Wells Fargo, Citi: Reverse course to drop after Q2 results
13/07/2018 13:35
** Wells Fargo shares WFC.N drop ~3 pct premarket after Q2
EPS misses estimates; was up ~0.7 pct ahead of the report
** Citigroup C.N down 1.12 pct premarket, compared with a
~0.5 pct gain ahead of Q2 results
** WFC Q2 adj. EPS of $1.08 misses estimates of $1.12 (after
a beat n Q1 and miss in Q4) as lending activity slowed due to
higher interest rates and expenses
** Citi EPS of $1.63 tops consensus of $1.56, continuing its
beat streak; But rev of $18.47 bln misses cons. of $18.51 bln
after meeting estimates in prior two qtrs urn:newsml:reuters.com:*:nBwc1FFkTa
** JPMorgan JPM.N up 0.35 pct, holding on to gains after
it beats Q2 EPS estimates urn:newsml:reuters.com:*:nL4N1U942B
** Bank of America BAC.N down 0.42 pct; Goldman GS.N
dips 0.14 pct and Morgan Stanley MS.N edges up 0.15 pct
** Up to Thursday's close, WFC and C neck-and-neck YTD, with
shares down 7.7 pct and 7.9 pct, respectively
** JPM flat YTD, best performer among big six, Goldman's 11
pct slide the most; S&P 500 banks .SPXBK down ~3 pct
** Citi's NTM price-to-book ratio is 0.88, lowest among big
banks; JPM is highest at 1.47x and WFC is next at 1.42x
(Reporting by Savio D'Souza)
((RM:savio.dsouza.thomsonreuters.com@reuters.net))