Filed under: Earnings reports, Forecasts, Google (GOOG), Apple Inc (AAPL), General Electric (GE), International Business Machines (IBM), Advanced Micro Dev (AMD), Bank of New York (BK), Potash Corp. of Saskatchewan (POT), U.S. Bancorp (USB)

I think it’s fair to state that there’s much trepidation about the earnings season that picks up steam this week. And for better or worse, numbers from the big financials have begun to roll in. Last week we saw profit sink for JPMorgan Chase (NYSE: JPM) and significant losses from Bank of American Corp. (NYSE: BAC), Citigroup Inc. (NYSE: C), and Deutsche Bank (NYSE: DB).

Analysts surveyed by Thomson Reuters anticipate Bank of New York Mellon Corp. (NYSE: BK) to be among those financials reporting fourth-quarter earnings growth this week. They expect that Bank of New York will post a profit of $0.70 per share, compared to $0.67 per share a year ago and $0.72 in the previous quarter. Revenue is expected come to $3.8 billion, about the same as it was a year ago. Bank of New York has fallen short of earnings estimates in two of the past five quarters, by as much as 11.1%. For the full year, analysts are looking for $2.78 per share (+5.8%) on $14.8 billion (+4.2%). The consensus recommendation of analysts is to buy BK, and the long-term EPS growth rate forecast is 10.7%. Shares are 48.7% lower than a year ago. Other financials expected to report quarterly earnings growth this week include SunTrust Banks Inc. (NYSE: STI) and M&T Bank Corp. (NYSE: MTB).

Continue reading The week in preview: Financials, techs lead off earnings crunch

The week in preview: Financials, techs lead off earnings crunch originally appeared on BloggingStocks on Sun, 18 Jan 2009 12:30:00 EST. Please see our terms for use of feeds.

Permalink

Share This

Share This

This entry was posted on Sunday, January 18th, 2009 at 12:40 pm and is filed under Stocks News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.