The quarter has hardly begun and, with analysts and investors watching nervously, the earnings crunch is about to begin anew. The following 11 big banks are among companies reporting results the week of April 14 to April 18.
These three are expected by analysts surveyed by Thomson Financial to be the the top performers in the first quarter, based on earnings growth from the same period of last year:
- State Street Corp. (NYSE: STT): 39%
- Bank of New York Mellon Corp. (NYSE: BK): 22%
- Northern Trust Corp. (NASDAQ: NTRS): 13%
These also happen to be three of the four forecast top performers from just before fourth quarter of 2007 results were reported back in January.
The five banks below are expected to report smaller quarterly profits than in the same period of the previous year:
- Wachovia Corp. (NYSE: WB): -65%
- JP Morgan Chase & Co. (NYSE: JPM): -51%
- Wells Fargo & Co. (NYSE: WFC): -14%
- U.S. Bancorp. (NYSE: USB): -3%
- M&T Bank Corp. (NYSE: MTB): -.6%
And the following three are expected to report losses:
- Merrill Lynch & Co. (NYSE: MER): -$1.90 per share
- Citigroup Inc. (NYSE: C): -$0.94 per share
- Washington Mutual Inc. (NYSE: WM): -$0.84 per share
Also compare these to the fourth quarter 2007 expectations. However, it may be worth pointing out that these three are all expected to narrow their losses from the previous quarter.
Overall, expectations for these lenders don't look so different than they did back in January, with some of the same players falling into the same categories. It may take a few surprises in next week's earnings reports to change that.
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Reader Comments (Page 1 of 1)
4-10-2008 @ 6:58PM
Sheldon L said...
BK and NTRS do mostly financial advisement / wealth management to companies and high net worth individuals.
4-10-2008 @ 11:34PM
stevge said...
You might want to pick up some bank stock that also pay and has a history of paying the full dividend during drops in the market, especially if the bank underpriced/ price lower then true value. I think WFC may fit the bill. USB has been hit, but not as hard as WFC.
4-11-2008 @ 8:08AM
wanda said...
Time to buy GE. Has to go up beyond this years slump.
4-13-2008 @ 12:02PM
Bill said...
Lets not forget, this is just the BIG banks. Wait till the little local banks start admitting they have big problems too
4-13-2008 @ 12:38PM
Harry said...
Buy GE ??? GE has done anything except get touted by brokers since 2001...and it was 41 then!
GE is like owning shares in a big sluggish mutual fund. It is so diversified that what it makes in one area it seems to lose in another.
Hang on this week. Watch the bankers put a "best face" on some terrible greedy losses.
4-13-2008 @ 12:41PM
Mike said...
Totally agree. We are far from done with the credit crises. Lots more to the correction ahead.
4-13-2008 @ 12:52PM
Joe said...
These banks unloaded bad debt to states and municipalities and then took billions of taxpayer money. See Bloomberg article by David Evans-Florida Got Lehman Help Before Run on School's Funds 04/07/08
4-13-2008 @ 12:53PM
Joe said...
Jeb Bush is a "consultant" for Lehman.
4-13-2008 @ 9:18PM
jerry said...
IndyMac Bank.... Your goin down ....