All posts by minghehu2018

ICE Earnings Narrowly Beat Estimate

By Minghe Hu
Medill Reports

Intercontinental Exchange (NYSE: ICE), which owns the New York Stock Exchange, reported Wednesday net earnings roared 248 percent to $1.2 billion, or $2.08 per diluted share, in its fourth quarter ended Dec. 31, 2017, from $352 million, or 59 cents per diluted share, a year earlier, assisted by a $764 million benefit from U.S. tax reform.

Excluding the tax benefit, the company reported $433 million, or 73 cents per diluted share, up 1 percent compared with $428 million, or 71 cents per diluted share, a year earlier, surpassing the Wall Street expectation of 72 cents per share. Total revenue excluding transaction-based expenses, was $1.14 billion, flat compared with the quarter a year ago.

Quarterly revenues of ICE  Source: Bloomberg. Feb. 7, 2018 (Minghe Hu/MEDILL)
Quarterly revenues of ICE have been growing over the years, though less recently. Source: Bloomberg. Feb. 7, 2018 (Minghe Hu/MEDILL)

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ADM earnings beat expectation

By Minghe Hu
Medill Reports

Archer-Daniels-Midland Co. (Nasdaq: ADM) reported net earnings boomed 86 percent to $788 million, or $1.39 per diluted share, in its forth quarter ended Dec. 31, 2017, from $424 million, or 73 cents per diluted share, a year earlier, helped by $379 million, or 73 cents per share, from the U.S. tax reform.

Without the tax benefit, the Chicago-based company reported $463.30 million in net income, or 82 cents per diluted share, up 6 percent compared with $437.25 million, or 75 cents per diluted share, a year earlier, exceeding the Wall Street expectation of 70 cents per share. However, revenue decreased 2.6 percent to $16.07 billion from $16.50 billion in the same quarter a year ago.

Revenue of ADM from 2015 to 2017. Source: Bloomberg. Feb. 6, 2018(Minghe Hu/MEDILL)
Quarterly revenues of ADM are no higher than three years ago. Source: Bloomberg. Feb. 6, 2018(Minghe Hu/MEDILL)

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CME Group Earnings Beat Expectations

By Minghe Hu

Medill Reports

CME Group Inc.(Nasdaq:CME), the world’s largest futures exchange, reported Thursday net income roared to $2.9 billion, or $8.63 per diluted share, in its fourth quarter ended Dec. 31, from $373.4 million, or $1.10 per diluted share a year earlier, assisted by a $2.4 billion tax benefit as a result of tax reform.

“We are very pleased with the tax reform. We believe it’s good for our customers, intermediaries, and good for the markets,” said John Peschier, managing director of investor relations of CME, in a conference call.

Adjusted to exclude the tax benefit, income was $383 million, or $1.12 per diluted share, down 1.1 percent compared with $387.3, or $1.14 per share, in the same quarter a year ago, exceeding the Wall Street expectation of $1.09 per share. Revenue decreased 1.4 percent to $900 million from $912.9 million.

Quarterly Revenues of CME Group. Source: Bloomberg

Quarterly Revenues of CME Group. Source: Bloomberg. Feb. 1, 2018(Minghe Hu/MEDILL)

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U.S. Jobless Claims Point to a Healthy Labor Market

By Minghe Hu
Medill Reports

The number of Americans filing for initial unemployment insurance benefits, seasonally adjusted, increased to 233,000 in the week ended Jan. 20 from the revised 216,000 in the prior week, according to the Labor Department.

The four-week moving average of initial claims, a better indication of the recent trend, fell 3,500 to 240,000 from the previous week’s revised average.

4-Week Moving Average of Initial Claims, Source :Labor Department via the Federal Reserve Bank of St.Louis, Jan. 25, 2018
4-Week Moving Average of Initial Claims, Source :Labor Department via the Federal Reserve Bank of St.Louis, Jan. 25, 2018. (Minghe Hu/MEDILL)

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