Wall Street Fundamentals Releases New In-Depth Stock Reports on BAC, C, JPM and WFC
The U.S. Banking Industry has experienced a steady recovery since the financial crisis in 2008. Recent data from the Federal Deposit Insurance Corp. has showed that U.S. banks earned a record of $40.3 billion in the first quarter of 2013, up from $34.8 billion in the first quarter of 2012. The data was released just a day after Moody’s Investors Service upgraded its outlook on the U.S. banking system to “stable” from “negative”. "Sustained GDP growth and improving employment conditions will help banks protect their now-stronger balance sheets. In addition, after another year of reducing credit-related costs and restoring capital, U.S. banks are now even better positioned to face any future economic downturn." stated Moody’s
Bank of America Corp. (NYSE: BAC) shares traded in the range of $13.27 to $13.56 Wednesday before settling to close at $13.48. The stock appears to be facing resistance at $13.54 with some support at $13.29. The company reported a net income of $2.6 billion, or $0.20 per diluted share, for the first quarter of 2013, compared to $653 million, or $0.03 per diluted share, a year prior.Bank of America shares are up approximately 16 percent in 2013.
More information on Bank of America and access to the free equity report can be found at: www.WallStreetFundamentals.com/BAC
Citigroup Inc. (NYSE: C) shares traded in the range of $51.30 to $52.59 Wednesday before settling to close at $52.28. The stock appears to have support at the $50.60 and $49.91 levels. The company reported a net income grew to $3.8 billion, or $1.23 per diluted share, for the first quarter of 2013, from $2.9 billion, or $0.95 per diluted share, a year ago. Citigroup shares are up approximately 32 percent in 2013.
More information on Citigroup and access to the free equity report can be found at: www.WallStreetFundamentals.com/C
JPMorgan Chase & Co. (NYSE: JPM) shares traded in the range of $53.91 to $54.96 Wednesday before settling to close at $54.67, up approximately 24 percent year-to-date. The stock appears to have some support at $53.74. The company reported a net income of $6.5 billion for the first quarter of 2013, compared to a net income of $4.9 billion in the year-ago-quarter.
More information on JPMorgan Chase & Co. and access to the free equity report can be found at: www.WallStreetFundamentals.com/JPM
Wells Fargo & Co. (NYSE: WFC) shares traded in the range of $40.21 to $40.90 Wednesday before settling to close at $40.75, up approximately 19.0 percent year-to-date. The stock appears to be facing a little resistance at $40.96 with some support at $40.31. The company is scheduled to release second quarter 2013 earnings on Friday, July 1st.
More information on Wells Fargo & Co. and access to the free equity report can be found at: www.WallStreetFundamentals.com/WFC
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Disclaimer: Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. We accept no liability for any losses arising from an investor's reliance on or use of this report. This report is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Certain information included herein is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. Such forward-looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. Wall Street Fundamentals has no financial relationship with any company whose stock is mentioned in this release.
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