Today, Anand discusses the upcoming earnings report for Wells Fargo (Friday before market). Analysts expect an EPS of $0.90, a good improvement over last Q2’s $0.81 a share. And really good considering that JPMorgan and Citigroup are expected to lose ground and Bank of America's report last year was a loss.
As competitors have faltered, Wells Fargo’s made huge market share leaps in mortgage lending, making up a whopping third of the market. Anand's hunch is that we'll see good news this quarter from Wells, regardless of what its competition reports. Anand explains in the video below.
For contrarians, the financial sector’s downfall could be a ripe area to pick winners. And no fallen angel is bigger than Bank of America. To get our senior bank analyst’s thoughts on the sector, click here for Bank of America’s premium investment report.