Big Banks Earnings To Watch Next Week
TheStreet's Jim Cramer says he's particularly focused on Wells Fargo's
(WFC) third quarter earnings results. Cramer say CEO John Stumpf told
him that 'this time he's not going to let his interest rate margin go
down just because they have to be stuck with that very low Fed funds
rate, they are investing over the curve.' Cramer says that means 'they
may actually produce a little more money with the money that they have.'
He adds, that there was a nice note on Friday 'about how the buyback
and dividends are shaping up. I think Wells Fargo is the cheapest.
Notice the stock has not gone down unlike a lot of the other bank
stocks, that's because I think the net interest margin is going to be
very good.' 'Wells Fargo better than J.P. Morgan', says Cramer. Analysts
polled by Reuters are expecting the bank to post earnings of $1.05 a
share on revenue of $21.76 billion. Shares of Wells Fargo are down more
than 4 percent year-to-date.