record sales of JPMorgan. Earnings for the fourth quarter were a record but contained a contingency recovery of $2.9 billion, which was not a recurring benefit. Although promising advances in vaccinations and economic stimulus are mirrored in this change, current credit reserves of more than $30 billion also represent considerable short-term volatility.


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