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Earnings reports season: finance sector
This season of reports is supposed to be quite dramatic for the American stock market. While the jobs data is there, the macroeconomic indicators were announced, now it’s time for some raw data from the corporate world to reflect the virus fallout. There will be damage, the question is – how much? We are all longing to see it out. So let’s check our positions first.
Reporting dates:
April 14: JPMorgan (15:30 MT time).
April 15: Bank of America (15:30 MT time), Citigroup (17:00 MT time).
Devil in details
The giants of Wall Street will be the first this month to report their performance. Quite expectedly, they all experienced a similar drop from their all-time highs reached in December-January. JPMorgan reached $140, erased the gains at $80 (-42%), currently trades at $102 (+28%); Bank of America fell from roughly $35 per share to $18 (-48%), now it is at $25 (+38%); and Citigroup was at $82, dropped to $35 (-81%) and recovered to $47 (+34%). Technically speaking, Citigroup proved most vulnerable losing the greatest portion of its value, but it was quick to recover. The fastest to reconquer its gains was BAC, though, which didn’t take much damage either. That’s why Bank of America is suggested as the most well-weighed option among the three. JPMorgan would be the safest #2, followed by Citigroup as the third option to go for.
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Today at 00:00 GMT+3 SPCE will present the second quarter 2021 financial results. We will get to know everything about the company's financial condition and plans.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.
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