Nokia Corporation (NYSE:NOK) +12.7 percent after its Q2 report. Investors are happy that the company’s net cash balance only dropped to €4.2B from €4.9B in the wake of losses and restructuring. Additionally, Lumia shipments of 4M were up impressively from Q1’s 2M+, although they are still only a small number of Apple and Samsung’s smartphone sales, and a four percent Q/Q rise in feature phone units surpassed expectations (smartphones dropped 14 percent). Despite this, Nokia’s overall phone ASP dropped to only $59, and the company cautions sales and margins will stay pressured in Q3.
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Bank of America Corp (NYSE:BAC): The 30 bp drop in Bank of America’s net interest margin signals $1.27 billion in lost quarterly earnings power, according to Josh Steiner, a “hit (that) is recurring, not one time.” This weakening in the bank’s underlying business might provide one explanation for the notable decline in the stock despite a headline beat on earnings due to a sizable reserve release.
Walgreen Company (NYSE:WAG): Barrington was not taken off-guard by Walgreen and Express Scripts settling their argument given the gravity of the contract to both parties, but the firm thinks Walgreen held firm to get a favorable deal (even though terms were not disclosed). Barrington believes Walgreen is in a good place for any economic environment and maintains an Outperform rating on shares.
Morgan Stanley (NYSE:MS) Chairman and CEO James Gorman said, “Although global economic uncertainty remains a headwind, we are proactively positioning the Firm for success. Our businesses showed resilience in key areas during the quarter, and we made progress against strategic goals. Despite muted volumes, Investment Banking maintained its industry-leading rankings. In Global Wealth Management, we increased our pre-tax margin to 12 percent in an environment marked by investor caution, and we integrated substantially all of our technology systems, which should bring additional value to our clients.”
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