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Bank bulls take breather as Q3 results roll in

Published 10/13/2017, 09:57 AM
© Reuters.  Bank bulls take breather as Q3 results roll in
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  • Bank of America (NYSE:BAC), Wells Fargo, and PNC Financial (NYSE:PNC) this morning joined Citigroup (NYSE:C) and JPMorgan (NYSE:JPM) in topping analyst estimates.
  • Lest we forget, markets anticipate, and the whole banking group has been on quite the run (up more than 10%) since Labor Day. Investors yesterday and today are selling the news. The major averages are modestly higher, but KRE and KBE are each down more than 1%, and XLF is lower by 0.55%.
  • Wells Fargo (WFC -3.4%) is being hit the hardest as investors take note of an unexpected shrinkage in net interest margin. As for reverberations from the account opening scandal, primary consumer checking customers fell 0.2% Y/Y, but total deposits grew 4%. Debit card POS purchase volume rose 5%, and credit card POS purchase volume rose 4%. Q3 quarterly supplement
  • Now read: Wells Fargo Q3: What To Expect


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