Goldman Sachs, Bank of America extend breakouts on earnings

Goldman Sachs, Bank of America and Citigroup all missed earnings views early Tuesday, continuing strong results for major banks in the quarter. Goldman Stock and BofA extended recent breakouts, with Citigroup nearing a buy point

JP Morgan Chase (jpm), Wells Fargo (WFC), Blackrock (BLK) opened financial results Friday with strong earnings.

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Goldman Sachs earnings

Goldman Sachs ( GS ) reported earnings of $8.40 per share, easily beating FactSet expectations of $6.89 per share. Net revenue rose 7% to $12.7 billion, beating expectations of $11.77 billion.

Net interest income increased by $2.62 billion. Goldman Sachs recorded a 20% increase in investment banking revenue while investment management revenue grew 10%.

The bank increased its provision for credit losses to $397 million, up from $282 million and $7 million respectively last year.

Goldman Sachs stock popped 1.6% in early Tuesday trading to around 531, extending a record high.

Shares are trading in a buy zone above a 517.26 buy point after breaking out on Monday. Buy zone extends to 543.12.

Goldman Sachs forecasts more than 35% earnings growth in 2024.

Bank of America Income

Bank of America ( BAC ) reported earnings of 81 cents per share, down from 90 cents last year. Revenue rose slightly to $25.35 billion.

FactSet expected Bank of America earnings of 76 cents per share on revenue of $25.25 billion.

Net interest income decreased 3% from last year to $14 billion. Bank of America saw global wealth and investment management revenue grow 8%, while global banking revenue fell 6%. Despite a decline in global banking revenues, investment banking fees grew by 18%.

The Charlotte, N.C.-based bank had a $1.5 billion provision for credit losses, flat from Q2 and up slightly from $1.2 billion last year.

BAC stock was up more than 2% early Tuesday.

Bank of America is trading near the top of the buy zone for the cup-with-handle base above the 41.05 buy point. Shares started to sell off on October 11, moving into a buy zone of 43.10.

Bank of America stock has jumped nearly 25% this year.

Citigroup Income

City Group (C) posted a 7% decline in earnings to $1.51 per share, still clearing expectations for $1.31. Revenue rose 1% to $20.32 billion, also topping views of $19.86 billion.

Net interest income fell 3% to $13.36 billion.

The City increased its provision for credit losses and benefits by 45% to $2.68 billion.

C stock fell slightly after Tuesday's open. Shares rose nearly 2% to 67.25 in early Tuesday trading.

City Basing, with a 67.81 buy point.

C stock is up more than 28% in 2024.

You can follow Harrison Miller on X/Twitter for more stock news and updates @IBD_Harrison

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