$Citigroup(C)$ $Wells Fargo(WFC)$ $JPMorgan Chase(JPM)$ $Delta Air Lines(DAL)$
Three Banks And An Airline Kick Off Earnings Season
Earnings Preview For Week Of April 8, 2024 - April 12, 2024
Earnings season for Q1 2024 kicks off this week with a few big banks and Delta arereleasing results later this coming week. Things kick off with Delta Air Lines (DAL) on Wednesday before the market opens. Friday, Citigroup (C), JPMorgan Chase & Co (JPM), and Wells Fargo & Co (WFC).
Here’s my take on the 3 big banks:
* JPMorgan Chase (JPM): Analysts are projecting earnings of $3.84 per share on revenue of $38.7 billion for Q1 20241. Other analysts forecast earnings of $4.14 per share23.
* Wells Fargo (WFC): Wells Fargo is estimated to report earnings of $1.08 per share on revenue of $20.2 billion in Q1 20241.
* Citigroup ©: There are projections for a sales revenue surge to $41.8 billion, with net income expected to reach $19 billion, promising an enhanced net margin and earnings per share (EPS) of $4.224.
and Delta ✈️
Last quarter DAL shares dropped almost 9% in reaction to earnings, the biggest move in response to earnings since a 10% plus rally in 2013. Often when a stock has an outlier move to this extent, market pricing for options going into the next will be elevated. Opportunities for option trading in front of DAL’s earnings announcement perhaps?
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Among the big six, Citigroup Inc. C is likely to report on Apr 12. At the time of writing, Citi has a Zacks Rank #3 and an Earnings ESP of -24.27%. This lowers the predictive power of ESP because a favorable Zacks Rank when combined with a negative ESP makes surprise prediction difficult.
Zacks Rank #3 JPMorgan Chase & Co. JPM is likely to report on Apr 12. It has an Earnings ESP of -0.21%. The stock hails from a top-ranked Zacks Industry (top 37%).
On Apr 12, Wells Fargo & Company WFC, with a Zacks Rank #3 and an ESP of negative 1.10%, will report earnings results. The combination doesn’t make WFC a good candidate for an earnings beat.