NEW YORK (
(JPM - Get Report)
third-quarter investment banking and trading results are positive for
(GS - Get Report)
(C - Get Report)
, according to a report published Friday by Keefe, Bruyette & Woods.
Equity trading results were down 4% vs. the second quarter but up 20% vs. a year ago. Fixed income trading revenue fell 16% vs. the previous quarter and 8% vs. the previous year, the report stated.
Those figures suggest "a positive read-across" to Goldman and a "modestly positive read-across" to Citi relative to KBW's earlier expectations. The results imply Goldman's earnings should be $2.93 vs. KBW's official estimate of $2.80, while Citigroup's estimate should move to $1.20 per share from $1.16.
Goldman shares were up 0.56% to $158.90 in early trading, while Morgan Stanley shares were down 0.24% to $49.15. Citi will report third-quarter results Oct. 15 while Goldman will report Oct. 17.
Strong advisory revenue, meanwhile -- compared to the overall market -- suggest market share gains for JPMorgan and a slight negative read across for M&A advisory-focused firms, according to KBW's report. KBW did not name any in its report, but they include
, among others.
Written by Dan Freed in New York