Why One Market Watcher Is Staying Long Bank Stocks
Real Money contributor Stephen Guilfoyle explains how he's trading bank stocks after earnings.
Investors still want to be long in bank stocks following their earnings reports, according to Real Money contributor Stephen Guilfoyle. He says JPMorgan Chase (JPM) - Get Report is a "best-in-class" name, and notes the stock is trading at 1.67 book value.
He also likes Bank of America (BAC) - Get Report stock and holds a long position in that name. He says consumer finance also looks strong, and notes that American Express (AXP) - Get Report reports its results next week.
Guilfoyle says for the next three quarters, banks have easy year-over-year earnings comparisons.
