ETN News Service, October 12 - As several major Wall Street banks in the United States are scheduled to release their earnings on Tuesday (13th) local time, the third-quarter earnings season will officially begin. This week will also see Bank of America (US.BAC), Morgan Stanley (US.MS), and two major semiconductor industry giants, ASML (US.ASML) and TSMC (US.TSM), announcing their results.
Major banks releasing third-quarter results on Tuesday include JPMorgan Chase (US.JPM), Goldman Sachs Group (US.GS), Wells Fargo (US.WFC), and Citigroup (US.C). Analysts predict that despite significant revenue growth in banks over the past few quarters, profits this quarter are expected to decline sequentially, with both trading and investment banking revenues under pressure.
Morgan Stanley strategists said investors should continue holding high-quality U.S. stocks with consistently improving earnings per share. The team led by Michael Wilson stated that valuation downgrades have created better entry opportunities for high-quality cyclical stocks. "The financial sector's relative performance may be the most important factor determining the short-term direction of the stock market." (yc)
Major banks releasing third-quarter results on Tuesday include JPMorgan Chase (US.JPM), Goldman Sachs Group (US.GS), Wells Fargo (US.WFC), and Citigroup (US.C). Analysts predict that despite significant revenue growth in banks over the past few quarters, profits this quarter are expected to decline sequentially, with both trading and investment banking revenues under pressure.
Morgan Stanley strategists said investors should continue holding high-quality U.S. stocks with consistently improving earnings per share. The team led by Michael Wilson stated that valuation downgrades have created better entry opportunities for high-quality cyclical stocks. "The financial sector's relative performance may be the most important factor determining the short-term direction of the stock market." (yc)
