Ultime notizie per Citigroup (NYSE:C) Azioni

Citigroup

Citigroup is a global financial-services company doing business in more than 100 countries and jurisdictions. Citigroup's operations are organized into five primary segments: services, markets, banking, US personal banking, and wealth management. The bank's primary services include cross-border banking needs for multinational corporates, investment banking and trading, and credit card services in the United States.

Citigroup Inc

IVZ S&P CHINA ETF

AMND ESTX 50 NRT ETF

C5K SOCIAL ECONOMIC EMPOWERMENT ETF

C5K SUSTAINABLE FOOD BIODIVRSITY ETF

C5K GREEN ENERGY TECHNOLOGY ETF

C5K HEALTH WELLBEING ETF

C5K CLEAN WATER WASTE ETF

Coin98 - United States Dollar

Xtrackers California Municipal Bonds ETF

First Trust Exchange-Traded Fund IV First Trust Commercial Mortgage Opportunities ETF

INDVR Brands Inc

Corporacion America Airports SA Common Shares

Corporacion America Airports SA

China Automotive Systems, Inc. - Common Stock

China Automotive Systems Inc

Cabaletta Bio Inc

CALIF BUSINESS BANK (CA) by California Business Bank (Los Angeles)

California Business Bank

CALIBRE ENERGY INC by Calibre Energy, Inc.

CARLSBERG AS SP/ADR REP B by Carlsberg AS

Carlsberg AS

CARLSBERG ORD

Cable One Inc

CAB PMTS HLDGS LTD by CAB PMTS HLDGS LTD.

CAB Payments Holdings PLC

Coastal Bank & Trust (Jacksonville, NC) Com

Camden National Corporation - Common Stock

Camden National Corp

Credit Acceptance Corporation - Common Stock

Credit Acceptance Corp

Legg Mason ETF Investment Trust ClearBridge All Cap Growth ESG ETF

Cache Inc

CACI International, Inc. Class A Common Stock

CACI International Inc

Cadence Bank

CADILLAC VENTURES INC by Cadillac Ventures Inc.

Cadillac Ventures Inc

Candel Therapeutics Inc

Cadeler AS

Cascades Inc

CAE Inc

CAREER DESIGN CTR CO LTD by Career Design Center Co Ltd

Career Design Center Co Ltd

CALIF-ENGELS MINING CO by California-Engels Mining Co.

California-Engels Mining Co

CHINA EAST ED HLDGS LTD by CHINA EAST ED HOLDINGS LTD

China East Education Holdings Ltd

Morgan Stanley China A Share Fund Inc. Common Stock

Morgan Stanley China A Share Fund Inc

Pacer US Small Cap Cash Cows Growth Leaders ETF

CONSUMER AUTOMOT FIN INC by Consumer Automotive Finance, Inc.

Consumer Automotive Finance Inc

CAFE SERENDIPITY HLDG INC by Cafe Serendipity Holdings, Inc.

Cafe Serendipity Holdings Inc

Professionally Managed Portfolios Congress Intermediate Bond ETF

Canaf Investments Inc

Conagra Brands Inc

CRYPTOLOGY ASSET GROUP by CRYPTOLOGY ASSET GROUP PLC.

Samara Asset Group PLC

CALIFORNIA GRAPES INTL by California Grapes International, Inc.

California Grapes International Inc

CASTLE GROUP INC UTAH by Castle Group, Inc. (THE)

Castle Group Inc

Cardinal Health Inc

CARRIER ALLIANCE HLDGS by Carrier Alliance Holdings, Inc.

Carrier Alliance Holdings Inc

CELESTIAL ASIA SECS NEW by Celestial Asia Secs Holdings Ltd.

Celestial Asia Securities Holdings Ltd

Caro Holdings Inc

EVOLUTION MINING LTD ORD by Evolution Mining Ltd.

Evolution Mining Ltd

UBS LUX MSC CANA ETF

CA IMMOBILIEN ANLAGEN AG by CA Immobilien Anlagen AG

CA Immobilien Anlagen AG

CALIFORNIA INTL BANK by California International Bank

California International Bank NA

CHIA TAI INTL LTD ORD by Chia Tai Enterprises International Ltd.

Chia Tai Enterprises International Ltd

Cain Acquisition Corporation

CaixaBank SA

Canon Inc

CANADA JETLINES OPERATION by CANADA JETLINES OPERATIONS LTD.

Canada Jetlines Operations Ltd

The Cheesecake Factory Incorporated - Common Stock

Cheesecake Factory Inc

PancakeSwap

McKesson Europe AG ADR

Cambodia Airways Co Ltd

Caleres Inc

CALITHERA BIOSCIENCES INC by Calithera Biosciences, Inc.

Calithera Biosciences Inc

CalciMedica Inc

CALEDONIA INVST PLC by Caledonia Investments Plc.

Pacer US Small Cap Cash Cows 100 ETF

iShares Short-Term California Muni Active ETF

CHINA AUTO LOGISTICS INC by China Auto Logistics Inc.

China Auto Logistics Inc

EVOLVE US BANKS ENHANCED YIELD ETF

Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) will release earnings results for its third quarter, before the <a href="https://www.benzinga.com/quote/C/earnings">opening bell on Tuesday, Oct. 15</a>.
Analysts expect the New York-based company to report quarterly earnings at $1.31 per share, down from $1.63 per share in the year-ago period. Citigroup projects to report revenue of $19.84 billion for the quarter, compared to $20.14 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Oct. 10, Citi and Mastercard disclosed a collaboration to offer cross-border payments to Mastercard debit cards in 14 receiving markets worldwide.
Citigroup shares gained 3.6% to close at $65.74 on Friday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TJX/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Oppenheimer analyst Chris Kotowski maintained an Outperform rating and boosted the price target from $87 to $92 on Oct. 2. This analyst has an accuracy rate of 85%.</li>
<li>Goldman Sachs analyst Richard Ramsden maintained a Buy rating and cut the price target from $75 to $71 on Sept. 11. This analyst has an accuracy rate of 67%.</li>
<li>BMO Capital analyst James Fotheringham maintained a Market Perform rating and boosted the price target from $65 to $67 on July 15. This analyst has an accuracy rate of 74%.</li>
<li>Argus Research analyst Stephen Biggar maintained a Buy rating and raised the price target from $70 to $72 on July 15. This analyst has an accuracy rate of 72%.</li>
<li>Piper Sandler analyst Scott Siefers reiterated an Overweight rating and boosted the price target from $70 to $73 on July 15. This analyst has an accuracy rate of 70%.</li>
</ul>
Considering buying Citi stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="505" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14040612/image-92-1024x505.png" alt="" class="wp-image-593280" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14040612/image-92-1024x505.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14040612/image-92-300x148.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14040612/image-92-768x379.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/14040612/image-92.png 1353w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Earnings

News

Price Target

Pre-Market Outlook

Markets

Analyst Ratings

Trading Ideas

Citigroup Gears Up For Q3 Print; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

JP Morgan Chase &amp; Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) and Wells Fargo &amp; Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wfc#NYSE">WFC</a>) ended the week by reporting their quarterly results, kicking off the third quarter earnings season.&nbsp;Bank of America Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>) is due to report its latest financial results on Tuesday, with The Goldman Sachs Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gs#NYSE">GS</a>), Citigroup Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>) and Morgan Stanley(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ms#NYSE">MS</a>)&nbsp;due to also report next week.
<h3>JP Morgan Reported A&nbsp;Better-Than-Expected Interest Income&nbsp;</h3>
During the quarter ended in September, JP Morgan reported&nbsp;revenues rose 6% YoY to $43.3 billion, surpassing LSEG&rsquo;s consensus estimate of&nbsp;$41.63 billion. Results were fueled by investment banking fees that grew 31% as they brought in $2.27 billion.
On the other hand, JP Morgan reported that&nbsp;net income fell 2%&nbsp;to $12.9 billion, but earnings per share rose to $4.37, up from $4.33 as there were fewer outstanding shares in the latest quarter, surpassing FactSet&rsquo;s consensus estimate of $3.99 a share.
However,&nbsp;net interest income grew 3% to $23.5 billion, surpassing both StreetAccount&rsquo;s estimate of $22.73 billion and&nbsp;FactSet&rsquo;s estimate of $22.9 billion. Consequently, JP Morgan raised its full year guidance for net interest income up from $91 billion to about&nbsp;$92.5 billion.&nbsp;
JP Morgan has et aside more money to cover credit losses, more precisely $3.1 billion, compared ot last year&rsquo;s comparable quarter when it had only set aside $1.4 billion.
During the earnings call, CFO&nbsp;Jeremy Barnum&nbsp;described the consumer is doing fine&nbsp;and is on a solid footing.&nbsp;But CEO Jamie Dimon spoke of continuously monitoring geopolitical tensions that he described as &ldquo;treacherous and getting worse.&rdquo;&nbsp;In a statement where he referred to the unspeakable human suffering, with the outcome of conflicts possibly having far-reaching effects on both short-term economic outcomes and more importantly, the course of history.&nbsp;Dimon is one of the rare CEOs who goes beyond the scope of banking to view the bigger picture of the world, often giving solicited or unsolicited advice to global leaders.
All in all, the biggest American bank continues to thrive&nbsp;in a rising rate environment.
Wells Fargo continues to evolve and generate more income through fees.&nbsp;
Wells Fargo reported third-quarter revenue dropped to $20.37&nbsp;billion, reporting a profit of $1.42 per share as net income fell to&nbsp;$5.11 billion. Net interest income also fell 11% to&nbsp;$11.69 billion, but&nbsp;the decline was offset by higher fee income.
However, the bigger picture here is that the once the country&rsquo;s #1 home mortgage lender has evolved in recent years.
Earlier this year, the Biden administration lifted a consent order that was in place since 2016&nbsp;&nbsp;following a series of scandals that included fake customer accounts.&nbsp;Last month, Wells Fargo even agreed to work with U.S. bank regulators to improve its financial crimes risk management controls that detect suspicious activity and money laundering.&nbsp;The bottom line is that despite the YoY decline of both profit and revenue, they fell less than analysts had expected.&nbsp;
By reporting better than feared results, both Wells Fargo and JP Morgan have shown that the U.S. consumers proved to be more resilient than expected, suggesting that a soft landing is more likely than a recession.&nbsp;
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

General

JP Morgan And Wells Fargo Report Better Than Expected Q3 Results That Reflect Resilient U.S. Consumers

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders will search for circumstances when the market estimation of an option diverges heavily from its normal worth. High amounts of trading activity could push option prices to exaggerated or underestimated levels. 
Here's the list of options activity happening in today's session: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>BAC</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$42.00</td>
<td>$211.4K</td>
<td>59.2K</td>
<td>14.0K</td>
</tr>
<tr>
<td>TIGR</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/25/24</td>
<td>$9.00</td>
<td>$30.1K</td>
<td>1</td>
<td>3.6K</td>
</tr>
<tr>
<td>WFC</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$61.00</td>
<td>$34.5K</td>
<td>11</td>
<td>2.0K</td>
</tr>
<tr>
<td>DLO</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$8.00</td>
<td>$42.8K</td>
<td>1.8K</td>
<td>1.7K</td>
</tr>
<tr>
<td>JPM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>11/01/24</td>
<td>$220.00</td>
<td>$32.0K</td>
<td>257</td>
<td>429</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$67.50</td>
<td>$210.0K</td>
<td>6.0K</td>
<td>428</td>
</tr>
<tr>
<td>COIN</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$177.50</td>
<td>$31.8K</td>
<td>293</td>
<td>415</td>
</tr>
<tr>
<td>HOOD</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/01/24</td>
<td>$29.00</td>
<td>$27.7K</td>
<td>969</td>
<td>358</td>
</tr>
<tr>
<td>SYF</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>11/15/24</td>
<td>$48.00</td>
<td>$31.0K</td>
<td>738</td>
<td>200</td>
</tr>
<tr>
<td>MS</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$85.00</td>
<td>$29.2K</td>
<td>1.6K</td>
<td>82</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These bullet-by-bullet explanations have been constructed using the accompanying table. 
• Regarding BAC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), we observe a call option trade with bearish sentiment. It expires in 7 day(s) on October 18, 2024. Parties traded 2547 contract(s) at a $42.00 strike. The total cost received by the writing party (or parties) was $211.4K, with a price of $83.0 per contract. There were 59212 open contracts at this strike prior to today, and today 14021 contract(s) were bought and sold. 
• Regarding TIGR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TIGR#NASDAQ">TIGR</a>), we observe a call option sweep with bullish sentiment. It expires in 14 day(s) on October 25, 2024. Parties traded 274 contract(s) at a $9.00 strike. This particular call needed to be split into 12 different trades to become filled. The total cost received by the writing party (or parties) was $30.1K, with a price of $110.0 per contract. There were 1 open contracts at this strike prior to today, and today 3613 contract(s) were bought and sold. 
• Regarding WFC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), we observe a put option trade with bearish sentiment. It expires in 7 day(s) on October 18, 2024. Parties traded 500 contract(s) at a $61.00 strike. The total cost received by the writing party (or parties) was $34.5K, with a price of $69.0 per contract. There were 11 open contracts at this strike prior to today, and today 2003 contract(s) were bought and sold. 
• Regarding DLO (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLO#NASDAQ">DLO</a>), we observe a call option sweep with bearish sentiment. It expires in 98 day(s) on January 17, 2025. Parties traded 209 contract(s) at a $8.00 strike. This particular call needed to be split into 4 different trades to become filled. The total cost received by the writing party (or parties) was $42.8K, with a price of $205.0 per contract. There were 1814 open contracts at this strike prior to today, and today 1711 contract(s) were bought and sold. 
• For JPM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), we notice a call option trade that happens to be bearish, expiring in 21 day(s) on November 1, 2024. This event was a transfer of 50 contract(s) at a $220.00 strike. The total cost received by the writing party (or parties) was $32.0K, with a price of $640.0 per contract. There were 257 open contracts at this strike prior to today, and today 429 contract(s) were bought and sold. 
• For C (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), we notice a call option trade that happens to be bullish, expiring in 252 day(s) on June 20, 2025. This event was a transfer of 400 contract(s) at a $67.50 strike. The total cost received by the writing party (or parties) was $210.0K, with a price of $525.0 per contract. There were 6000 open contracts at this strike prior to today, and today 428 contract(s) were bought and sold. 
• Regarding COIN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), we observe a put option sweep with bearish sentiment. It expires in 7 day(s) on October 18, 2024. Parties traded 50 contract(s) at a $177.50 strike. This particular put needed to be split into 5 different trades to become filled. The total cost received by the writing party (or parties) was $31.8K, with a price of $638.0 per contract. There were 293 open contracts at this strike prior to today, and today 415 contract(s) were bought and sold. 
• Regarding HOOD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>), we observe a call option sweep with bearish sentiment. It expires in 21 day(s) on November 1, 2024. Parties traded 319 contract(s) at a $29.00 strike. This particular call needed to be split into 20 different trades to become filled. The total cost received by the writing party (or parties) was $27.7K, with a price of $87.0 per contract. There were 969 open contracts at this strike prior to today, and today 358 contract(s) were bought and sold. 
• For SYF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYF#NYSE">SYF</a>), we notice a call option trade that happens to be neutral, expiring in 35 day(s) on November 15, 2024. This event was a transfer of 50 contract(s) at a $48.00 strike. The total cost received by the writing party (or parties) was $31.0K, with a price of $620.0 per contract. There were 738 open contracts at this strike prior to today, and today 200 contract(s) were bought and sold. 
• For MS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), we notice a call option sweep that happens to be bullish, expiring in 98 day(s) on January 17, 2025. This event was a transfer of 11 contract(s) at a $85.00 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $29.2K, with a price of $2655.0 per contract. There were 1619 open contracts at this strike prior to today, and today 82 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more about unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Options

COIN

HOOD

TIGR

10 Financials Stocks With Whale Alerts In Today's Session

WIIM

CARV

CZNB

EWBC

FCNCA

FFWM

FITB

FNWD

FULT

GBCI

HBAN

HSBC

NYCB

SCHW

TROW

TRUP

UPST

Shares of banking and financial services stocks are trading higher following better-than-expected financial results from JPMorgan Chase and Wells Fargo.

A remarkable rally in financial stocks boosted bullish sentiment across Wall Street on Friday, propelling both the S&amp;P 500 and Dow Jones Industrial Average<a href="https://www.benzinga.com/news/earnings/24/10/41293190/us-banks-top-q3-earnings-estimates-jpmorgan-delivers-robust-beat-financial-sector-stocks-hit-record"> to new record levels.</a>
Strong earnings from major U.S. banks helped fuel the broader market, with investors brushing aside mixed economic data released <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41290382/producer-inflation-rises-more-than-expected-in-september-as-food-transportation-c">earlier in the day.</a>
The S&amp;P 500, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), surged past the 5,800-point mark, gaining 0.7% on the day and pushing year-to-date returns to nearly 23%. 
Simultaneously, the Dow Jones Industrial Average, tracked by the SPDR Dow Jones Industrial ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>), rose 0.8%, hitting 42,780 points and smashing previous records set in late September.
<h3 class="wp-block-heading">Chart: S&amp;P 500, Dow Jointly Mark All-Time Highs As US Banks Top Q3 Earnings Forecasts</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="443" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11105849/image-91-1024x443.png" alt="" class="wp-image-591486" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11105849/image-91-1024x443.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11105849/image-91-300x130.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11105849/image-91-768x332.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11105849/image-91-1536x665.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11105849/image-91.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image: <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101124&amp;t=be2bearmibe3na1">Benzinga Pro</a> </figcaption></figure>
<h3 class="wp-block-heading">Financial Stocks Drive Wall Street Rally</h3>
The financial sector was the primary driver of Friday's market gains. 
The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) rallied 1.9%, marking its strongest session since November 2023 and hitting a fresh record high. 
The rally came as a wave of U.S. banks reported better-than-expected third-quarter earnings, reinforcing confidence in the sector&#8217;s resilience.
JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) delivered a robust performance, with Q3 earnings per share (EPS) of $4.37, exceeding the $4.00 consensus. 
Shares surged over 4% by mid-morning trading in New York. Goldman Sachs analyst Richard Ramsden highlighted a &#8220;robust beat across every line,&#8221; for the largest U.S. bank.
Wells Fargo &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) saw its shares soar 6.2% after posting an EPS of $1.42, beating expectations despite cautious guidance on net interest income for the year.
Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) also delivered stronger-than-expected results, with BK shares rising 1.8%. 
BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) gained 3.4% after upbeat earnings and revenue, as performance fees sharply surprised estimates. BlackRock shares hit a new record high. 
Other major banks participated in the rally, with Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), Goldman Sachs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), and Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) climbing between 2% and 4.8%. Morgan Stanley also set new all-time highs. 
The strength in large-cap banks spilled over to regional players, with the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) rallying 3.5%. This helped lift the Russell 2000 index, which gained 1.3% and outperformed large-cap counterparts. 
<h3 class="wp-block-heading">Mixed Economic Data Overshadowed by Strong Earnings</h3>
Friday's economic data included a higher-than-expected Producer Price Index (PPI) and a weaker-than-expected Michigan Consumer Sentiment report for October. 
The headline PPI came in at 1.8% year-over-year in September, down from an upwardly revised 1.9% in August, but above expectations of 1.6%. Core producer prices – which exclude energy and food – sharply increased from 2.6% to 2.8% year-on-year, surpassing expectations of 2.7%. 
According to preliminary estimates, the University of Michigan&#8217;s U.S. consumer sentiment index fell to 68.9 in October 2024, down from a five-month high of 70.1 in September and missing forecasts of 70.8.
Year-ahead inflation expectations rose slightly from 2.7% to 2.9%, while the five-year outlook dipped from 3.1% to 3%.
&#8220;Consumers continue to express frustration over high prices. Still, long run business conditions lifted to its highest reading in six months, while current and expected personal finances both softened slightly&#8221;, Surveys of Consumers Director Joanne Hsu said. 
Despite the mixed economic signals, investors focused on the strong bank earnings and remained optimistic about the upcoming corporate earnings season.
<h3 class="wp-block-heading">S&amp;P 500&#8217;s Top 5 Performers On Friday</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Stock</td>
<td>Sector</td>
<td>Price</td>
<td>1-day Return (%)</td>
</tr>
<tr>
<td>Uber Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NASDAQ">UBER</a>)</td>
<td>Industrials</td>
<td>84.21</td>
<td>8.07%</td>
</tr>
<tr>
<td>Fastenal Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NYSE">FAST</a>)</td>
<td>Industrials</td>
<td>75.13</td>
<td>7.34</td>
</tr>
<tr>
<td>Wells Fargo &amp; Company</td>
<td>Financials</td>
<td>60.99</td>
<td>5.61</td>
</tr>
<tr>
<td>WW. Grainger, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GWW#NYSE">GWW</a>)</td>
<td>Industrials</td>
<td>1,079.38</td>
<td>5.29</td>
</tr>
<tr>
<td>Bank of America Corporation</td>
<td>Financials</td>
<td>41.97</td>
<td>4.99</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 10:50 a.m. ET</figcaption></figure>
<h3 class="wp-block-heading">Dow&#8217;s Top 5 Performers On Friday </h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Stock</td>
<td>Sector</td>
<td>Price</td>
<td>1-day Return (%)</td>
</tr>
<tr>
<td>JPMorgan Chase &amp; Co. </td>
<td>Financials</td>
<td>221.99</td>
<td>4.30</td>
</tr>
<tr>
<td>The Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>)</td>
<td>Industrials</td>
<td>150.55</td>
<td>2.68</td>
</tr>
<tr>
<td>The Goldman Sachs Group, Inc.</td>
<td>Financials</td>
<td>513.51</td>
<td>1.94</td>
</tr>
<tr>
<td>Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>)</td>
<td>Information Technology</td>
<td>23.63</td>
<td>1.78</td>
</tr>
<tr>
<td>American Express Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>)</td>
<td>Financials</td>
<td>274.73</td>
<td>1.58</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 10:50 a.m. ET</figcaption></figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41289783/jpmorgan-chase-q3-earnings-investment-banking-revenue-soars-29-raises-fy24-net-interest-income-outl">JPMorgan Chase Q3 Earnings: Investment Banking Revenue Soars 29%, Largest Bank Raises Net Interest Income Outlook</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Equities

Large Cap

Macro Economic Events

Mid Cap

Sector ETFs

Broad U.S. Equity ETFs

Small Cap

Econ #s

Economics

ETFs

SPDR Dow Jones Industrial Average ETF Trust

FAST

INTC

UBER

S&P 500, Dow Jones Hit New Record Highs As Financial Stocks Soar On Upbeat Earnings

Citigroup shares are trading higher amid strength in financials following key earnings reports in the banking sector.

As the third-quarter earnings season approaches, Goldman Sachs has issued a note identifying key stock opportunities for investors looking to profit <a href="https://www.benzinga.com/news/earnings/24/10/41255250/banks-gear-up-for-earnings-season-15-top-stock-picks-including-citigroup-morgan-stanley-and-truist">from financial results.</a>
Analyst John Marshall and his team shared their insights on Thursday, highlighting 18 stocks that could benefit from upward earnings revisions and seven stocks likely to face downward revisions.
<h3 class="wp-block-heading">The &#8216;Stock Picker&#8217;s Year&#8217;: 10% Upside In S&amp;P 500</h3>
Goldman Sachs analysts call 2024 "the year of the stock picker," emphasizing the importance of selective investing in a volatile earnings environment.
According to the investment bank&#8217;s latest projections, the average S&amp;P 500 stock could see a 10% upside over the next 12 months. 
"We see relief rally potential," Marshall stated in his note. "Directional positioning in the options market is balanced, a much better set-up than this time last quarter."
The analysts also observed that activity in options markets, both from hedge funds and retail traders, has decreased recently, signaling a "wait-and-see" approach as investors prepare for third-quarter earnings reports and the upcoming U.S. elections.
<h3 class="wp-block-heading">Earnings Season Volatility Remains Elevated</h3>
Goldman Sachs highlighted that single-stock volatility surrounding earnings events remains at a 14-year high. 
This trend, driven by critical market debates on topics like artificial intelligence, interest rates, and the upcoming election, is expected to continue through the remainder of the year.
&#8220;We expect earnings day moves to remain elevated as most of the key debates for the market have winners and losers in the equity space,&#8221; the note added. 
With this heightened volatility, the firm continues to recommend options-based strategies, advising investors to consider buying options ahead of earnings events and selling options between earnings periods to capitalize on price movements.
<h3 class="wp-block-heading">18 Stocks Goldman Sachs Is Bullish On For Third-Quarter Earnings</h3>
Goldman Sachs&#8217; analysts have identified 18 stocks they believe are primed for upside as earnings revisions could be favorable. These stocks span a variety of sectors, from energy and financials to healthcare and technology.
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company</th>
<th>Sector</th>
<th>Earnings Date (e)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Gap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GAP#NYSE">GAP</a>)</td>
<td>Discretionary</td>
<td>Nov. 15</td>
</tr>
<tr>
<td>Permian Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PR#NYSE">PR</a>)</td>
<td>Energy</td>
<td>Nov. 7</td>
</tr>
<tr>
<td>Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>)</td>
<td>Financials</td>
<td>Oct. 15</td>
</tr>
<tr>
<td>Synchrony Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYF#NYSE">SYF</a>)</td>
<td>Financials</td>
<td>Oct. 16</td>
</tr>
<tr>
<td>Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>)</td>
<td>Healthcare</td>
<td>Oct. 30</td>
</tr>
<tr>
<td>Boston Scientific (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>)</td>
<td>Healthcare</td>
<td>Oct. 23</td>
</tr>
<tr>
<td>Merck &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>)</td>
<td>Healthcare</td>
<td>Oct. 31</td>
</tr>
<tr>
<td>Qiagen NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QGEN#NYSE">QGEN</a>)</td>
<td>Healthcare</td>
<td>Oct. 30</td>
</tr>
<tr>
<td>AZEK Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZEK#NYSE">AZEK</a>)</td>
<td>Industrials</td>
<td>Nov. 29</td>
</tr>
<tr>
<td>ADT Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADT#NYSE">ADT</a>)</td>
<td>TMT</td>
<td>Nov. 1</td>
</tr>
<tr>
<td>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)</td>
<td>TMT</td>
<td>Dec. 6</td>
</tr>
<tr>
<td>Dell Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>)</td>
<td>TMT</td>
<td>Nov. 25</td>
</tr>
<tr>
<td>Klaviyo (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KVYO#NYSE">KVYO</a>)</td>
<td>TMT</td>
<td>Nov. 7</td>
</tr>
<tr>
<td>Monday.com Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNDY#NASDAQ">MNDY</a>)</td>
<td>TMT</td>
<td>Nov. 13</td>
</tr>
<tr>
<td>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</td>
<td>TMT</td>
<td>Nov. 21</td>
</tr>
<tr>
<td>Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>)</td>
<td>TMT</td>
<td>Nov. 29</td>
</tr>
<tr>
<td>Toast Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOST#NYSE">TOST</a>)</td>
<td>TMT</td>
<td>Nov. 7</td>
</tr>
<tr>
<td>Sempra (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRE#NYSE">SRE</a>)</td>
<td>Utilities</td>
<td>Nov. 4</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">7 Stocks Goldman Sachs Is Bearish On For Third-Quarter Earnings</h3>
In contrast, the investment bank has identified seven stocks that they expect to face downward earnings revisions in the third quarter, advising investors to exercise caution.
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company</th>
<th>Sector</th>
<th>Earnings Date (e)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Choice Hotels (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHH#NYSE">CHH</a>)</td>
<td>Discretionary</td>
<td>Nov. 7</td>
</tr>
<tr>
<td>Cheniere Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CQP#NYSE">CQP</a>)</td>
<td>Energy</td>
<td>Nov. 1</td>
</tr>
<tr>
<td>Janus Henderson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JHG#NYSE">JHG</a>)</td>
<td>Financials</td>
<td>Oct. 31</td>
</tr>
<tr>
<td>LyondellBasell (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYB#NYSE">LYB</a>)</td>
<td>Materials</td>
<td>Nov. 1</td>
</tr>
<tr>
<td>Clorox Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLX#NYSE">CLX</a>)</td>
<td>Staples</td>
<td>Nov. 1</td>
</tr>
<tr>
<td>Kraft Heinz Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KHC#NASDAQ">KHC</a>)</td>
<td>Staples</td>
<td>Oct. 30</td>
</tr>
<tr>
<td>Upstart Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPST#NASDAQ">UPST</a>)</td>
<td>TMT</td>
<td>Nov. 7</td>
</tr>
</tbody>
</table>
</figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41278012/feds-goolsbee-downplays-inflation-uptick-economists-hold-steady-on-november-rate-in">Fed&#8217;s Goolsbee Downplays Inflation Uptick, Economists Hold Steady On November Rate Interest Rate Cut Call</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Analyst Color

Tech

AMGN

AVGO

AZEK

DELL

Janus Henderson Group plc Ordinary Shares

KVYO

MNDY

NVDA

QGEN

SNOW

TOST

18 Stocks To Buy, 7 To Sell This Earnings Season: Goldman Sachs Calls It 'The Year Of The Stock Picker'

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders often look for circumstances when the market estimation of an option diverges away from its normal worth. Abnormal amounts of trading activity could push option prices to hyperbolic or underperforming levels. 
Below are some instances of options activity happening in the Financials sector: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>TIGR</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$10.00</td>
<td>$30.0K</td>
<td>28.1K</td>
<td>11.9K</td>
</tr>
<tr>
<td>BAC</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$40.00</td>
<td>$33.7K</td>
<td>19.3K</td>
<td>4.0K</td>
</tr>
<tr>
<td>SQ</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$70.00</td>
<td>$50.5K</td>
<td>338</td>
<td>1.8K</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$65.00</td>
<td>$70.5K</td>
<td>26.8K</td>
<td>1.8K</td>
</tr>
<tr>
<td>FUTU</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>10/18/24</td>
<td>$115.00</td>
<td>$35.0K</td>
<td>552</td>
<td>553</td>
</tr>
<tr>
<td>ROOT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>12/20/24</td>
<td>$50.00</td>
<td>$97.1K</td>
<td>214</td>
<td>79</td>
</tr>
<tr>
<td>WFC</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>12/18/26</td>
<td>$60.00</td>
<td>$60.5K</td>
<td>197</td>
<td>70</td>
</tr>
<tr>
<td>PMT</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>12/20/24</td>
<td>$7.50</td>
<td>$34.0K</td>
<td>33</td>
<td>50</td>
</tr>
<tr>
<td>PYPL</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/19/25</td>
<td>$75.00</td>
<td>$25.8K</td>
<td>2.2K</td>
<td>15</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These bullet-by-bullet explanations have been constructed using the accompanying table. 
• For TIGR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TIGR#NASDAQ">TIGR</a>), we notice a call option sweep that happens to be bullish, expiring in 99 day(s) on January 17, 2025. This event was a transfer of 200 contract(s) at a $10.00 strike. This particular call needed to be split into 4 different trades to become filled. The total cost received by the writing party (or parties) was $30.0K, with a price of $150.0 per contract. There were 28114 open contracts at this strike prior to today, and today 11974 contract(s) were bought and sold. 
• For BAC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), we notice a call option sweep that happens to be bullish, expiring in 8 day(s) on October 18, 2024. This event was a transfer of 348 contract(s) at a $40.00 strike. This particular call needed to be split into 7 different trades to become filled. The total cost received by the writing party (or parties) was $33.7K, with a price of $97.0 per contract. There were 19383 open contracts at this strike prior to today, and today 4053 contract(s) were bought and sold. 
• Regarding SQ (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>), we observe a put option sweep with bearish sentiment. It expires in 8 day(s) on October 18, 2024. Parties traded 324 contract(s) at a $70.00 strike. This particular put needed to be split into 23 different trades to become filled. The total cost received by the writing party (or parties) was $50.5K, with a price of $156.0 per contract. There were 338 open contracts at this strike prior to today, and today 1866 contract(s) were bought and sold. 
• Regarding C (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), we observe a call option trade with bearish sentiment. It expires in 8 day(s) on October 18, 2024. Parties traded 750 contract(s) at a $65.00 strike. The total cost received by the writing party (or parties) was $70.5K, with a price of $94.0 per contract. There were 26859 open contracts at this strike prior to today, and today 1819 contract(s) were bought and sold. 
• Regarding FUTU (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FUTU#NASDAQ">FUTU</a>), we observe a call option sweep with neutral sentiment. It expires in 8 day(s) on October 18, 2024. Parties traded 100 contract(s) at a $115.00 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $35.0K, with a price of $350.0 per contract. There were 552 open contracts at this strike prior to today, and today 553 contract(s) were bought and sold. 
• For ROOT (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROOT#NASDAQ">ROOT</a>), we notice a put option sweep that happens to be neutral, expiring in 71 day(s) on December 20, 2024. This event was a transfer of 79 contract(s) at a $50.00 strike. This particular put needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $97.1K, with a price of $1230.0 per contract. There were 214 open contracts at this strike prior to today, and today 79 contract(s) were bought and sold. 
• For WFC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), we notice a call option trade that happens to be bearish, expiring in 799 day(s) on December 18, 2026. This event was a transfer of 70 contract(s) at a $60.00 strike. The total cost received by the writing party (or parties) was $60.5K, with a price of $865.0 per contract. There were 197 open contracts at this strike prior to today, and today 70 contract(s) were bought and sold. 
• For PMT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PMT#NYSE">PMT</a>), we notice a call option trade that happens to be neutral, expiring in 71 day(s) on December 20, 2024. This event was a transfer of 50 contract(s) at a $7.50 strike. The total cost received by the writing party (or parties) was $34.0K, with a price of $680.0 per contract. There were 33 open contracts at this strike prior to today, and today 50 contract(s) were bought and sold. 
• Regarding PYPL (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>), we observe a call option sweep with bullish sentiment. It expires in 435 day(s) on December 19, 2025. Parties traded 15 contract(s) at a $75.00 strike. This particular call needed to be split into 5 different trades to become filled. The total cost received by the writing party (or parties) was $25.8K, with a price of $1708.0 per contract. There were 2250 open contracts at this strike prior to today, and today 15 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more about unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

FUTU

PYPL

ROOT

9 Financials Stocks Whale Activity In Today's Session

Management

Citigroup Establishes Banking Executive Team

Citi is the first global bank to enable cross-border payments to Mastercard debit cards
Today, Citi (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) and Mastercard (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) announced a collaboration to offer cross-border payments to Mastercard debit cards in 14 receiving markets [1] worldwide, with plans for further expansion. Leveraging Citi's WorldLink&#xAE; Payment Services and Mastercard Move's money transfer capabilities, Citi clients can make near-instant, full-value payments, with near 24/7 availability to consumers using their Mastercard debit card details. Citi is the first global bank to enable cross-border payments to Mastercard debit cards using Mastercard Move, tapping into the speed, security and transparency of the Mastercard network.

Citi And Mastercard Join Forces To Transform Global Cross-Border Payments, Citi Is The First Global Bank To Enable Cross-Border Payments To Mastercard Debit Cards

Financial giants have made a conspicuous bullish move on Citigroup. Our analysis of options history for Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) revealed 49 unusual trades.
Delving into the details, we found 59% of traders were bullish, while 28% showed bearish tendencies. Out of all the trades we spotted, 4 were puts, with a value of $204,100, and 45 were calls, valued at $2,612,355.
<h3>Projected Price Targets</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $62.5 to $90.0 for Citigroup over the last 3 months. 
<h3>Insights into Volume &amp; Open Interest</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Citigroup's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Citigroup's substantial trades, within a strike price spectrum from $62.5 to $90.0 over the preceding 30 days.
<h3>Citigroup 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728504156_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>C</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$2.34</td>
<td>$2.31</td>
<td>$2.34</td>
<td>$70.00</td>
<td>$140.4K</td>
<td>5.2K</td>
<td>2.3K</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$4.05</td>
<td>$4.05</td>
<td>$4.05</td>
<td>$75.00</td>
<td>$121.5K</td>
<td>12.0K</td>
<td>300</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$2.33</td>
<td>$2.29</td>
<td>$2.32</td>
<td>$70.00</td>
<td>$114.3K</td>
<td>5.2K</td>
<td>1.7K</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$2.18</td>
<td>$2.14</td>
<td>$2.18</td>
<td>$75.00</td>
<td>$109.0K</td>
<td>12.1K</td>
<td>1.0K</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$2.14</td>
<td>$2.1</td>
<td>$2.14</td>
<td>$63.00</td>
<td>$107.0K</td>
<td>1.6K</td>
<td>2.8K</td>
</tr>
</tbody>
</table>

<h3>About Citigroup</h3>
Citigroup is a global financial-services company doing business in more than 100 countries and jurisdictions. Citigroup's operations are organized into five primary segments: services, markets, banking, US personal banking, and wealth management. The bank's primary services include cross-border banking needs for multinational corporates, investment banking and trading, and credit card services in the United States.
Having examined the options trading patterns of Citigroup, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>Citigroup's Current Market Status</h3>
<ul>
<li>Trading volume stands at 6,306,670, with C's price up by 1.22%, positioned at $64.01.</li>
<li>RSI indicators show the stock to be may be overbought.</li>
<li>Earnings announcement expected in 6 days.</li>
</ul>
<h3>What Analysts Are Saying About Citigroup</h3>
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $83.0.
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&#x2A; Consistent in their evaluation, an analyst from Oppenheimer keeps a Outperform rating on Citigroup with a target price of $92. 
&#x2A; An analyst from Morgan Stanley has decided to maintain their Overweight rating on Citigroup, which currently sits at a price target of $86. 
&#x2A; Maintaining their stance, an analyst from Goldman Sachs continues to hold a Buy rating for Citigroup, targeting a price of $71. 
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Citigroup options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Spotlight on Citigroup: Analyzing the Surge in Options Activity

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders often look for circumstances when the market estimation of an option diverges away from its normal worth. Abnormal amounts of trading activity could push option prices to hyperbolic or underperforming levels. 
Here's the list of options activity happening in today's session: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>TIGR</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$9.00</td>
<td>$39.2K</td>
<td>6.5K</td>
<td>7.5K</td>
</tr>
<tr>
<td>HOOD</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>11/08/24</td>
<td>$25.00</td>
<td>$25.5K</td>
<td>479</td>
<td>1.1K</td>
</tr>
<tr>
<td>SOFI</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$7.00</td>
<td>$36.3K</td>
<td>62.8K</td>
<td>1.0K</td>
</tr>
<tr>
<td>FUTU</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/11/24</td>
<td>$108.00</td>
<td>$31.0K</td>
<td>671</td>
<td>759</td>
</tr>
<tr>
<td>COIN</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>10/25/24</td>
<td>$185.00</td>
<td>$35.0K</td>
<td>1.1K</td>
<td>539</td>
</tr>
<tr>
<td>GS</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$580.00</td>
<td>$37.2K</td>
<td>3.1K</td>
<td>226</td>
</tr>
<tr>
<td>AFRM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$20.00</td>
<td>$33.0K</td>
<td>270</td>
<td>101</td>
</tr>
<tr>
<td>PYPL</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>03/21/25</td>
<td>$80.00</td>
<td>$61.4K</td>
<td>6.3K</td>
<td>98</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/15/27</td>
<td>$67.50</td>
<td>$45.2K</td>
<td>3</td>
<td>50</td>
</tr>
<tr>
<td>PGR</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>05/16/25</td>
<td>$245.00</td>
<td>$29.2K</td>
<td>2</td>
<td>39</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These itemized elaborations have been created using the accompanying table. 
• Regarding TIGR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TIGR#NASDAQ">TIGR</a>), we observe a call option sweep with bullish sentiment. It expires in 9 day(s) on October 18, 2024. Parties traded 500 contract(s) at a $9.00 strike. This particular call needed to be split into 4 different trades to become filled. The total cost received by the writing party (or parties) was $39.2K, with a price of $79.0 per contract. There were 6539 open contracts at this strike prior to today, and today 7560 contract(s) were bought and sold. 
• For HOOD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>), we notice a call option trade that happens to be bullish, expiring in 30 day(s) on November 8, 2024. This event was a transfer of 115 contract(s) at a $25.00 strike. The total cost received by the writing party (or parties) was $25.5K, with a price of $222.0 per contract. There were 479 open contracts at this strike prior to today, and today 1169 contract(s) were bought and sold. 
• For SOFI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>), we notice a call option trade that happens to be bullish, expiring in 100 day(s) on January 17, 2025. This event was a transfer of 181 contract(s) at a $7.00 strike. The total cost received by the writing party (or parties) was $36.3K, with a price of $201.0 per contract. There were 62887 open contracts at this strike prior to today, and today 1019 contract(s) were bought and sold. 
• For FUTU (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FUTU#NASDAQ">FUTU</a>), we notice a put option sweep that happens to be bearish, expiring in 2 day(s) on October 11, 2024. This event was a transfer of 155 contract(s) at a $108.00 strike. This particular put needed to be split into 38 different trades to become filled. The total cost received by the writing party (or parties) was $31.0K, with a price of $200.0 per contract. There were 671 open contracts at this strike prior to today, and today 759 contract(s) were bought and sold. 
• Regarding COIN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), we observe a call option trade with bullish sentiment. It expires in 16 day(s) on October 25, 2024. Parties traded 100 contract(s) at a $185.00 strike. The total cost received by the writing party (or parties) was $35.0K, with a price of $350.0 per contract. There were 1143 open contracts at this strike prior to today, and today 539 contract(s) were bought and sold. 
• For GS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), we notice a call option trade that happens to be bullish, expiring in 37 day(s) on November 15, 2024. This event was a transfer of 200 contract(s) at a $580.00 strike. The total cost received by the writing party (or parties) was $37.2K, with a price of $186.0 per contract. There were 3149 open contracts at this strike prior to today, and today 226 contract(s) were bought and sold. 
• For AFRM (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>), we notice a call option trade that happens to be bullish, expiring in 72 day(s) on December 20, 2024. This event was a transfer of 14 contract(s) at a $20.00 strike. The total cost received by the writing party (or parties) was $33.0K, with a price of $2360.0 per contract. There were 270 open contracts at this strike prior to today, and today 101 contract(s) were bought and sold. 
• Regarding PYPL (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>), we observe a call option trade with bearish sentiment. It expires in 163 day(s) on March 21, 2025. Parties traded 63 contract(s) at a $80.00 strike. The total cost received by the writing party (or parties) was $61.4K, with a price of $975.0 per contract. There were 6350 open contracts at this strike prior to today, and today 98 contract(s) were bought and sold. 
• Regarding C (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), we observe a call option sweep with bullish sentiment. It expires in 828 day(s) on January 15, 2027. Parties traded 50 contract(s) at a $67.50 strike. This particular call needed to be split into 4 different trades to become filled. The total cost received by the writing party (or parties) was $45.2K, with a price of $905.0 per contract. There were 3 open contracts at this strike prior to today, and today 50 contract(s) were bought and sold. 
• Regarding PGR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>), we observe a put option sweep with bearish sentiment. It expires in 219 day(s) on May 16, 2025. Parties traded 19 contract(s) at a $245.00 strike. This particular put needed to be split into 10 different trades to become filled. The total cost received by the writing party (or parties) was $29.2K, with a price of $1540.0 per contract. There were 2 open contracts at this strike prior to today, and today 39 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more about unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

AFRM

SOFI

The third-quarter earnings season for U.S. banks will officially kick off this Friday, with major financial institutions like JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Wells Fargo Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), and Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) set <a href="https://www.benzinga.com/news/earnings/24/10/41216873/us-banks-earnings-preview-soft-landing-hopes-interest-rate-cuts-key-catalysts-for-stocks">to report their results. </a>
The following Tuesday will see additional earnings releases from mega-cap players such as Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Goldman Sachs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), and Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), as well as some regional banks.
<h3 class="wp-block-heading">Banking Sector Performance So Far In 2024</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="447" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-1024x447.png" alt="" class="wp-image-587909" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-1024x447.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-300x131.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-768x336.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66-1536x671.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09104754/image-66.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Chart:<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent100924&amp;t=be2bearmibe3na1"> Benzinga Pro</a></figcaption></figure>
Thus far, in 2024, the banking sector has shown strong performance. The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>), which tracks major financial stocks, has risen 21% year-to-date, matching the performance of the broader market as represented by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>).
However, regional banks have lagged behind their larger counterparts. The SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) is up just 6% year-to-date, though it has outperformed over the past three months. This recent rebound is largely due to falling inflation and increasing expectations of Federal Reserve interest rate cuts.
With earnings season approaching, the question on many investors&#8217; minds is whether large banks will maintain their positive performance gap over regional players or if recent market developments will impact their results and outlooks. 
Here&#8217;s what Wall Street analysts are saying ahead of the bank earnings season.
<h3 class="wp-block-heading">Analyst Expectations And Top Picks</h3>
<h4 class="wp-block-heading">RBC Capital Markets – Gerard Cassidy, co-head of global financials research</h4>
&#8220;We believe the set-up looks very good for banks over the next 12-18 months. We expect the Federal Reserve to cut short-term interest rates by 200-250 basis points over this period, and the finalization of the Basel III &#8216;endgame&#8217; proposal will allow banks to return excess capital through buybacks and dividends. We continue to recommend an overweight position in bank stocks.&#8221;
<ul>
<li>Top Picks (RBC holds earnings per share estimates for both above Street consensus for the third quarter)
<ul>
<li>Truist Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFC#NYSE">TFC</a>)</li>
<li>KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>)</li>
</ul>
</li>
</ul>
<h4 class="wp-block-heading">JPMorgan Chase &amp; Co. – Anthony Elian, CFA</h4>
&#8220;As the Federal Reserve reduces rates, several industry headwinds could turn into tailwinds.&#8221; This includes:
<ol>
<li>Lower deposit costs, improving net interest margins (NIMs)</li>
<li>An uptick in commercial loan demand</li>
<li>Easing credit quality concerns, particularly for banks with commercial real estate (CRE) exposure</li>
<li>A resumption of buyback programs as reserves are released</li>
<li>Increased exit market and venture capital activity.</li>
</ol>
<ul>
<li>Top Picks:
<ul>
<li>First Citizens Bancshares Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCNCA#NYSE">FCNCA</a>)</li>
<li>Western Alliance Bancorporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>)</li>
<li>Pinnacle Financial Partners Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PNFP#NASDAQ">PNFP</a>)</li>
</ul>
</li>
</ul>
<h4 class="wp-block-heading">Wedbush Securities – David J. Chiaverini, CFA</h4>
&#8220;We expect mixed trends for banks in Q3, with modest loan and deposit growth, stabilizing deposit mix shifts, and NIMs benefiting from fixed asset repricing. Some banks will be more positively positioned than others in this environment.&#8221;
<ul>
<li>Top Picks:
<ul>
<li>M&amp;T Bank Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>)</li>
<li>Wintrust Financial Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WTFC#NASDAQ">WTFC</a>)</li>
<li>Columbia Banking Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COLB#NASDAQ">COLB</a>) Wedbush believes Columbia Banking Systems will benefit from a lower rate environment as it is liability-sensitive, unlike most banks that are asset-sensitive.</li>
</ul>
</li>
</ul>
<h4 class="wp-block-heading">Bank of America – Ebrahim H. Poonawala</h4>
&#8220;We favor regional banks over large money centers heading into Q3, given better net interest income (NII) defensibility and greater capital relief as mark-to-market losses on bond books decrease. Our top ideas going into Q3 earnings include a mix of regionals and larger financial institutions.&#8221;
<ul>
<li>Top Picks:
<ul>
<li>U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>)</li>
<li>Western Alliance Bancorporation </li>
<li>PNC Financial Services Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>)</li>
<li>Fifth Third Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FITB#NYSE">FITB</a>)</li>
<li>M&amp;T Bank Corp.</li>
<li>Truist Financial Corporation</li>
<li>Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>)</li>
<li>Goldman Sachs Inc.</li>
<li>Bank of New York Mellon Corp.</li>
</ul>
</li>
</ul>
<h4 class="wp-block-heading">Goldman Sachs – Richard Ramsden</h4>
Goldman Sachs is particularly optimistic about Citigroup heading into Q3 earnings, citing the bank's progress toward its 2024 targets driven by strong fee growth, solid capital markets activity, and robust card volumes. 
Ramsden is above consensus on Citigroup's Q3 pre-provision net revenue (PPNR), largely due to expectations of higher fees and capital markets activity.
<ul>
<li>Top Pick:
<ul>
<li>Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>)</li>
</ul>
</li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/24/10/41249837/s-p-500-earnings-season-kicks-off-why-analysts-call-this-quarter-a-stock-pickers-paradise">S&amp;P 500 Earnings Season Kicks Off: Why Analysts Call This Quarter &#8216;A Stock Picker&#8217;s Paradise&#8217;</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

COLB

PNFP

WTFC

Banks Gear Up For Earnings Season: 15 Top Stock Picks Including Citigroup, Morgan Stanley, And Truist

On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/10/04/final-trades-deckers-citigroup-ares-management-and-crowdstrike.html">Halftime Report Final Trades</a>,&#8221; Rob Sechan of NewEdge Wealth named Deckers Outdoor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>) <a href="https://www.benzinga.com/quote/DECK/news">because of jobs report</a>.
On Sept. 13, Deckers Brands announced stockholder approval of six-for-one forward stock split and proportionate increase in authorized common stock.
Jim Lebenthal of Cerity Partners picked Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>).
On Sept. 26, Citigroup inked an exclusive agreement with Apollo Global Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) to establish a $25 billion private credit and direct lending program. The program will start in North America, potentially expanding to other regions. The strategic program aims to enhance access for corporate and sponsor clients to the private lending capital pool, ensuring funding <a href="https://www.benzinga.com/markets/equities/24/09/41052856/citigroup-apollo-partner-for-25b-private-credit-program-expanding-corporate-lending-access">certainty for strategic transactions</a>.
 Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Jason Snipe of Ares Management Corporation named Ares Management Corporation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARES#NYSE">ARES</a>), saying he likes the secular trends.
Ares Management will report earnings for the third quarter ending Sept. 30 on Friday, Nov. 1, 2024, before the opening bell.
Stephanie Link of Hightower Advisors said CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) is still down 26% from its highs.
The company, last week, disclosed an expansion of the CrowdStrike Marketplace, a hub for top-tier security products compatible with CrowdStrike. This move enhances the Marketplace Private Offer program, allowing solution providers to engage with CrowdStrike <a href="https://www.benzinga.com/markets/equities/24/10/41171631/crowdstrike-expands-marketplace-falcon-integrated-solutions-boost-cybersecurity-ecosystem">Falcon-integrated technologies</a>.
Price Action:
<ul>
<li>Deckers shares gained 6.4% to close at $166.81 during Friday's session.</li>
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<li>CrowdStrike Holdings shares gained 3% to settle at $ 292.24 on Friday.</li>
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CrowdStrike, Deckers, Ares Management And A Big Bank Stock On CNBC's 'Final Trades'

JPMorgan (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) is scheduled to kick-start third-quarter 2024 earnings on Oct. 11. The largest American bank&#39;s earnings draw a lot of attention because of its presence in almost all the finance sector businesses. This, thus, offers insight into how the quarterly performance of other banks is likely to be.
JPMorgan&#39;s close peers &ndash; Bank of America (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>) and Citigroup (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>) are slated to announce their quarterly numbers on Oct. 15.
JPM&#39;s second-quarter performance was impressive despite industry-wide operating challenges. This time, we believe the company&#39;s performance will likely remain robust. The Zacks Consensus Estimate for third-quarter revenues of $41.01 billion suggests 2.9% year-over-year growth.
On the other hand, rising provisions for credit losses and higher operating expenses are likely to have hampered JPMorgan&#39;s bottom-line growth. In the past seven days, the consensus estimate for earnings for the to-be-reported quarter has been revised marginally lower to $4.04, indicating a 6.7% decline from the prior-year quarter.
Estimate Revision Trend
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/f3/80367.jpg?v=1023181585" />
Image Source: Zacks Investment Research
JPMorgan has an impressive earnings surprise history. The company&#39;s earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, with an average beat being 8.38%.
Earnings Surprise History
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/ad/80371.jpg?v=1452486335" />
Image Source: Zacks Investment Research
<h2>Major Factors to Impact JPMorgan&#39;s Q3 Performance</h2>
Net Interest Income: On Sept. 18, the Federal Reserve cut the interest rates by 50 basis points to 4.75-5% for the first time since March 2020. Nonetheless, the development is not expected to have much impact on JPMorgan&#39;s net interest income (NII) during the third quarter.
Further, relatively higher rates might have hurt NII growth prospects because of elevated funding/deposit costs and an inverted yield curve during the major part of the quarter.
Yet, clarity on the Fed&#39;s rate cut path and the stabilizing macroeconomic backdrop are likely to have provided support to the lending scenario. Per the Fed&#39;s latest data, the demand for commercial and industrial, real estate and consumer loans was modest in the first two months of the quarter.
The Zacks Consensus Estimate for NII (reported) of $22.57 billion suggests a slight decline on a year-over-year basis. Our estimate for NII implies a fall of almost 1% to $22.55 billion.
Investment Banking (IB) Fees: Global mergers and acquisitions (M&amp;As) in the third quarter of 2024 showed marked improvement after subdued 2023 and 2022. This is expected to have supported JPMorgan&#39;s IB fees.
Both deal value and volume were decent during the quarter, driven by solid financial performance, higher chances of a soft landing of the U.S. economy, buoyant markets and interest rate cuts. Yet, tough scrutiny by antitrust regulators and lingering geopolitical issues were headwinds. JPMorgan&#39;s leadership in the space is likely to have offered some support to advisory fees.
On the other hand, the IPO market saw signs of cautious optimism, given the market volatility, geopolitical challenges and global monetary easing. The impressive equity market performance drove some solid activity in follow-up equity issuances. Further, bond issuance volume improved on favorable economic conditions and corporate spreads at near historical lows. Thus, growth in JPM&#39;s underwriting fees (accounting for almost 60% of total IB fees) is expected to have been solid during the to-be-reported quarter.
We project IB revenues (in the Corporate &amp; Investment Banking segment) to be $2.39 billion.
Management expects IB revenues to increase 15% on a year-over-year basis driven by robust debt and equity capital markets, while M&amp;A volumes are expected to be &quot;flattish.&quot;
Markets Revenues: Client activity and market volatility were decent in the third quarter. The likelihood of a soft landing of the U.S. economy, cooling inflation and easing monetary policy drove the client activity. So, JPMorgan is likely to have recorded decent growth in markets revenues (comprising nearly 20% of the company&#39;s total revenues) this time.
Our estimates for equity markets revenues and fixed-income markets revenues stand at $2.26 billion and $5.03 billion, respectively.
Management expects markets revenues to be flat or rise almost 2% given the &quot;very, very strong performance in equities across the franchise&quot; partially offset by &quot;a bit weaker&quot; fixed income performance.
Mortgage Banking Fees: As the central bank lowered the rates, mortgage rates started to come down. The rates declined to almost 6.2% by the end of the third quarter. This resulted in a significant surge in refinancing activities while origination volumes remained subdued. Thus, mortgage banking fees are likely to have witnessed some improvement at JPMorgan, while a record last year&#39;s performance is expected to make comparison challenging.
The consensus estimate for mortgage fees and related income of $322.7 million implies a 22% decrease from the prior-year quarter. Our estimate for the metric stands at $337.6 million.
Expenses: JPMorgan&#39;s plan of entering new markets by opening branches, which is already on track, along with inorganic expansion efforts, is likely to have resulted in an increase in operating expenses in the third quarter. Also, investments in technology to strengthen digital offerings might have led to higher costs.
Our estimate for non-interest expenses stands at $22.83 billion, implying an increase of 4.9% on a year-over-year basis.
Asset Quality: JPMorgan is likely to have set aside a huge amount of money for potential delinquent loans (mainly commercial loan defaults), given the expectations of an economic slowdown. Our estimate for provision for credit losses is pegged at $2.44 billion.
The Zacks Consensus Estimate for non-performing loans (NPLs) of $7.96 billion implies a 5.9% increase year over year. The consensus estimate for non-performing assets (NPAs) of $8.69 billion suggests a 6.8% rise. Our estimates for NPAs and NPLs are pegged at $8.29 billion and $7.66 billion, respectively.
<h2>What Our Model Unveils for JPMorgan</h2>
Per our proven model, the chances of JPMorgan beating estimates this time are low. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you can see below.
JPMorgan has an Earnings ESP of -0.25%.
JPM carries a Zacks Rank #3 at present.
<h2>JPM&#39;s Price Performance &amp; Premium Valuation</h2>
JPMorgan was among the top five performing banks on the S&amp;P 500 Index in the first nine months of 2024. The stock outperformed the industry and the S&amp;P 500 Index. Additionally, shares of JPM are trading well above its close peers &ndash; BAC and C.
Price Performance
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/f2/80366.jpg?v=5622644" />
Image Source: Zacks Investment Research
JPM stock is not so cheap, as the Value Score of F suggests a stretched valuation at this moment. 
In terms of the forward 12-month Price/Earnings, JPM is trading at 12.25X, higher than the industry&#39;s 11.28X.
Price-to-Earnings (forward 12 Months)
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/55/80369.jpg?v=138088704" />
Image Source: Zacks Investment Research
<h2>How to Play JPM Stock Now?</h2>
JPMorgan is well-poised to benefit from its scale and size, and leverage its leading position in several businesses. The acquisition of First Republic Bank last year continues to support its financials.
JPMorgan is expanding its footprint in new regions and plans to capitalize on cross-selling opportunities. While such expansion plans will lead to higher investment-related expenses, they bode well for the company&#39;s long-term prospects and will provide it an edge over its peers.
During the third quarter, JPM increased its quarterly dividend for the second time this year as it cleared the 2024 stress test. The company also authorized a new share repurchase program.
Yet, the volatile nature of the capital markets business will likely keep JPM&#39;s fee income growth challenging. The stock&#39;s high valuation and bearish analyst stance as the company warned of lower NII next year because of rate cuts weigh on it.
Investors must check out management comments regarding next year&#39;s NII prospects on the third-quarter 2024 conference call before making any investment decision. So, they should consider these factors carefully and evaluate their risk tolerance before buying JPM stock. Those who already own the stock can hold on to it because it is less likely to disappoint over the long term.
<a href="https://www.zacks.com/stock/news/2346143/should-jpmorgan-stock-be-part-of-your-portfolio-ahead-of-q3-earnings?cid=CS-BENZ-FT-analyst_blog|most_popular_stocks-2346143">To read this article on Zacks.com click here.</a>

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