BlackRock’s Earnings Miss, but Market Yawns
Asset management behemoth BlackRock, Inc.(NYSE:BLK) on Thursday released second quarter earnings of $4.78 per share, slightly below analysts’ view of $4.79. Meanwhile, revenue totaled $2.80 billion, missing Wall Street’s estimate of $2.82 billion.
Despite the seemingly lackluster report, BLK shares rose $1.98 (+0.55%) to $359.92 in Thursday morning trading.
JPMorgan Profit and Revenue Easily Beat Expectations
Banking giant JPMorgan Chase & Co. (NYSE:JPM) posted second quarter earnings of $1.55 per share, easily besting Wall Street expectations of $1.42. Revenue of $25.2 billion also beat analysts’ view of $24.16 billion.
CEO Jamie Dimon cited growing consumer bank deposits, credit card revenue, and increased lending for positive report.
JPM shares gained $1.22 (+1.93%) to $64.38 in Thursday morning trading.
Financial ETFs Gaining
Driven by the reports above, financial ETFs are in focus this morning. The Financial Select Sector SPDR Fund (NYSE:XLF) rose $0.28 (+1.20%) to $23.63, not far from its yearly high of $25.62. The XLF is most investors’ preferred ETF when it comes to gaining diversified exposure to the U.S. financial sector.
In the world of leveraged ETFs, the Direxion Daily Financial Bull 3X Shares (NYSE:FAS) ETF gained $0.93 (+3.42%) to $28.12. This ETF returns triple the results of the Russell 1000 Financial Services Index, making it a favorite play for traders looking to profit quickly from an uptick in the U.S. financial sector.
