Last week was the unofficial start to second-quarter earnings season. But things really pick up this week, as a number of blue-chip companies are set to report.
The banks will be the headliners, as four of the six major U.S. financials will give a snapshot of how their April through June quarters went. Two of them – JPMorgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC) – reported earnings last Friday, with mixed results.
Wells Fargo continued its promising run of solid earnings growth, reporting a record $4.6 billion in second-quarter profits – a 17% improvement from the same quarter in 2011.
JPMorgan Chase’s earnings weren’t so glossy, dragged down by more than $4 billion in trading losses thanks to the so-called “London Whale.” Still, the largest U.S. bank did manage to turn a modest profit of $1.20 per share – a number that exceeded the 70 cents per share most analysts were projecting.
Both big bank stocks popped as a result of their earnings beats. We’ll know by the end of this week whether that’s a sign of things to come for financials this earnings season.
Here is a full list of what other noteworthy companies are reporting earnings this week:
- Gannett (NYSE: GCI)
- Citigroup (NYSE: C)
- Goldman Sachs (NYSE: GS)
- Intel (Nasdaq: INTC)
- Coca-Cola (NYSE: KO)
- Yahoo (Nasdaq: YHOO)
- Bank of America (NYSE: BAC)
- eBay (Nasdaq: EBAY)
- Qualcomm (Nasdaq: QCOM)
- Yum! Brands (NYSE: YUM)
- Chipotle (NYSE: CMG)
- Freeport-McMoran Copper & Gold (NYSE: FCX)
- Google (Nasdaq: GOOG)
- Microsoft (Nasdaq: MSFT)
- Morgan Stanley (NYSE: MS)
- Safeway (NYSE: SWY)
- Southwest Airlines (NYSE: LUV)
- Verizon Communications (NYSE: VZ)
- General Electric (NYSE: GE)
- Xerox (NYSE: XRX)