|Bid||0.00 x 3000|
|Ask||0.00 x 800|
|Day's Range||27.04 - 27.48|
|52 Week Range||23.79 - 30.33|
|PE Ratio (TTM)||N/A|
|Expense Ratio (net)||0.14%|
Financials surged on Monday following strong Bank of America BAC earnings, with peers such as Citigroup C , Wells Fargo WFC and Goldman Sachs GS rallying on the day. As investors navigate the onslaught of big bank reports and volatility in the financial sector, some market watchers are anticipating further upside ahead. Ahead of reports this week such as Goldman Sachs, reporting Tuesday morning, and Morgan Stanley, reporting on Wednesday, Michael Bapis of the Bapis Group at HighTower Advisors told CNBC’s “ Trading Nation ” why he’s uber-bullish on the big banks.
Donald Trump’s imposition of additional tariffs on $200 billion in Chinese imports has increased trade tension, which could impact the global economy and business. The asset management industry (XLF) could be impacted by allocations toward equities and investor confidence falling.
Second-quarter earnings arrived for big banks in earnest last Friday amid a spate of reports from the financial services sector. Exchange traded funds tracking financial services stocks were tested last ...
Bank of America (BAC) reported a stellar 33% rise in net income in the second quarter, beating estimated EPS of $0.61 with $0.63 today. The bank posted 3% growth in adjusted revenues on net interest income growth of 6%, partially offset by a 7% decline in non-interest income. It’s the only major bank that has posted a sequential rise in EPS on higher repurchases and a marginal decline in net. The net income benefited from improved operating efficiency, investments in technology helping penetration across products, and lower taxes.
Consensus estimates are pegged at about 57 cents per share, which represents a decrease of a nickel compared to last quarter. If BofA exceeds these estimates, it will be a welcome rebound for all three ETFs after closing in the red during Friday's trading session--IYG was down 0.73%, XLF was down 0.48% and KBWB was down 0.57%. Much of that blame can be directed towards Wells Fargo who posted losses in their second quarter earnings report, sending their shares tumbling 1.20%.
Wells Fargo & Co.'s stock (wfc) tumbled 3.8% in morning trade Friday, enough to pace the S&P 500's (spx) decliners, as the bank extended its streak of earnings disappointments to six quarters. Earlier, the bank reported earnings that missed expectations, for the third time in the past four quarters, while total revenue has now missed for six of the past seven quarters.
MARKET PULSE Wells Fargo & Co.'s (wfc) second-quarter earnings and revenue fell below expectations, but that didn't stop the bank from boosting employee salaries and commissions. The stock dropped 3% in premarket trade.
CNBC's Bob Pisani takes a look at what's moving in early morning trading as banks report quarterly results and retail stocks post gains.
Who loves the banks now? Is this a bank buying opportunity? With Carter Worth, Cornerstone Macro, CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Brian Kelly, Steve Grasso and Guy Adami.
Stocks ending the week w/ gains. Dow back above 25K for the the first time in nearly a month-- and we've got Amazon hitting another all-time high.