The Columbus Day holiday on Monday made for a slow start, but as the big-name third quarter earnings were released, and the markets started to crumble, it wound up being a very eventful week.
Tuesday Highlights
The big banks, including JP Morgan (JPM
), Wells Fargo (WFC) and Citigroup (C), started to release earnings on Tuesday – each of them reporting higher net income from last year, but not all matching analysts’ expectations.
Tuesday also included an earnings release from Johnson & Johnson (JNJ). The healthcare giant posted higher earnings and revenue, both beating estimates. Despite the positive results, shares took a steep turn downward. After hours, Intel (INTC) released positive earnings news, reporting that profit and revenue had increased and were above estimates.
Wednesday
Bank of America (BAC) and PNC Financial Services (PNC) both reported lower results, but both beat analysts’ estimates. Despite Bank of America’s net loss, analysts reported that they remained bullish on the bank as its legal troubles are coming to an end.
When the markets opened on Wednesday, it soon became a gloomy day after a disappointing retail sales report was released and fears of a global economic slowdown panicked investors. Towards the end of the trading day, the market rebounded after Janet Yellen reported that she has confidence in the U.S. economy.
Thursday
Thursday began with a positive Jobless Claims report that was released before the market opened, indicating that the number of people applying to unemployment is at its lowest since April 2000. The pre-market also came with several big earnings releases:
Mattel (MAT) – Reported a 22% drop in earnings, which missed estimates. Shares dropped. Phillip Morris (
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