|Day Low/High||150.54 / 155.78|
|52 Wk Low/High||127.35 / 172.96|
In late June I last updated Citigroup , in Citigroup In A Post Covid World. Then I wrote: ...Since then, the world has changed - and so have Citigroup and other banks' share prices. 2020 for Citigroup, as with other large money center banks, will...
This is how you can tell which camp is winning and which is losing in this time of Covid-contradiction.
Citigroup's results, much like that of JPMorgan , shows a nice beat. Wells Fargo , not surprisingly, disappoints. I will have more on both - but I have to digest and go thru a series of conference calls.
However, the longer-term picture for the bank giant's shares is clouded by questions about volume and buyers' commitment to the stock.
* Bank stocks, viewed as intermediate term investments, are now uncommonly cheap * My June 5 expectation for "backing and filling" in the group has been realized * This week's EPS reports could mark the industry's nadir in operating fundamentals * G...
Next week the June quarter earnings season maelstrom kicks off with 115 companies, including 32 S&P 500 constituents, reporting their latest quarterly results. In recent days we've seen a number of companies up their outlook for the quarter but we'v...
The banks have the ability to determine much of what's real and what's phony, more than any other group.
The pace of the economic recovery has cooled in recent weeks. And some businesses might start making larger spending cuts if they feel the economy will be under pressure for a while.
Wells Fargo, Citigroup and JPMorgan Chase report on July 14, and they will do so at a time when a large group of people are unlikely to make rent.
Plus, a closer look at Thursday's late-day rally and at actions impacting the nation's big banks.
The Bank of Nova Scotia is a Canadian bank with a high dividend yield above 5%.
The bank has an attractive 7.6% yield, but uncertainty lurks.
* I remain bullish on banks * Wells Fargo is attractive * The back and filling I expected last Friday is now happening One of the market issues I mentioned this morning was the appearance and comments of Wells Fargo CFO John Shrewsberry at Morgan St...
Something feels "wrong" about this market. Mr. Market is remarkably bifurcated, there is insane speculation in worthless securities and the breadth seems "shaky" -- among many other issues. I ended the day much shorter than I started the day. Jay P...
The airlines and cruise companies are falling back down to earth, and here's why they started to take off in the first place.
"Admitting a mistake is not a weakness; on the contrary, it shows an openness of your heart. It takes guts to say sorry. Only a strong and well-balanced individual with clarity of mind can do so effortlessly. Taking responsibility for your actions r...
* The large money center banks are as close to "forever" stocks for me * However, the recent rise in the sector - and near +10% opening print higher - have been almost vertical and some backing and filling would not be a surprise * Indeed, some cons...
Here's my delightful adventure playing Euronav using Webull.
Remember how the banks and tech were viewed just two weeks ago vs. now?
Rising U.S.-China tensions continue to weigh, but new home sales and stalled continuing jobless claims may be positive catalysts.
Bank stocks look poised and are well bid in premarket trading. is indicated +$3 on top of yesterday's +$7 gain. (It is my Trade of the Week). looks like it might open above $200/share!
So what's the narrative? Simple: the recession is ending, it turned out to be a V recession and recovery after all.
JP Morgan's shares are now +8% (or by over +$7/share) today fueled by upbeat comments on company profits (trading, buyback and dividend comments were positive this afternoon). JP Morgan is my Trade of the Week!
* Banks stocks are extraordinarily cheap today * In 2008 financials represented a record high 26% of the S&P Index, today they stand at a record low (at close to 7% of the S&P Index) * JP Morgan has a large war chest to absorb loan losses Historical...
Mark gave my favorite presentation (so good that I have asked John Mauldin permission to show the video tomorrow). Mark is the founder, CEO, and chief investment officer of Morgan Creek Capital Management. He is also the managing partner of Morgan C...
Jerome Powell hit the airwaves with some words of caution and comfort. Nvidia is running into earnings.
These bearish bets are showing both technical and quantitative deterioration.