We've got a bonanza of big bank earnings south of the border on our hands ahead of the U.S. long weekend. Today it's four of the big fish - Wells Fargo, Citigroup, JP Morgan Chase, Bank of America – a relative rarity in terms of all coming down the pipe at one. So, to break it down in bullet form:
And a bit more from Citi – shares are down the better part of three per cent as well, after lower investment banking revenue offset some rather robust results from the Fixed Income, Currencies and Commodities desk. Little bit of relief over at Bank of America – shares are flattish in the premarket – after the company topped earnings expectations. Higher rates , margins fell to 31 per cent from 38 per cent, clearly a sign of the general pressure on legacy broadcast properties.
Tesla is taking a hatchet to prices across its lineup, lowering the cost by about 20 per cent after the company came in well short of its target for annual vehicle deliveries.
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