Onward and upward

[Image]( EMAIL}/redirect Now you’re just showing off Morgan Stanley, you crazy for this one. Morgan Stanley did its best Mark McGwire circa '98 impression, and knocked its revenue and profits into the stratosphere. The performance was largely driven by trading operations (not steroids, like Mark). So, how well did it do? Pretty damn well. MS saw profit jump 25% from Q3 last year to $2.72B, or $1.66 per share. Analysts had expected just $1.28 per share. Who are these analysts, and how do they keep getting jobs? MS exceeded top line expectations as well. The firm brought in $11.7B, 16% higher than the same period last year... and $1B higher than analyst predictions. No days off Traders led the way, bringing in $400M in revenue... above the all-knowing analysts' predictions. Of that $400M, the majority of it was driven by the firm’s bond trading desks. And they did it all from home. So much easier to Google “profitable fixed income trades” from the comfort of your own home. EMAIL}/redirect EMAIL}/redirect Who else pulled their weight? Wealth and investment management were also hard at work making Jimmy Gorman look good. Or at least better than Brian Moynihan. Each division hauled in more than $200M over the expected revenue figures. Shares of the bank climbed 1.3% on the news. Cooler Commentary And Morgan Stanley’s ready to get its hands on some of its own shares. The company indicated it can't wait to begin repurchasing shares, a practice which has been on the back burner since the beginning of the pandemic at the behest of Jay Powell. CEO James Gorman said that buybacks could begin again as early as Q1 of 2021 “barring a US economic collapse.” And that’s a big if. Back in July, Gorman indicated he was chomping at the bit to start spending some of the bank’s excess dough on raised dividends and buybacks, saying the bank’s “already sitting on $6 billion to $10 billion of excess capital.” That number is expected to be anywhere from $10 to $15B by year’s end. EMAIL}/redirect EMAIL}/redirect ☑️ DraftKings of the castle. DraftKings is back at it again… this time, with WarnerMedia. DK has inked a deal with Turner Sports to become its exclusive sports book and fantasy sports provider (excluding the NBA). This will also extend to Bleacher Report, which was acquired by Turner Sports in 2012. It’s been a busy couple months for the Kings of the Draft, which have signed deals with ESPN, the New York Giants, and Chicago Cubs. Oh, and speaking of the city of Chicago, as a reminder, former Chicago Bulls draft pick, and Washington Wizards great, Michael Jordan, joined the squad in September as an advisor to the board of directors. ☑️ Drug Money. Walgreens reported its fiscal Q4 earnings yesterday, and surprise, surprise... things weren’t as bad as expected. The pharmacy’s EPS and sales fell 28% and 15% respectively from a year earlier, yet shares rose 4.82% during trading. Why? Simply put, because the numbers beat projections. Walgreens EPS of $1.02 beat estimates of 96 cents, while revenue of $34.7B edged out the forecasted $34.37B. That’s a lot of condom and Plan B sales. ☑️ You’re going public. Robinhood Markets is playing around with giving its users access to see what other users are doing. Now retail investors will be able to make life-altering financial decisions based off of something more than just Elon’s tweets. The information was available to traders and other third-parties through August. Robintrack.net allowed anyone with an internet connection to see what fellow traders were YOLOing on the Robinhood platform. But RH decided to cut the feed prior to Labor Day as the information was ripe for misinterpretation. So why bring it back? Money, duh. The preferred trading platform of unemployed millennials has figured out that its users’ activity is pretty interesting, and more importantly, that people will pay for it. It is likely going to make the data an in-app feature... for a fee. ☑️Poppin off. K-Pop group BTS went public, making it the Korean equivalent of owning a stake in the Green Bay Packers. Well, technically its management company Big Hit Entertainment IPOed. The company launched yesterday on the Seoul stock exchange and absolutely crushed it. Shares rose 90% and the record label’s valuation rose to $8.5B. In comparison, Warner Music is valued at $15B. While the band hauled in $190M in revenue from touring in 2019, things are, um, different in 2020. Still, the IPO was oversubscribed with institutional investors offering to purchase over 1k times the shares they were offered. This has to go poorly, right? The company announced that the band may have issues staying together as the members have to perform their mandatory South Korean army service. Who better to keep Kim Jong Un in check than the guys who sing “Boy With Luv?” Not to mention, they’re a seven-person boy band. Even 98 Degrees broke up and that was only four dudes. EMAIL}/redirect EMAIL}/redirect © 2020 PTE.la PTE, LLC (publisher of PTE.la) is NOT registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. Users of this website are advised that all information presented on this website is solely for informational purposes, is not intended to be used as a personalized investment recommendation, and is not attuned to any specific portfolio or to any user's particular investment needs or objectives. Past performance is NOT indicative of future results. 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