Following a big beat by Morgan Stanley (NYSE: MS) Thursday, most of the largest U.S. banks have now reported their fourth-quarter numbers. Investors saw a mixed bag from bank stocks this quarter, a trend that may carry over to the remainder of earnings season.
Here’s a look at how the market has reacted to big bank earnings this week:
- Morgan Stanley is up 7.3%.
- Citigroup Inc (NYSE: C) is up 3.3%.
- Goldman Sachs Group Inc (NYSE: GS) is up 2.1%.
- JPMorgan Chase & Co. (NYSE: JPM) is up 1.1%.
- Bank of America Corp (NYSE: BAC) is up 0.3%.
- Wells Fargo & Co (NYSE: WFC) is down 7.7%.
Overall, about one-third of the S&P 500’s finance sector’s market cap has already reported earnings.
Earnings for the sector are down an average of 2.2% from a year ago and revenue is up an average of 4.2% so far. Most companies are beating consensus expectations, with 66.7% beating EPS estimates and 74.2% beating sales estimates.
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