CNBC Earnings

Morgan Stanley benefited from one of Wall Street's best trading quarters in years.

Bank of America's trading division, similar to what rivals JPMorgan Chase and Citigroup have disclosed, helped offset the drag caused by the coronavirus pandemic.

J&J earned $3.63 billion, or $1.36 per share, during the three months ended June 30, a 34.6% drop from $5.6 billion a year earlier.

Expectations for Goldman were running high after JPMorgan Chase and Citigroup posted strong trading, and the firm delivered.

UnitedHealth said on Wednesday its second-quarter profit more than doubled, helped by lower medical costs due to a fall in health-care utilization following coronavirus-fueled lockdowns and social distancing.

PNC Financial's second-quarter profit more than doubled as the U.S. regional bank recorded a gain from the sale of its position in asset manager BlackRock.

"Despite some recent positive macroeconomic data and significant, decisive government action, we still face much uncertainty regarding the future path of the economy," CEO Jamie Dimon said.

Delta deepened its losses because of the coronavirus pandemic.

Wells Fargo posted its first quarterly loss since the financial crisis on rising provisions for defaults tied to the coronavirus pandemic.

Citigroup reported second-quarter results that surpassed analyst expectations thanks in part to a massive surge in trading revenue.

National Securities' Art Hogan is optimistic bank earnings will come in better than expected and help lift stocks.

PepsiCo reported that quarterly revenue fell after fewer consumers bought its drinks at restaurants and convenience stores during the coronavirus pandemic.

Quest Diagnostics reported preliminary second-quarter revenue above analysts' estimates on Monday, largely on growing demand for its Covid-19 testing services, sending its shares up 2.7% before the bell.

Analysts estimates are all over the place because about 40% of companies are not providing guidance on earnings.

The worst earnings season in years is about to begin, and stocks could shrug off sharp profit declines, if companies see signs of recovery.

Walgreens Boots Alliance said its profits were squeezed by a shift in sales to low-margin items, increased supply-chain costs and higher expenses for labor and store cleaning.

A complete recovery "will likely take some time," Levi & Strauss Co. CEO Chip Bergh said.

The road to recovery at Macy's is likely going to be a rocky one because of the coronavirus pandemic. The retailer warned Wednesday that sales are falling again in states such as Texas where Covid-19 cases are on the rise.

Michael Kors owner Capri Holdings on Wednesday estimated a 70% slump in first-quarter sales after the coronavirus hammered luxury sales.

Macy's on Wednesday reported a first-quarter loss, in line with the retailer's previously announced estimates, as its business took a hit from the coronavirus pandemic.