Market Updates
Movers: China Stocks, Charles Schwab, U.S. Bancorp, Tesla
Scott Peters
17 Jan, 2024
New York City
Charles Schwab decreased 1.3% to $63.51 after the financial services provider reported better-than-expected earnings but revenue fell short of market expectations.
Net revenue in the fourth quarter declined 19% to $4.5 billion from $5.5 billion, net income dropped 47% to $1.1 billion from $1.98 billion, and diluted earnings per share fell to 51 cents from 97 cents a year ago.
The company added 3.8 million net new accounts and increased its total client base to 34.8 million.
U.S. Bancorp gained 0.3% to $41.49 after the regional bank reported lower-than-expected quarterly earnings.
Total net revenue increased 6.7% to $6.7 billion from $6.4 billion, net income declined 7.4% to $861 million from $930 million, and diluted earnings per share dropped to 49 cents from 57 cents a year ago.
The common equity tier 1 capital ratio rose to 9.9% at the end of the December quarter from 9.7% at the end of the September quarter.
Average total deposit growth was 4.3% and average total loan growth was 3.6% from a year ago, respectively.
China-linked stocks continued to drift lower for the second week this year after economic growth in the fourth quarter was below expectations.
JD.com, PDD Holdings, Alibaba Group Holdings, and Tencent Holdings declined between 4% and 6%.
Tesla decreased 1.9% to $215.75 after the electric vehicle maker lowered the price of its model Y in Germany.
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