Markets Higher With Coinbase, JP Morgan, Goldman in Focus

Markets were higher in early trading Monday amid optimism about the financial sector and crypto-currencies.

Several key banks reported better than expected earnings just as the cryptocurrency platform Coinbase debuted on the Nasdaq under the ticker symbol $COIN with a valuation of roughly $50 billion and a reference price of $250 a share.

The listing comes just as bitcoin touched an all-time record of $63,000 a coin and the company’s public debut suggests the digital currencies are going mainstream.

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Coinbase released preliminary first-quarter revenue recently that showed a record first quarter. Revenue for the first three months of the year topped $1 billion, more than the company made in all of last year, while  quarterly profits approached $1 billion.

Massive Growth

As of the first quarter, the company says it had 56 million verified users which equates to an 11.3% share of the cryptocurrencies market. Revenue in the first quarter jumped to $1.8 billion from $190.6 million in the same quarter last year. (The company advises that the results are preliminary and unaudited.) Meanwhile, Coinbase said its net income grew to between $730 million and $800 million from $31.9 million last year. First quarter trading volume equaled $335 billion with quarterly revenue topping.

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Here’s a look at some of the other big movers of the day.

Financials and Retail

Goldman Sachs reported earnings that blew past Wall Street’s expectations with record first-quarter net profits and revenues on strong performance from the bank’s investment banking and trading businesses. GS posted per-share earnings of $18.60, far ahead of the $10.22 a share estimated by Wall Street. Revenue came in at $17.7 billion vs $12.6 billion that was expected. Wells Fargo topped analyst estimates with earnings of $1.05 earnings per share, vs. the $0.70 expected. Revenue came in at $18.06 billion vs $17.5 anticipated.

Meanwhile, JP Morgan Chase beat estimates on strong trading revenue.

Wells Fargo topped analyst estimates with earnings of $1.05 earnings per share, vs. the $0.70 expected. Revenue came in at $18.06 billion vs $17.5 anticipated. Meanwhile, JP Morgan Chase beat estimates on strong trading revenue. The bank posted first quarter profit of $4.50 a share, including a $1.28 a share benefits from the release of $5.2 billion worth of loan loss reserves. This was higher than the consensus estimates of roughly $3.10 a share. Meanwhile, revenue came in at $33.12 billion, higher than the $30.52 billion estimates thanks to strong trading revenues.

Bed Bath & Beyond reported a double digit decline in earnings, amid on-going store closures.

Oil Companies 

ConocoPhillips and Occidental Petroleum were both up  amid news of higher oil demand. The International Energy Agency raised its forecast for global oil demand in 2021 on Wednesday, and OPEC increased its 2021 demand forecast earlier in the week. Novocure rallied by 3.9% ahead of the bell, after Tuesday’s 50% rally after the release of its cancer-treatment trials.

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