U.S. Week Ahead: Wells Fargo the only earnings that matter
Friday, January 04, 2013 - 02:43
Jan 4 - Analysts expect Wells Fargo to report a higher profit from last quarter and even a year ago thanks to its ability to tap into the housing rebound and mortgage refinancing boom.
▲ Hide Transcript
▶ View Transcript
Markets finished Friday at a five year high but now it's back to the earnings grind. And that could be a major test for investors. This will be on what wells Fargo's says on Friday is the first thing out of the gate and the US's largest mortgage lender. So -- analysts expected to report a higher profit last quarter and a year ago. That's because its ability it's happened to the housing rebound and mortgage refinancing them. The big question how long can that. Last Wells -- is looking pretty good on the school setting for much of this year I think its executives reckon that 40%. Customers in the two trillion dollar -- failures -- could be eligible for refi at some point. That's that looks pretty good for them but some what it will run down and -- such great levels that it is has been most obvious. A -- Wells Fargo and other banks want to replace that is new mortgages and you Boras and to get that you need to financing market works properly. With new regulations coming in -- this year maybe that happens that. We could be looking a bit of a gap late this year and next. We will also hear from four other S&P 500 companies. Alcoa Apollo Group Monsanto and Constellation Brands. This season is likely to be better than last quarter but still happen over all according to the latest Thomson Reuters data. Profits to grow by nearly 3%. Top sector is set to be financials but pay attention to guidance. Based on what's been said already it looks to be one of the most pessimistic. It nearly ten years. In other company news Walgreen holds its analyst day Wednesday. -- over the US's largest drugstore chain can do to win back millions of customers. Lost in a dispute with Express Scripts it has been top. It recently said same store sells fell 4% in December. Watch for indications about the strength of their loyalty cards it's signed up more than 45 million shoppers in a few months. Up from 38 million investors are hopeful Raymond James said the stock would outperform while green up 12% from a year ago. You're big stat to keep an eye on its international trade on Friday our experts that I have bars say we should see the deficit shrank to 41 and a half billion dollars in November. Thanks to export growth outpacing imports -- -- likely to improve projections for how well the overall economy did in the fourth quarter. I have ours says trade show that two tenths of a percent GDP. It's estimated sport 2% growth. That preliminary reading out January 30. Make sure let's on Twitter -- insider catch our interviews with top market movers on Reuters TV. I'm Rhonda -- this is writers.
Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code