NEW YORK - The top 10 major U.S. financial institutions have all reported in the last two weeks and little correlation can be seen between its stock movement from on the day it reported to how its shares have move since.
Bank of America the largest bank in the U.S. by assets was at $14.54 the day before it reported. It dropped 2% on the day and is now down 7% since it reported on January 21. This makes it the worst performing bank of the top 11 financial institutions since its release date. Investors have focused on its declining net interest income and profitability.
JP Morgan the second largest bank in the U.S. was at $44.45 on the day it reported and it rose 1% that day. Since then the bank is up an overall 1.7%. Investors were pleased with the record quarterly and yearly profit that J.P Morgan recorded.
Citigroup the third largest bank in the U.S. which was at $5.13 on the day before it reported saw its stock drop 6.5% when it released its Q4 results. Citigroup reported disappointing revenue of $18 billion which was $4 billion less than BAC. It also reported profit of $1.3 billion.
Wells Fargo the fourth largest bank in the U.S., was at $32.49 the day before it. When it reported, its shares fell 2.1% but has now risen close to even. Wells reported record profits of $3.4 billion in the quarter as it saw provisions for loans losses fall.
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