Bank of America (BAC) is the latest bank to beat Wall Street's expectations, which had the shares rising in premarket trading Monday. Earnings of $0.41 per share on revenue of $21.64 billion surpassed expectations for EPS of $0.35 on revenue of $20.8 billion. Net income rose 7% from a year prior to $5 billion, fueled by $2.8 billion from the bond-trading business.
Deutsche Bank (DB) is reportedly exploring shrinking its U.S. operations, according to Bloomberg. The option is being considered as part of the bank's broader strategy review, Bloomberg reported citing sources. This comes after the U.S. Department of Justice said it was seeking $14 billion in fines and compensation for mortgage-bond mis-selling.
Meanwhile, McDonald's (MCD) shares were largely flat before opening bell following news that a couple of senior executives will be leaving the fast-food giant. Karen King, the company's chief field officer, and Erik Hess, a senior vice president of customer experience, are both expected to retire, according to the Wall Street Journal. King, who is in charge of overseeing more than 14,200 McDonald's restaurants in the U.S., plans to retire at year-end. Hess will also exit at the end of the year.
Finally, investors and analysts will have to wait a little bit longer for Tesla Motors' (TSLA) mystery product announcement. In a tweet, CEO Elon Musk said that the announcement planned for Monday would be postponed by two days because it needs "a few more days of refinement."
Moving the Tesla announcement to Wednesday. Needs a few more days of refinement.— Elon Musk (@elonmusk) October 16, 2016
This comes as Tesla plans to start working with Japanese electronics company Panasonic (PCRFY) on solar energy. The companies signed a non-binding letter of intent to begin collaborating on Panasonic's production of photovoltaic cells and modules at a facility under construction by SolarCity (SCTY) in Buffalo, N.Y. The deal requires shareholders' approval of Tesla's planned acquisition of SolarCity.