Your Cheat Sheet to Friday Earnings: Will the Dow Rise for a 9th Consecutive Week?

The Dow traded up on Friday, marking the 8th consecutive week of gains.  Here is your Cheat Sheet to earnings that will shape Monday’s opening.

1) Bank of America (NYSE:BAC): Shares traded down 2% during market hours as investors awaited fourth quarter results.  The company reported a $1.6 billion loss for the fourth quarter, and almost $3.6 billion for the full year.  The bank saw revenue decline to $22.7 billion, while analysts were expecting $24.9 billion.  Looking forward, the bank admitted that it may need to set aside another $7 to $10 billion for legal settlements between the bank and mortgage investors.

2) BB& T Corp. (NYSE:BBT): Shares jumped nearly 5% on Friday.  The North Carolina bank increased profits 12% in the fourth quarter.  Net income increased to $208 million (30 cents per share) from last year’s $185 million (27 cents per share).  BBT was the second best performer in the KBW Bank Index, a modified cap weighted index consisting of 24 exchange listed and National Market System stocks.

3) First Horizon National Corp. (NYSE:FHN): The company reported a loss of $48.7 million (20 cents per share).  Although shares traded lower on the news, it was an improvement from prior year’s loss of  $70.6 million (30 cents per share).  It should be noted that the company incurred $63 million in costs related to repaying its TARP obligations.

4) General Electric (NYSE:GE): Shares received a 7% jolt to the upside during Friday trading.  Fourth quarter income gained 51% to $4.5 billion (42 cents per share).  Prior year results were $3 billion (28 cents per share).  CEO Jeff Immelt said, ” the economy gets stronger everyday”.

5) Schlumberger Limted (NYSE:SLB): Although fourth quarter profits rose, CEO Andrew Gould warns that quarter earnings might be lower.  Net income rose $1.04 billion (76 cents per share).  After gaining 32% in the fourth quarter, shares drilled lower with a 2% dip.

6) SunTrust Banks, Inc. (NYSE:STI): After company earnings were released, shares popped over 5%.  Friday’s best performer in the KBW Bank Index posted $185 million profit (23 cents per share) for the fourth quarter.  Analysts estimates were only 7 cents per share.

Disclosure: No positions.

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