Jon Corpina, senior managing partner at Meridian Equity, told TheStreet's Debra Borchardt that investors have to look at these companies as more than just banks. Due to their conglomerate stature, there is a lot more going on than simply banking, particularly on the consumer side of things.
Investors wanted to know what loan growth and lending looked like and if the firms thought the overall economy would continue to strengthen. Generally speaking, they were pleased, although you wouldn't know it by looking at the broader market reaction, he said.
But that doesn't have anything to do with the earnings reports, he added. Equity markets have rallied hard over the last two weeks and are back near all-time highs. Specifically, stocks had a remarkably strong session Thursday following Federal Reserve Chairman Ben Bernanke's comments on Wednesday.With good momentum coming from JPMorgan, Wells Fargo and Alcoa (AA), which reported earlier in the week, Corpina says the markets can continue higher. Goldman Sachs (GS), Citigroup (C) and Coca-Cola (KO) all report next week as earnings season continues. The fact that we haven't had a pullback is impressive, Corpina said. He doesn't think we'll get a pullback but if we do, it will be short-lived because equities are looking to make new highs. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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