First Major Day of Earnings Season 2023-04-14

Tom Gentile

Posted in
Big Picture

By: Tom Gentile
April 14th, 2023

2 mins read

Today was a day for some of the major banking stocks to kick-off earnings season.

There were other companies that probably reported earnings by now, but these are some of the major banks along with UNH, a Health Care stock, that reported today.

Since they are major larger cap stocks the markets deem this the day to consider the day that kicks off earnings season.

Figure 1: List of Stocks that Reported BMO (Before Market Open) (www.earningswhispers.com)
Figure 1: List of Stocks that Reported BMO (Before Market Open) (www.earningswhispers.com)

The green arrow points to bank stocks. BLK is in the financial asset management space, and one could say this one should have a green arrow pointing to it as well. There is nothing else that is cause for the green arrow – it is just showing those in the list that are bank stocks.

There are no companies scheduled to report after the bell so we will pick up next week with more companies earnings coming our way.

Despite Earnings Today, the Markets Fell

Banking stock earnings weren’t necessarily bad.

JPM eps came in $4.10 vs. estimates of $3.41.

C eps came in $1.86 vs. estimates of $1.66.

WFC eps came in $1.23 vs. estimates of $1.15.

And PNC eps came in at $3.98 vs. estimates of $3.60.

There is more info that came out on these banks than just the earnings and revenue numbers for the quarter assessed and their forward-looking guidance.

Dig deeper on the news reported and you can very likely find more of a reason as to their price action reaction today.

It doesn’t seem the banks were the reason for the sell off today.

A couple of stocks that had a bearish day that were more of a drag on the markets today are Boeing (NYSE: BA) and UnitedHealth Group, Inc (NYSE: UNH).  News on them can be found online as well.

These two were both big point and % loss drags on the Dow Jones Industrial Average today.

Today was deemed the first day of earnings season and we have the first full week of earnings to come next week.

One can keep an eye on the Morning Reports Lists to see where options activity is in advance of earnings being reported and discuss those as option trade opportunities with your broker.

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