Alcoa (AA) unofficially kicked things off on Tuesday with a solid beat. The aluminum maker produced Q3 earnings of 2 cents per share, a big change from last year’s 13-cents-per-share loss. Alcoa shares have risen 5% in the three days since its glowing earnings report.
Wells Fargo (WFC) kicked off bank earnings today with record third-quarter profits. The biggest originator of U.S. home loans saw net income increase 13% last quarter despite a slumping mortgage business. Releasing loan loss reserves – as many U.S. banks did last quarter – helped boost otherwise modest earnings.
Fellow big bank JPMorgan (JPM) fared much worse, suffering a $9 billion quarterly loss due mostly to high legal costs. Minus those costs, however, the bank managed to beat earnings expectations – as did Wells Fargo.
So that’s three major beats in the first week. Let’s hope the trend continues next week – even if Wall Street isn’t paying much attention to earnings these days. That could change the second the government shutdown ends or a debt deal gets done.
Here are some of the headliners set to report earnings next week, including the remaining big banks:
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