The Triples of Hellville

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Few Fridays promise to be as action-packed as tomorrow, when Bank of America (NYSE: BAC), Citigroup (NYSE: C), and General Electric (NYSE: GE) all deliver their latest quarterly reports.

Michael Bay, report to the New York Stock Exchange. You have an explosive opening bell to ring. And as taxpayers, we all have more than just a passive rooting interest in the results.

I've been circling this telltale date for the pyrotechnics value alone. I also pointed out the three reasons why tomorrow's reports will be critical for all three financial-services heavies:

• They were all trading in the single digits before the March rally kicked in.
• They have all sharply slashed their dividends over the past year.
• They have more than doubled off their lows, placing even more pressure for the companies to earn their recent gains in two weeks.

What do analysts expect to see tomorrow morning?

Company	Estimate	Year Ago
Citigroup	($0.31)	($0.54)
Bank of America	$0.28	$0.72
General Electric	$0.23	$0.54

Source: Yahoo! Finance.

The situation isn't as dire as you might think. Citigroup is projected to post a narrower deficit. Bank of America and General Electric are likely to post lower earnings, but their targets are still profitable. Meanwhile, Goldman Sachs (NYSE: GS) and JPMorgan Chase (NYSE: JPM) both released blockbuster earnings earlier this week.

Still, it's tough to lean on the consensus. The 19 analysts following Bank of America are all over the map. The bleakest prognosticator sees a loss of $0.11 a share, while the most optimistic expects net income of $0.70 a share -- not too different than what the banking titan earned during the same quarter last year.

Oh, and they won't even be the only banking plays on stage. BB&T (NYSE: BBT), First Horizon National (NYSE: FHN), Webster Financial, and First Niagara Financial are also checking in with their quarterly financials.

As bankers in this tumultuous climate, investors will naturally look beyond the bottom line before doling out passing grades. Concerns about balance sheets, non-performing assets, and account activity will all play significant roles in the dissection.

Just remember to pay attention. I know it's a summer weekend, and that Fridays are typically moribund. Tomorrow will be different. Bank on it.  

Other headlines that bear interest:

• Bank of America vs. Taxpayers
• 4 Dates to Circle in July
• Meet the New Citigroup