The Week Ahead: Big Banks Report Earnings
Ahead of earnings, Wells Fargo looks slightly undervalued as concerns over the scandal-ridden bank have been overblown.
Scott Halver: Fourth-quarter earnings season kicks off this week. Big banks like JPMorgan Chase, which reports Friday, have seen their stock price climb over the last year on hopes the Trump administration would reduce regulations, the prospect of lower tax rates, and the impact of higher interest rates on profitability.
One notable exception to that trend has been Wells Fargo, which has been struggling to overcome a number of scandals. Wells also reports at the end of the week, and analyst Jim Sinegal thinks the concerns holding the stock price down are overblown and that shares look attractive today. Friday also will bring results from asset-management giant BlackRock and PNC.
On the data front, we're looking for an update on inflation in the consumer price index and a peek into the state of the consumer with retail sales and the University of Michigan sentiment reading.
Stay tuned for our take on these stories.
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