LIVERPOOL - Major banks report earnings next week. The banks have been beaten to a pulp as of late as investors look for information regarding the foreclosure scandal. Investors will be clued in to conference calls from BAC, WFC, C, USB, PNC. All these stocks were brutally punished last week (except USB) but clarity will be given this week. Investors often enjoy selling the news when there is negative sentiment no matter what it is, and this may happen also next week.
Most of the banks are nearing their 52 week lows, including BAC which hit a fresh 52 week low of $11.75 on Friday. The current market capitalization of BAC is now equivalent to that of more troubled Citigroup. In fact larger J.P Morgan only has a $30 billion premium to that of Citigroup despite not facing many of the problems that have plagued Citi.
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