Most of the big banks are rallying after JPMorgan, Citigroup, and Wells Fargo kicked off earnings season
- Most bank stocks were rallying Friday after JPMorgan, Citigroup, and Wells Fargo kicked off earnings season.
- JPMorgan was the only major bank trading lower.
- Watch JPMorgan, Citigroup, Wells Fargo, Bank of America Merrill Lynch, Morgan Stanley and Goldman Sachs trade here in real time.
Bank stocks were rallying Friday after JPMorgan, Citigroup, and Wells Fargo kicked off earnings season with mixed results.
JPMorgan said it earned an adjusted $2.34 per share in the third quarter. Analysts polled by Bloomberg had expected earnings of $2.26 per share. Revenue rose to $27.8 billion, up 5% from last year.
Meanwhile, Citigroup reported a 22% increase in its adjusted earnings to $1.73 per share, beating analysts' expectations of $1.68 a share. Revenue dipped slightly to $18.4 billion, just shy of the $18.5 billion that was expected.
And last but not least, Wells Fargo posted a 32% rise in third-quarter profit. Earnings rose to $1.13 a share, or $5.45 billion, but that was shy of the $1.17 that was anticipated. The bank's revenue edged up 0.4% to $21.94 billion.
As a result, bank stocks are rising across the board - except for JPMorgan. Here's the scoreboard :
- JPMorgan (JPM) : -0.4%
- Citigroup (C): +1.55%
- Wells Fargo (WFC): +1.7%
- Bank of America Merrill Lynch (BOA): +1.3%,
- Morgan Stanley (MS): +1.7%
- Goldman Sachs (GS): +1.5%