Shares of Bank of America Corp. BAC, +1.42% has swung to a gain of 1.5% in afternoon trading, reversing an earlier intraday loss of as much as 1.0%, a day before the bank is slated to report first-quarter results. The stock is trading just shy of the 13-year closing high of $40.05 on April 7. The bank is expected to reveal results before Thursday’s open, with the FactSet consensus for earnings per share of 66 cents, total revenue of $21.90 billion and net interest income of $10.27 billion. BofA has beat EPS expectations the past three quarters, and in 19 of the past 20 quarters, according to FactSet data, while revenue has missed the past two quarters but beat in 12 of the past 20 quarters. Meanwhile, the stock has dropped on the day the past five quarterly results were released, by an average of 3.4%. Of Wells Fargo’s peers that reported Wednesday, shares of J.P. Morgan Chase & Co. JPM, -1.87% shed 1.7% while Goldman Sachs Group Inc. GS, +2.34% gained 2.9% and Wells Fargo & Co. WFC, +5.53% advanced 5.3%. The stock has rallied 31.6% year to date, while the SPDR Financial Select Sector ETF XLF, +0.60% has climbed 19.4% and the S&P 500 SPX, -0.41% has gained 9.9%.
View Article Origin Here
