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🏦 Bank On It
$JPM, $WFC and other bank earnings, Apple's ChatGPT moment and more
Charla Hojnacki
April 12, 2024
Happy Friday Zingernation! It’s got to hurt if you’re the CEO or president of a company and you get hit with a short report. It’s got to hurt even more if the market punishes you for it and takes out 50% of your valuation in a single day. But I’d argue it hurts the worst if the writer of said report is named Fuzzy Panda.
In case you missed it, insurance firm Globe Life ($GL) was hit with a short report from an anonymous author at Fuzzy Panda. The stock promptly got hammered by more than 50%, wiping out a decade of earnings growth. The company came out after the close and called the report defamatory, but now the DOJ will determine whether it was defamation or just plain old decimation.
Plus, check out the company that’s creating and distributing content with huge names from Stan Lee to Shaq.
And, crypto is so back. Billions of dollars are flowing into the new Bitcoin ETFs, driving prices to near all-time highs. Join thousands of engaged readers of Future Finance - our FREE digital assets newsletter.
MARKET SNAPSHOT
Yesterday: Mixed PPI data had the market trading all over the place, but bullish $AAPL news helped the $SPY and $QQQs close higher. The Dow was a laggard on the day, closing slightly lower.
On Our Radar: Big bank earnings coming in hot this morning! Wells Fargo, JPMorgan and Citibank all reported this morning, with more on the way next week. It’s earnings SZN baby!
TOP STORY
Briefly: JPMorgan came out with some killer earnings this morning, destroying estimates both on EPS and revenue.
So Basically: Reported revenue was $41.9 billion in the quarter, up 9% Y/Y. Net revenue of $42.5 billion (+8% Y/Y) beat the consensus of $41.8 billion too.
So Then: Revenue from Consumer & Community Banking (CCB) and Commercial Banking increased annually as well.
But Still: Shares traded lower despite the strong earnings. $JPM shares slid more than $5 or around 3% this morning following the report. The overall market is also trading slightly lower.
Click here to read more.
PRESENTED BY KARTOON STUDIOS
Kartoon Studios (AMEX: TOON) has recently announced its 2023 financial results to shareholders. Kartoon Studios is a global company specializing in creating, producing, distributing, marketing and licensing entertainment brands. With a diverse portfolio of original animated content, including popular shows such as Stan Lee's Superhero Kindergarten, Shaq's Garage, Rainbow Rangers and Llama Llama, Kartoon Studios seems to have established itself as a prominent player in the entertainment industry.
For the quarter that ended on December 31, 2023, Kartoon Studios recorded revenue of $8.8 million, contributing to the annual revenue of $44.1 million. As of December 31, 2023, Kartoon Studios had current assets totaling $57.1 million, working capital amounting to $11.6 million and a total stockholders' equity of $53.3 million.
FIVE ZINGERS
Inside Info: Don’t worry, it’s not as bad as it sounds. These are just the stocks insiders are selling, which is sometimes helpful info to know.
The Next Chapter: Tesla’s vehicle deliveries have been disappointing, but here’s why one analyst is bullish on the company’s energy storage division.
Midas Touch: Gold traders have had the Midas touch, bringing the precious metal to its highest price ever. Here’s how to trade it.
Cathie’s Call: Cathie Wood is getting more exposure to the AI world, with Ark Investments announcing a stake in OpenAI. Here’s how you can get in too.
Updated Expectations: A strong economy and hotter-than-expected inflation have lowered Fed rate cut expectations from six to two. Here’s when investors expect the first.
ONE FOR THE ROAD
Briefly: Wedbush's Dan Ives predicts big news coming from Apple.
So Basically: Ives thinks Apple's upcoming Worldwide Developers Conference (WWDC) in June will be a "key moment" for Cupertino.
So Then: Ives thinks Apple will unveil a "key part" of its AI strategy at WWDC.
Quoted: "I believe [it] ultimately goes to an AI App Store… which is going to be… developers, they're going to build apps," Ives said, adding that the services category is going to be a "huge opportunity" for Apple.
So What? Ives believes that Apple's installed user base of over 2 billion is the "best" in the world as far as its AI opportunity is concerned.
PRESENTED BY KARTOON STUDIOS
Kartoon Studios (AMEX: TOON) has recently announced its 2023 financial results to shareholders. Kartoon Studios is a global company specializing in creating, producing, distributing, marketing and licensing entertainment brands. With a diverse portfolio of original animated content, including popular shows such as Stan Lee's Superhero Kindergarten, Shaq's Garage, Rainbow Rangers and Llama Llama, Kartoon Studios seems to have established itself as a prominent player in the entertainment industry.
For the quarter that ended on December 31, 2023, Kartoon Studios recorded revenue of $8.8 million, contributing to the annual revenue of $44.1 million. As of December 31, 2023, Kartoon Studios had current assets totaling $57.1 million, working capital amounting to $11.6 million and a total stockholders' equity of $53.3 million.