JPMorgan reported third-quarter EPS of $5.57 and said it would have been $5.75 without a $658 million securities loss. Quartz cites a Bloomberg consensus of $5.75 and Yahoo Finance $5.90, so the loss explains the miss in full or only in part.
Perspective Coverage
4 publishers
- Builder
- Builder 5%
- Operator
- Operator 21%
- Investor
- Investor 74%
Reality
- Evidence74
- Adoption
- Insufficient
- Hype gap+8
- Incentives40
- Confidence72
Wells Fargo earned $5.95 billion in the third quarter with net charge-offs of $983 million, below analyst estimates. Credit is the stronger half of the quarter: the earnings beat was 2 to 3 cents a share and net interest income missed consensus.
Reality
- Evidence82
- Adoption
- Insufficient
- Hype gap−10
- Incentives
- Insufficient
- Confidence80
JPMorgan, Goldman Sachs, Citigroup and Wells Fargo report third-quarter results Tuesday, with Morgan Stanley and Bank of America following Wednesday. Oppenheimer has cut its investment banking revenue estimate by 9.5%, and a bank ETF is down 7.7% in a month, according to The Daily Upside.
Perspective Coverage
3 publishers
- Builder
- Builder 0%
- Operator
- Operator 18%
- Investor
- Investor 82%
Reality
- Evidence58
- Adoption
- Insufficient
- Hype gap+8
- Incentives35
- Confidence62
JPMorganChase opens third-quarter bank earnings on Tuesday, the first results since the Fed's 25-basis-point hike in September. Deposit costs will show how much of that hike banks are handing back to depositors to keep their balances.
Reality
- Evidence45
- Adoption
- Insufficient
- Hype gap+15
- Incentives
- Insufficient
- Confidence40
Just 298 financial-sector insiders bought stock in their own companies in the third quarter, the fewest in VerityData's records back to 2004. With bank results close, the evidence best fits executives who think their own shares are expensive at today's prices.
Reality
- Evidence55
- Adoption
- Insufficient
- Hype gap+25
- Incentives40
- Confidence50