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On Friday''s “Mad Money,” Jim Cramer provided his outlook for the earnings for big banks, scheduled to be reported later this week.
He said JPMorgan Chase & Company (NYSE: JPM) is a well-run company and has been reporting terrific numbers. However, the earnings are typically not terrific enough to trigger a rally, he noted. JPMorgan is scheduled to report results on Wednesday morning.
Wells Fargo’s (NYSE: WFC) earnings release, scheduled for Thursday morning, is likely to be “amazing,” Cramer said. Wells Fargo’s quarterly report will not be “as bad as it used to be,” he added.
Cramer believes Citigroup (NYSE: C) continues to be “perennially cheap” and that is not about to change anytime soon.
Bank of America Corp (NYSE: BAC), scheduled to report Thursday morning, could have “a real earnings breakout,” given the steep climb in long-term interest rates, he commented.
Goldman Sachs Group Inc (NYSE: GS) is likely to report great earnings on Friday morning, with expenses under control, strong wealth management, and healthy fixed income, Cramer said. Since the stock tracks the earnings, it would be “a fool’s errand” to chase a stellar report, he added.
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