Charles Schwab (SCHW) shares move higher in the green Tuesday morning after topping third quarter earnings estimates, reporting adjusted earnings of $0.77 per share and $4.85 billion in revenue. Catalysts hosts Seana Smith and Brad Smith look further into the investment bank’s quarterly results.
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This post was written by Luke Carberry Mogan.
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First up, Let’s take a look at Charles Schwab reporting a third quarter earnings be fueled by higher asset management fees.
The company also reporting that it was able to pay down some very costly debt.
Um, taking a look at shares right now higher on the back of this report by about six, nearly 7% here and on that modern wealth solutions part of the business here they did record some record year to date flows into the Schwab wealth advisory that helped manage investing net flows reach $40 billion.
That right there, folks, is an increase of 65% versus 23 year to date, they mentioned.
Yeah, Brad, we were just talking to David Shiver in the last block.
Just give.
He was giving us a better sense of where we see where we stand for regionals right now.
More specifically, even some of the bigger banks and you were saying that the big takeaway so far this earnings season has been that we are on solid economic footing.
We’ve heard that from a number of the bank executives here over the last several days, And I think when you take a look at Schwab’s results here today, at least that’s a bit encouraging.
We know they did have an executive change up is what exactly that means for the moves going forward in terms of the strategy that we’re likely to see from Charles Schwab.
But again, daily average trades of 5.7 million that essentially came in in line with expectations.
But bank deposits did exceed what the street was looking for.
Net interest, uh, revenue here, also coming in just a bit above what the street was looking for there.
So again, overall, a better picture or improving picture here for Schwab, and we’re seeing that reflected in the move to the upside here today.