Bank of America & Citi Climb on Results, Netflix Revenue Goals, Moderna Falls

On this episode of Stock Movers:

- Bank of America (BAC) shares climbed as the bank reported record trading revenue as the company's stock traders reaped the benefits of volatile markets. Revenue from trading rose 17% to just over $2 billion in the first three months of the year. The big bank's topline revenue was over $27 billion, highest in more than a decade. Meantime, Citi (C) shares also rose as after the bank reported FICC sales and trading revenue for the first quarter that beat Wall Street expectations.

- Netflix (NFLX) shares are in the green ahead of their earnings report coming later this week. Reports earlier from the Wall Street Journal said it aims to double its revenue and reach a $1 trillion market capitalization by 2030.

- Moderna (MRNA) shares are down as a panel of CDC advisers are meeting for the first time under new Health and Human Services Secretary Robert F. Kennedy Jr. to review data and make recommendations on vaccine policy. The CDC’s Advisory Committee on Immunization Practices (ACIP) will evaluate several shots.

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Episode Transcript

Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.

Speaker 2 (00:08):
The Stock Movers podcast, your roundup of companies making moves
in the stock market, harnessing the power of Bloomberg data.

Speaker 3 (00:18):
Let's take a look at some stocks on the move
on this Tuesday with us as Bloomberg News Managing Editor
for Bloomberg Markets here in studio, Christina Quino, Good to
have you here with us. We kick it off with
the bank name.

Speaker 1 (00:29):
Let's kick it over the banks. Yeah, another great set
of results for Bank of America in City. We have
Bank of America record rating revenue again coming in just
over two billion dollars and the top line revenue high
US in a decade, just over twenty seven billion dollars.
City also having an equally great quarter here fixed sales
and trading revenue beating estimates and getting ever closer to

(00:53):
that profitability measure that Jane Fraser we're targeting. We're looking
at specifically the tangible common equity targeted that for ten
percent to eleven percent by the end of twenty twenty six,
and they're so close. They're at nine point one percent.
And you know, this is a set of results I
think that surprised even wells Fargo's Mike Mayo really calling

(01:13):
them surprising all the optimism because obviously the economic back
draw probably less optimistic. But yeah, volatility banks love it. Yeah,
thanks June.

Speaker 3 (01:24):
Big banks doing just fine. I'm looking at the KVW
Bank Index. There's twenty four names twenty three or higher
in today's session. Only JP Morgan is slightly love.

Speaker 4 (01:31):
Could be a couple of good gainers for you, Carol, Yeah,
I'm done. Okay, Well, speaking of that, I think this
one's on your list. Sit back and stream because Netflix
is reporting soon.

Speaker 1 (01:42):
Yeah, Netflix is a reporting soon, but we did get
an advanced look at what we're going to be expecting
from them. Viatawall Street Journal. They're reporting that Netflix aims
to double its revenue and reach a trillion dollar market
cap by twenty thirty, so it wants to join the
trillion dollars market cop club. And you know, analysts jeterally
raving about this bem Will Capital Market saying that quote,

(02:03):
these ambitious goals are achievable given a best in class
leadership team. I do.

Speaker 3 (02:08):
I have found myself watching more Netflix shows recently twenty
thirty though that's like four and a half years ago.

Speaker 4 (02:14):
I want to be a trillion dollar company four and
a half years.

Speaker 3 (02:17):
Yeah, it's a lot of time, I know. But what
can happen between now and then?

Speaker 4 (02:20):
Yes, that is true, but that's the job of these
analysts to try to provide some sort of clarity on
what they think is going to happen.

Speaker 3 (02:26):
Good headline, right, very good, trillion dollar market now five
percent higher for the day, yeah, up ten percent for
the year.

Speaker 4 (02:31):
Five point six percent.

Speaker 3 (02:32):
Now that is a gainer. As you said, Yes, let's
get to Maderna, what's going on there?

Speaker 1 (02:37):
But you're not having such a good day to day,
down a more than three percent at the moment, and
that is because you know, everyone's watching for this panel
of CDC advisors that will be meeting for the first
time under HHS Secretary of Robert F. Kennedy Junior. They're
going to be reviewing data making recommendations in vaccine policy,
and so investors very much on guard for any changes

(02:58):
that will come there, especially because this group will definitely
evaluate several kinds of shots from all sorts of diseases.
So investors just kind of probably staying on the sidelines
a little bit until we know more that meaning is
going to happen until five point thirty today and then
again tomorrow from eight am to five ten, so it
could be some development to it.

Speaker 2 (03:15):
The Stock Movers podcast from Bloomberg Radio. Check back with
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