—Joseph P. Kennedy
Mr. Kennedy went on to become the first Chairman of the Securities and Exchange Commission
From FT Alphaville:
Earnings season kicks off in the US today and, of course, that means numbers for us here at FT Alphaville (Virtual) Towers to digest. A welcome bit of action after a relatively quiet week in markets so far, both in terms of prices and news flow. Before the opening bell, we’ve already had two of America’s most prestigious banks reporting earnings: Goldman Sachs and JPMorgan. So let’s take a quick peek.
First up is up the vampire squid, or “squiddy” to its social media investors. You can find Goldman’s first quarter earnings release here.
The headline numbers are pretty astounding. Earnings per share came in at $18.60, a full eight bucks above analyst estimates of $10.22. Full revenues also beat analyst forecasts, thanks in-part to bumper numbers from the Investment Banking and Trading divisions. Annualised return-on-equity came in at 31 per cent which, according to data from S&P Global, is the highest that has been since the fourth quarter of 2006. Long live the squid....
....MUCH MORE
