- Bank of America (BAC -2.3%), Goldman Sachs (GS -3.2%), and U.S. Bancorp (USB -2.8%) are all nicely lower after topping earnings estimates for Q4. In BofA's case, one might expect the bulls to take a breather after the stock's major run higher, but Goldman and U.S. Bancorp have been laggards over the past year.
- KBW's Brian Kleinhanzi takes note of sluggish loan growth at Bank of America, not to mention disappointing mortgage banking fees.
- The continuing plunge in trading revenue story for Goldman may be getting a bit long in the tooth, but a 50% drop in FICC business in Q4 was still a shock. While the bank's adjusted bottom line beat headline estimates, Nomura's Steven Chubak says Goldman benefitted from a lower tax rate. Adjusting again, he figures, core EPS at $4.97 vs. estimates of $5.01.
- On U.S. Bancorp, Evercore's John Pancari says the expense outlook was higher than hoped and loan growth headwinds look to continue in the near-term.
- Source: Bloomberg's Felice Maranz
- The major averages are in the green, but some bank-related ETFs: (XLF -0.2%), (KRE -0.3%), (KBE -0.4%)
- Now read: U.S. Bancorp 2017 Q4 - Results - Earnings Call Slides
Original article