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.
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Anand Chokkavelu owns shares of Bank of America, Citigroup, Wells Fargo, and JPMorgan Chase. He also owns long-dated options on Bank of America and warrants on Citigroup, Wells Fargo, and JPMorgan Chase. The Motley Fool owns shares of JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup. The Fool owns shares of and has created a covered strangle position in Wells Fargo. Motley Fool newsletter services have recommended buying shares of The Goldman Sachs Group. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.