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Tomorrow is filled with the potential to boost the market upward, or trip it up going into the weekend. Three financial giants are reporting: Bank of America Corporation (BAC), Citigroup, Inc. (C) and General Electric Company (GE). This could set the stage for a continued market rally next week as earnings season has been generally positive and a trend is developing.Expectations are high, following solid quarters reported by State Street (STT) last week that surprised many, and JPMorgan Chase & Company (JPM), who followed up with a big beat this morning.
Sentiment seems to be on the bullish side as tomorrow is also options expiration time and those betting on the banks should be pleased to book some gains.
All three stocks are broadly covered by analysts and are among the most actively traded. Bank of America closed down ending the day at $15.39, off 1.79% and is rated "buy." Citigroup closed down landing at $4.16, losing 1.19% and is rated "hold." General Electric bucked the trend finishing the day at $15.25, up 0.33% and is rated a "buy."
I would not put much stock in what analysts think. I look forward to all three beating consensus earnings, just like their brethren, followed immediately by all of them revising their target prices upward. I own all three stocks but I am not in line with the consensus. Of the three my largest bet is on Citi.
Current consensus earnings for C is $0.048, for BAC it is $0.219, and for GE it is $0.267.
When they ring the bell in the morning they should start the day with "let the games begin!"
Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture and planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: He own shares and or options of BAC, C,and GE..
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