Big Banks Beat; ASML Leads Chief Selloff

On this episode of Stock Movers:
- Bank of America (BAC) shares are popping on the company reporting traders posted a record second quarter, reaping the benefits of volatile markets and net interest income topping analysts' estimates. Revenue from fixed income, currencies and commodities trading jumped 19% to $3.25 billion, and equity trading rose 9.6% to $2.13 billion, both topping expectations.
- Morgan Stanley (MS) is lower despite the company's stock traders posted their best second quarter on record, earning $3.72 billion in equity-trading revenue, a 23% jump from a year ago. The firm's wealth management unit reeled in $59.2 billion of net new assets in the period, surpassing predictions, and posted $7.76 billion in net revenue, also surpassing analyst forecasts. Morgan Stanley's investment-banking fees fell 5% to $1.54 billion, a smaller drop than analysts expected, due to a 42% increase in equity underwriting, according to a statement Wednesday.
- Goldman Sachs (GS) is higher after stock traders posted the largest revenue haul in Wall Street history, with equity-trading revenue of $4.3 billion for the second quarter. CEO David Solomon: "the economy and markets are generally responding positively to the evolving policy environment," but the firm remains focused on risk management. Goldman Sachs' total management fees in asset and wealth management rose 11% compared to a year earlier, though net revenue dipped slightly to $3.78 billion.
- ASML (ASML) shares are lower after Chief Executive Officer Christophe Fouquet walked back the company’s growth forecast for next year, blaming trade disputes and global tensions. ASML forecast third-quarter net sales between €7.4 billion and €7.9 billion, which is below the average analyst estimate, and expects 15% revenue growth for the year. Lam Research (LRCX) is also lower on the ASML news.

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