Your Cheat Sheet to Friday Earnings: Will the Dow Rise for a 9th Consecutive Week?

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The Dow traded up on Friday, marking the 8th consecutive week of gains.  Here is your Cheat Sheet to earnings that will shape Monday’s opening.

1) Bank of America (NYSE:BAC): Shares traded down 2% during market hours as investors awaited fourth quarter results.  The company reported a $1.6 billion loss for the fourth quarter, and almost $3.6 billion for the full year.  The bank saw revenue decline to $22.7 billion, while analysts were expecting $24.9 billion.  Looking forward, the bank admitted that it may need to set aside another $7 to $10 billion for legal settlements between the bank and mortgage investors.

2) BB& T Corp. (NYSE:BBT): Shares jumped nearly 5% on Friday.  The North Carolina bank increased profits 12% in the fourth quarter.  Net income increased to $208 million (30 cents per share) from last year’s $185 million (27 cents per share).  BBT was the second best performer in the KBW Bank Index, a modified cap weighted index consisting of 24 exchange listed and National Market System stocks.

3) First Horizon National Corp. (NYSE:FHN): The company reported a loss of $48.7 million (20 cents per share).  Although shares traded lower on the news, it was an improvement from prior year’s loss of  $70.6 million (30 cents per share).  It should be noted that the company incurred $63 million in costs related to repaying its TARP obligations.

4) General Electric (NYSE:GE): Shares received a 7% jolt to the upside during Friday trading.  Fourth quarter income gained 51% to $4.5 billion (42 cents per share).  Prior year results were $3 billion (28 cents per share).  CEO Jeff Immelt said, ” the economy gets stronger everyday”.

5) Schlumberger Limted (NYSE:SLB): Although fourth quarter profits rose, CEO Andrew Gould warns that quarter earnings might be lower.  Net income rose $1.04 billion (76 cents per share).  After gaining 32% in the fourth quarter, shares drilled lower with a 2% dip.

6) SunTrust Banks, Inc. (NYSE:STI): After company earnings were released, shares popped over 5%.  Friday’s best performer in the KBW Bank Index posted $185 million profit (23 cents per share) for the fourth quarter.  Analysts estimates were only 7 cents per share.

Disclosure: No positions.

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