Updated from 8:53 a.m. EDT

(At 4:10 p.m. EDT)


The trading day is over, the sun is shining here in New York, and stocks ended another week with gains. Good times, indeed.

I greatly appreciate the feedback -- both positive and negative -- from everyone that emailed this morning. My intention wasn't to be tongue-in-cheek when I asked what traders were seeing in the Citigroup ( C) and General Electric ( GE) earnings reports. I was genuinely perplexed by the rally in Citigroup and GE shares early this morning.

Well, by the end of the day, both names had come back to Earth. Citigroup dropped 9% and GE finished with a gain of 1%. What remains to be seen now is how the other big financial sector earnings shake out.

By the end of next week, we should have a pretty good read on the sector, as earnings from Wells Fargo ( WFC), Morgan Stanley ( MS) and a handful of other banks will surface. Before that, though, investors will examine Bank of America's ( BAC) latest quarterly report, due out early Monday.

Actually, we should have a pretty good read on nearly every industry by the end of next week, as the earnings torrent really picks up speed over the next five sessions.

Looking specifically at Monday, a lot of sectors will be well represented. In addition to Bank of America, Eli Lilly ( LLY), Eaton ( ETN), Halliburton ( HAL) and Hasbro ( HAS) are all set to report before Monday's opening bell.

Things will get even crazier after the close of trading Monday, when Dow component IBM ( IBM), Texas Instruments ( TXN), Boston Scientific ( BSX), and many others will post their respective results.

Trust me when I say the week will only get busier after that. Our weekly "Coming Week" piece, which will be posted on Saturday, will dive further into all the earnings reports scheduled for release the rest of the week and the current expectations for growth (or lack thereof).

The economic calendar is pretty quiet on Monday, as the March read on leading economic indicators is the lone report due out.

And that's it! Here's to a wonderful weekend.

(At 7:32 a.m. EDT)

Should I Be Convinced?

Maybe it's because the coffee hasn't kicked in yet, but my head is still in a haze after trying to sort through the Citigroup ( C) and General Electric ( GE) earnings reports.

As of right now, I'm not sure I should be convinced that these reports are as brilliant as everyone thinks. The market appears to be disagreeing with my initial take, as both S&P 500 and Dow Jones Industrial Average futures are above fair value, so I definitely must not be getting it right.

Let's examine Citigroup first. Yes, the reported loss of 18 cents a share was better than the Thomson Reuters average estimate for a loss of 34 cents a share. Yes, when you take into account the $1.3 billion tied to the convertible-preferred stock issued in a January, Citigroup may have actually been profitable in the quarter. Yes, revenue nearly doubled from a year ago to $24.79 billion.

Still, expenses continue to rise for the bank. Citigroup said credit costs jumped 76% from a year ago to $10.3 billion, much like JPMorgan Chase ( JPM) said just a day earlier that its own credit costs amounted to $10.1 billion in the first quarter, up significantly from a year ago.

Citigroup's stock is jumping nearly 13% in the premarket session, but I'm not convinced that champagne corks should be popping yet. Are investors really that happy that Citigroup exceeded painfully low analyst estimates? Is a massive short-squeeze still carrying on?

General Electric also reported better-than-expected earnings, beating the Thomson Reuters average estimate of 21 cents a share by a nickel. However, GE's first-quarter profit was down 35% from a year ago on a sharp drop in financial-service related revenue.

GE said its capital finance division earned $1.1 billion in the quarter and "remains on track" to be profitable for the year, which is good news for those who feared reports were true that GE Capital will be required to raise new capital in the near term. However, profit at GE Capital fell 58% from a year ago, leading me to wonder just how strong the division is right now. Additionally, the company's NBC Universal division saw profit fall 45%.

Shares of GE were up 3.5% early, though, so it appears that's of no concern to investors.

Listen, my intent isn't to be a wet blanket on the good news. In all likelihood, I'm missing what everyone is cheering about. Send me an email to share your thoughts. I'd love to hear from you on both earnings reports.

Where's the Follow Through?

While Dow and S&P 500 futures were trading up, Nasdaq futures were below fair value. After Google's ( GOOG) huge earnings beat last night, I would have expected some carry over into Friday's session, but that doesn't appear to be happening.

After rallying 5% in Thursday's after-hours session, Google shares were lately down 0.6% before Friday's opening bell. The Internet giant reported a profit of $5.16 a share, compared to expectations for earnings of $4.93 a share. After deducting traffic acquisition costs, Google recorded $4.07 billion in revenue, roughly in line with estimates.

So what happened to the rally in shares from last night? RealMoney.com contributor Bob Faulkner said that a comment by Google's management team on the conference call about how the second and third quarters were seasonally weak, and that they noted the company is still in "uncharted territory" is why the stock's gains deteriorated.

Friday's Other Headlines

MGM Mirage ( MGM) will be a stock to watch Friday. The company was trading 12% lower early on a report by The Wall Street Journal that billionaire investor Carl Icahn and private-equity fund Oaktree Capital Management have bought up hundreds of millions of dollars of MGM bonds and have told the troubled casino giant it should quickly overhaul its massive debts in bankruptcy.

Speaking of bankruptcy, newsprint maker AbitibiBowater ( ABH) filed for bankruptcy court protection as the company couldn't repay more than $6 billion in debt.

At 12:30 p.m. EDT, Federal Reserve Chairman Ben Bernanke will deliver a speech in Washington, D.C., during the Fed's community affairs research conference. Bernanke's speech is expected to focus on challenges presented by innovations in financial services for the underserved.

Before that, the lone economic report scheduled for release Friday will come at 9:55 a.m. EDT when the University of Michigan will post the preliminary reading on its consumer sentiment index for April. Economists expect the index to rise to 58.5 from the previous reading of 57.3.

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