NEW YORK ( TheStreet) -- TheStreet's Brittany Umar and Antoine Gara explained why Wells Fargo (WFC - Get Report) initially opened lower after reporting record profits, while JPMorgan Chase (JPM - Get Report) rallied after reporting an unexpected loss. These two banks kicked off the earnings season for financials.Although investors keep expecting earnings to fall at Wells Fargo, the bank continues to beat estimates, notching its 15th consecutive quarter of growth. However, the firm hasn't been able to grow revenue, which Gara thinks should improve as the economy recovers.
[video] Quick Take: A Rocky Start to Bank Earnings
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts