Earnings was the big focus today as Goldman Sachs announced a rare miss due to trading losses. Though half of the Dow 30 stocks were positive today, thanks to Goldman and Johnson and Johnson (NYSE: JNJ) the Dow lost 113. The S&P 500 lost 6, and the Nasdaq 100 sold off 7. As we head into mid week the focus will remain on earnings along with the Federal Reserves "Beige Book" which is due out later tomorrow.
Goldman Sachs (NYSE: GS) was a big focus today as shares suffered a sharp selloff. The global banking company announced a rare miss on both earnings and revenue. Earnings were $5.15, well shy of the $5.31 a share that was expected. Revenue of $8.03 billion also was worse than expected due to a loss on the trading side of the business. Shares broke to new lows on the year and are now lower by over 10% on the year.
Bank of America (NYSE: BAC) did not have the same earnings woes as Goldman and shares were basically flat on the day. The earnings report showed better than expected results on both its top and bottom lines in the first quarter. Earnings of $0.41 a share, and a jump in revenue of almost 7% to $22.45 billion pleased the street today. The company attributed the success to its loan and trading businesses.
Netflix (NASDAQ: NFLX) also reported first quarter earnings that were beyond expectations and revenue that matched the Street's estimates. The focus though, as it always is was on subscriber growth. The company added fewer subscribers than expected, and its guidance fell short of analyst forecasts which sent shares lower on the day. Don't feel too bad for investors though. Shares are still higher by 15% for 2017