Last week was the unofficial start to second-quarter earnings season. But things really pick up this week, as a number of blue-chip companies are set to report.
The banks will be the headliners, as four of the six major U.S. financials will give a snapshot of how their April through June quarters went. Two of them – JPMorgan Chase (JPM) and Wells Fargo (WFC) – reported earnings last Friday, with mixed results.
Wells Fargo continued its promising run of solid earnings growth, reporting a record $4.6 billion in second-quarter profits – a 17% improvement from the same quarter in 2011.
JPMorgan Chase’s earnings weren’t so glossy, dragged down by more than $4 billion in trading losses thanks to the so-called “London Whale.” Still, the largest U.S. bank did manage to turn a modest profit of $1.20 per share – a number that exceeded the 70 cents per share most analysts were projecting.
Both big bank stocks popped as a result of their earnings beats. We’ll know by the end of this week whether that’s a sign of things to come for financials this earnings season.
Here is a full list of what other noteworthy companies are reporting earnings this week:
- Gannett (GCI)
- Citigroup (NYSE:C)
- Chipotle (CMG)
- Freeport-McMoran Copper & Gold (FCX)
- Google (GOOG)
- Microsoft (MSFT)
- Morgan Stanley (MS)
- Safeway (SWY)
- Southwest Airlines (LUV)
- Verizon Communications (VZ)
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