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Good morning. It's January 15th, and today we’ll look at how Blackrock, JP Morgan Chase, Wells Fargo, and Goldman Sachs fared in their quarterly results.

Technology

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Futures 📈

What to Watch

Earnings:

Economic Reports:

Asset Management

BlackRock Shares Rise as Annual Revenue Crosses $20 Billion

BlackRock’s (NYSE: BLK) stronger-than-expected Q4 earnings announcement, marking a record year for inflows and revenue growth, is sending shares of the asset management giant surging by more than 2.5% in premarket trading. The firm’s total net inflows of $281 billion for the fourth quarter have made its 2024’s total an unprecedented $641 billion.

Revenue for Q4 is at $5.68 billion, surpassing the $5.60 billion consensus estimate and growing from $5.20 billion in Q3 and $4.63 billion a year earlier. Adjusted earnings per share (EPS) is at $11.93, exceeding analyst expectations of $11.24 and improving from $9.66 in the same period last year.

Chairman and CEO Laurence D. Fink highlighted strong client engagement in the quarter, which led to 7% organic base fee growth and 12% growth in annual contract value for technology services. The company also celebrated crossing $20 billion in annual revenue, a 14% increase from 2023, with an adjusted operating income growth of 23%.

BlackRock ended the year with $11.55 trillion in assets under management, up from $10.01 trillion in 2023. Fink expressed confidence in the company's growth trajectory, citing ongoing integrations of acquisitions like GIP, HPS, and Preqin as key drivers for future expansion.

Banking

JPMorgan Sees Surge in 2024 Profits Amid Market Rebound

JPMorgan Chase (NYSE: JPM) is reporting a record-breaking annual profit of $58.5 billion for 2024, up from $49.6 billion in the previous year, fueled by robust market activity and a surge in mergers and acquisitions. The bank’s fourth-quarter earnings alone reached $14 billion, or $4.81 per share, compared to $9.3 billion, or $3.04 per share, in the same period last year.

The financial giant benefited from a market rebound spurred by economic resilience and interest rate cuts. These factors boosted stock sales and bond offerings while also encouraging a wave of corporate deal-making. Investment banking revenue surged 46% year-over-year to $2.6 billion.

JP Morgan’s stock is up by 1% in premarket trade.

CEO Jamie Dimon highlighted the U.S. economy's strength, citing low unemployment and robust consumer spending as key drivers. He also pointed to increased business optimism stemming from expectations of pro-growth policies and enhanced government-business collaboration.

However, Dimon warned of potential challenges, including inflation, government spending, and geopolitical uncertainties.

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Banking

Wells Fargo Sees Profit Rise as Asset Cap Relief Looms

Wells Fargo (NYSE: WFC) reported a sharp increase in fourth-quarter profit today, driven by a robust performance in its investment banking division. The bank’s net income is at $5.08 billion, or $1.43 per share, compared to $3.45 billion, or 86 cents per share, in the same quarter last year.

The firm’s shares are rising by more than 3% in premarket trading.

Investment banking fees surged 59% year-over-year to $725 million, boosted by increased deal activity and capital market offerings. Key transactions included advising Quikrete on its $11.5 billion acquisition of Summit Materials and leading ServiceTitan’s $718.5 million IPO. Global investment banking revenue grew 26% in 2024, with North America seeing a 33% increase, according to Dealogic.

CEO Charlie Scharf highlighted continued efforts to address regulatory issues stemming from the 2016 fake accounts scandal. The bank remains under a $1.95 trillion asset cap imposed in 2018 but is reportedly nearing the completion of regulatory reviews that could lift the restriction by mid-2025.

Wells Fargo’s stock outperformed major rivals in 2024, jumping 42.7% and signaling investor optimism about its ongoing turnaround efforts. Scharf expressed confidence in the bank’s progress, noting the closure of six consent orders since he took over in 2019.

Investment Banking

Goldman Sachs Delivers Stellar Q4 as Profit Hits Three-Year High

Goldman Sachs reported its strongest quarterly profit since 2021, fueled by robust investment banking fees and trading gains. For Q4 2024, the Wall Street giant posted a profit of $4.11 billion, or $11.95 per share, more than double the $2.01 billion, or $5.48 per share, earned a year earlier. The results are sending Goldman’s shares up 2% in premarket trading.

Revenue is up 16% year-over-year to $53.51 billion in 2024, supported by a 33% increase in the global banking and markets division and an 8% rise in asset and wealth management revenue. Investment banking fees climbed 24% to $2.05 billion, driven by a 98% jump in equity underwriting and a 51% increase in debt underwriting.

CEO David Solomon expressed optimism, noting that the strong results for the quarter and the year met or exceeded most of the firm’s strategic goals.

Trading divisions also thrived, with equities revenue rising 32% to $3.45 billion and fixed income, currency, and commodities revenue jumping 35%. Provisions for credit losses decreased to $351 million from $577 million last year, reflecting improved credit conditions.

Goldman ended 2024 with a 48.4% surge in stock value, outperforming major U.S. banks and market benchmarks. Looking ahead, executives anticipate continued growth in deal-making and trading as the U.S. Federal Reserve's policies and a pro-business administration fuel market optimism.

Vision Marine Technologies [VMAR] - Last Close: $1.40

Vision Marine Technologies builds sustainable, high-performance electric powertrains for the electric marine propulsion industry.

The company's stock is up by 47% in premarket trading after filing a patent for its battery authentication technology, which will enhance the security and performance of its E-Motion™ Electric Powertrain.

Safe & Green Holdings Corp. [SGBX] - Last Close: $0.54

Safe & Green Holdings Corp. is a modular solutions company specializing in the design and fabrication of eco-friendly structures for various industries.

The company's stock is rising by over 100% in premarket trading after it announced its intent to acquire New Asia Holdings Inc., including its subsidiaries Olenox Corp. (energy sector) and Machfu.com (secure connectivity and automation solutions).

908 Devices Inc. [MASS] - Last Close: $1.98

908 Devices Inc. specializes in handheld and desktop mass spectrometry devices for chemical and biochemical analysis.

Its stock is up 21% before the opening bell today after it announced impressive preliminary revenue figures for Q4 ’24 yesterday, indicating a 20% year-over-year increase to $17.2 million. Revenue from RedWave Technology, acquired in April, is anticipated to meet the post-acquisition target of $11 million.

Marketing Technology

Could This SaaS Disruptor Be the Next Big Tech Play?

A forward-thinking SaaS company is reshaping the marketing landscape with cutting-edge tools designed for video and event-driven engagement.

Recent acquisitions have significantly boosted its revenue and expanded its product offerings, setting the stage for robust growth.

With its earnings report on the horizon and key announcements expected soon, this company is generating buzz as a potential breakout star in the tech space. 

Its innovative approach and strong market positioning make it one to watch closely.

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Everything Else

That’s all for today. Thank you for reading. If you have any feedback, please reply to this email.

Best Regards,

— Adam Garcia
Elite Trade Club