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Summary Bank Results Recap
- Morgan Stanley Q4 EPS $0.14 versus analyst estimate of $0.42; Revenue $6.8 billion vs Est. of $7.8 billion
- Bank of America Q4 EPS ($0.60) versus analyst estimate of $(0.52),
Revenue of $25.4 bn vs Est. $26.9 bn; $10.1 bn in loss provisions - Wells Fargo Q4 EPS $0.08 versus analyst estimate of $0.01; $25 bn in loss provisions - $500MM increase
Both Morgan Stanley and Bank of America join JPM in revenue misses: so much for the fabled revenue recovery in Q4.
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Well, we all knew the supposed recovery was never going to get off the ground now, didn't we?
Between the new Mass senator and more on Haiti, these losses will get buried and the public won't take much notice that the edge of the cliff is right there - oh shit!
I see lotsa green: 2 misses, 3 in-line, 9 eps beats.
Eps beats much greater magnitude and mkt cap that misses.
Tech will be even better.
WFC is showing a strong hand but they are weak, very weak. CRE, Alt-A, and HELOC ticking time bomb.
WFC is a piece of shit. Add to your list cds from wachovia.
I would buy wfc at 5 bucks per share, maybe 6.
Unfortunately, It doesn't matter what we think, the pump monkey's on TV are all over how great the banks did today, and even with futures down as we speak, I can't imagine it will take too long before they are all in the green and shooting higher. About like Citi did yesterday. I won't buy a penny of banks stocks, even if it would make me money. I refuse on principal alone. Screw these bastards.
Took no time at all...
Check these charts out DH:
http://ftalphaville.ft.com/blog/2010/01/20/130516/spot-the-odd-one-out-2/
thx lizzy!
wfc is lucky they have buffet's blinders on his eyes ownership. if the 157 menagerie can go on forever, wfc might have a chance.
the interesting battle will be on the housing front cuz just the 2nd lien positons (helocs) will kill wfc if they have to properly account for them.
i am confident that the USA's well honed skill at lying, fraud, whistling past the graveyard will inevitably be a continuation of what we have seen to date, i.e. short term fed attempts to keep mortgage rates low, refinancing by the US gov't based on subprime like standards (particularly LTVs) etc. I honestly don't think the principal reduction plans will gain traction because it will bankrupt wfc (and bac) and the american taxpayer will probably take a break from american idol (or their extensively used kindles (i knew u would love that one my dear) to lose it over funding principal writeoffs for people who entered mortages that were basically rental agreements.
i further predict that the USA will once again prove it is number one by ultimately out zombifying even the Japanese banks.
then, we will invade Canada.
And the fake accounting ?
..............................
Banks need to be separated from the securities business....
...............................
Banks are like gold mines...
Yeah they mine gold....but no one knows what's in the mine....
................................
With all the free money.....WHAT HAPPENED ????
THIS in combination with fake accounting ?
................................
What does this really suggest ?
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And what were the bonuses ?
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Banks should be banks.....NOT HEDGE FUNDS....
Separate them....
WFC charged off 5.4B and added another $500M to loan-loss reserves in the Q... and still posted a profit.
Second derviative of charge-offs, non-perf all look like firming recovery. Run-rate earnings look like $20-30B/yr.
Why short the recovery?
Why short the recovery?
5.4 billion is a bit more than a drop in the bucket for wfc. you'll see, eventually.
don't get me wrong please, wfc is a nice buy as a call option in the single digit range, but 28 bucks per share? absolutely laughable.
Funny how one loses respect and admiration for people once praised. Obama, of course, is one such person. Buffett is another. I remember when I was in business school, and he came to chat with us, his folksy humor was funny and endearing. Now it is cloying. I happened to see him this morning on CNBC, and he talked up the WFC results without knowing anything and by saying even less of substance. Talked about how they were a revenue machine, and when hearing the tiny loan loss provision they took (relative to what any sane person would expect considering their major markets for mortgages), he said "Yea, I expected something small like that. They've got things under control."
I assume "under control" is a euphemism for FASB 157 changes.
yep, it's all 157.
he's talking his book, that's all. with 150MM shares, he's shitting his pants.
when he leaves this planet, watch the price of wfc drop like a rock...it'll be a run.
It is absolutely unbelievable how well banks can hide their earnings. We poor. We poor. Don't tax us. What 117 billion in bonuses?
Kind of hard to miss an estimate of $0.01/share EPS.
Should have given me that camera WFC.
are off-balance sheet exposure, SIV, etc reported ?
No.
they come on for Q1 2010, but the FDIC gave a one and one half year pass on assigning capital for all those crappy assets.....the fdic's ruling is on a press release dated 12-16-09 at fdic dot gov