Earnings season is upon us. It's more important than ever to do your homework. Wells Fargo on Friday was the first portfolio name to report third-quarter results, which have been greeted enthusiastically on Wall Street. The stock is trading back at early 2018 highs and extended its winning streak to eight sessions in a row on Tuesday. Morgan Stanley and Abbott Laboratories — both Club names as well — report earnings before Wednesday's opening bell.
Only then are you going to get a sense of what the "buy-side" — your fellow shareholders and would-be shareholders — are going to consider good or bad relative to where the stock stands. In other words, matching estimates when a stock is at a 52-week low is going to be received a lot better than matching estimates with a stock at a 52-week high. Analyst notes and estimates are usually coming from what Wall Street refers to as the "sell-side.