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MarketWatch MarketPulseOct 15, 2021
Charles Schwab stock rises toward another record after profit, revenue rise above forecasts
Shares of Charles Schwab Corp. climbed 1.1% toward another record in premarket trading Friday, after the discount broker reported third-quarter profit and revenue that rose above expectations, as continued bullish investor sentiment helped produce a five-fold increase in trading revenue. Net income rose to $1.53 billion, or 74 cents a share, from $698 million, or 48 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 84 cents beat the FactSet consensus of 81 cents. Revenue grew 86.7% to $4.57 billion, topping the FactSet consensus of $4.52 billion. Net interest revenue increased 51.2% to $2.03 billion, just shy of the FactSet consensus of $2.04 billion, while trading revenue soared 432.6% to $964 million to beat forecasts of $897.3 million. Total client assets as of Sept. 30 was $7.61 trillion, up from $6.69 trillion at the end of 2020. The stock, which closed at a record $78.11 on Thursday, has run up 47.3% year to date, while the S&P 500 has gained 16.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



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MarketWatch MarketPulseOct 15, 2021
Dow up over 200 points as stocks open with gains after retail sales data
Stocks opened higher Friday, looking to build on the previous session's sharp gains, after a stronger-than-expected rise in September retail sales. The Dow Jones Industrial Average rose 208 points, or 0.6%, to 35,120, while the S&P 500 advanced 0.5% to 4,459 and the Nasdaq Composite advanced 0.3% to 14,869. The Dow was led higher by shares of Goldman Sachs Group Inc. , up more than 2% after topping Wall Street forecasts.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseOct 15, 2021
Gold futures end lower, but post a modest gain for the week
Gold futures settled lower on Friday, pressured by strength in Treasury yields and U.S. benchmark stock indexes, but prices still saw a modest gain for the week, the strongest advance in six weeks. Gold gave back most of its gain for the week on Friday, "with investors choosing the racier equity markets over the haven asset," said Fawad Razaqzada, market analyst at ThinkMarkets. The metal "remains stuck inside its existing ranges as investors wonder whether bond yields and the dollar will resume higher," with the Federal Reserve seen tapering its bond purchases program in mid-November or mid-December," he said. "Other investors will be happy to buy the dips as the metal is considered to be a good hedge against inflation." December gold declined by $29.60, or nearly 1.7%, to settle at $1,768.30 an ounce. Prices based on the most-active contract rose 0.6% for the week, the biggest weekly rise since the week ended Sept. 3, FactSet data show.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseOct 15, 2021
FDA to hold advisory committee for Merck's experimental COVID-19 pill
Shares of Merck & Co. Inc. were down 0.1% in premarket trading on Friday, the day after the Food and Drug Administration said it plans to convene an advisory committee on Nov. 30 to discuss the company's experimental COVID-19 pill, molnupiravir. Merck is developing the antiviral with the privately held Ridgeback Biotherapeutics; it recently applied for emergency authorization. The FDA requested advisory committee meetings for each of the authorized COVID-19 vaccines but it did not convene one ahead of the authorizations of the monoclonal antibodies or Gilead Sciences Inc.'s remdesivir, an antiviral used to treat severely ill COVID-19 patients that is now fully approved. "We believe that, in this instance, a public discussion of these data with the agency's advisory committee will help ensure clear understanding of the scientific data and information that the FDA is evaluating to make a decision about whether to authorize this treatment for emergency use," Dr. Patrizia Cavazzoni, director of the FDA's Center for Drug Evaluation and Research, said in a statement. Merck's stock is up 0.4% for the year, while the S&P 500 has gained 18.1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseOct 15, 2021
Goldman Sachs beats Wall Street target as investment banking revenue jumps
Goldman Sachs Group Inc. on Friday reported third-quarter net income of $5.28 billion, or $14.93 a share, compared to $3.23 billion, or $8.98 a share, in the year-ago period. Net revenue increased to $13.6 billion from $10.8 billion. Net interest income climbed to $1.56 billion from $1.08 billion. Goldman Sachs was expected to earn $10.14 a share on revenue of $11.72 billion, according to a survey by FactSet. Goldman's investment banking unit nearly doubled its revenue to $3.55 billion from $1.93 billion. CEO David Solomon said the firm "saw strong operating performance" and that its "opportunity set continues to be attractive across all of our businesses." Goldman Sachs shares are up 48.3% so far this year, compared to an increase of 18.2% by the S&P 500 and a rise of 38% by the KBW Bank Index .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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