Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC) reported XX second-quarter earnings Wednesday. Bank stocks fell slightly.
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The results come after JPMorgan Chase (JPM) and Goldman Sachs (GS) beat Q2 forecasts but reported sharp slowdowns in their trading revenue.
Bank Of America Earnings
Estimates: Zacks Investment Research analysts saw Bank of America earnings per share soaring 111% to 78 cents and sales dipping 2.5% to $21.77 billion.
Results: Bank of America earnings came in at $1.03 a share, but that includes a $2 billion tax benefit. It’s unclear how that compares to analyst estimates. Revenue to $21.6 billion. There are also were some concerns about Q2 expenses.
Stock: Shares fell 1.9% to 39.10 on the stock market today. BAC stock has a buy point of 43.59, according to MarketSmith chart analysis. But it’s near the low end of its flat base. Its relative strength line is ticking downward. Bank of America’s RS Rating is 77 out of a possible 99. Its EPS Rating is 78.
Citigroup Earnings
Estimates: Citigroup earnings per share is estimated to balloon 298% to $1.99, but revenue is seen declining 11% to $17.54 billion.
Results: Check back later Wednesday.
Stock: Shares lost a fraction. Citigroup stock broke out past a 76.23 buy point from a flat base in early June, but it has since reversed. Shares are down 15% from its 52-week high of 80.29, notched intraday on June 3. Citi’s relative strength line is sloping downward. Its RS Rating is 56, while its EPS Rating is 75.
Wells Fargo Earnings
Estimates: Wells Fargo earnings are seen surging 247% to 97 cents a share and sales are expected to slip 0.5% $17.74 billion.
Results: Check back Wednesday.
Stock: Shares edged lower. WFC stock is closing in on a buy point of 48.23 from a flat base. Its relative strength line is trending lower. Wells Fargo’s RS Rating is 83, and its EPS Rating is 50.
JPMorgan, Goldman Sachs Beat Estimates
JPMorgan earnings spiked to $3.78 a share, while revenue came in at $30.5 billion, both beating views. The banking giant released $3 billion from loan loss reserves, boosting the bottom line.
Meanwhile, Goldman Sachs EPS jumped to $15.02 as revenue rose to $15.39 billion, both above estimates. Goldman released $92 million from credit reserves.
The brisk pace of IPOs and M&As fueled investment banking gains. The Federal Reserve’s latest stress test results also allowed for banks to boost dividends and buybacks.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
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