Monday, January 14, 2019

Big Banks Kick Off Earnings Season

The markets are off to a strong start in 2019, but this week may change things, when several financial giants will start off earnings season with their quarterly reports. On Monday, Citigroup kicks things off with earnings before the open.  While the stock has beaten earnings estimates 74 percent of the time, it has averaged a one-day decline of 0.35 percent on its earnings reaction days.

JP Morgan and Wells Fargo report Tuesday morning. On Wednesday morning it’s all financials on the calendar — Bank of America, BNY Mellon, BlackRock, Goldman Sachs, PNC, Charles Schwab, and US Bancorp. Thursday morning will be led by Morgan Stanley, while American Express will report Thursday after the close.

Financial stocks have been beaten down over the past year. They are currently hovering around bear market territory, with the XLF, a financial ETF that tracks the big banks, down about 19 percent off its 52-week high, hit last January 29.

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