Like WFC, the bar is set pretty low for JPM. I see them doubling the street estimate, coming in between $0.60 - $0.70 per share.
BAC is expected to earn $0.04, which is WAY too low. BAC will probably report somewhere around $0.20 which is why the stock has moved up so dramatically.
the broker doesn't know shi*, all he knows is that JPM pre-announced last quarter... a monkey could have guessed that.
technically, they moved the 4Q earnings date up 3 days (as opposed to Wells, which *was* a pre-announce last week), but gave the full earnings release. Jamie said at the time, it was to give some sense of relief to employees who were worried about their bonuses.
it wouldn't make any sense to move the earnings date up a whole 1 day (they're scheduled for thursday), there's no point.
i do believe there's a good chance Jamie will give crappy commentary, just like he did in december when he said it was an "awful" quarter, to tank his competitors' stocks, who are way weaker than his company.
LOL, they announce their results tomorrow anyway.
You do realize that Merrill/BofA downgraded them just a couple of days ago; right?
So, it's a win/win for shorts here. 1)if JPM beats then Merrill/BofA look like idiots or 2)they disappoint and the same result, BAC goes down to test $8.8x tomorrow.
Your broker just doesn't know how to tell you that he bought BofA at $11.50 ... JP will not announce tomorrow and just wait till you see CITI (4/17) and JP's (4/16) write off and charge offs and then your broker will tell you that BofA will preannounce and not to worry and after that he just won't return your calls.