It was another big day for the big banks, with Wells Fargo (WFC) - Get Wells Fargo & Company Report, Goldman Sachs and Bank of America (BAC) - Get Bank of America Corp Report all reporting quarterly earnings, and the results were mixed to say the least.
Jim Cramer noted a lack of consumer spending and a lack of defaults among the biggest banks, but said "you have stocks that aren't worth buying."
Here’s an earnings breakdown:
Wells Fargo reported third quarter net income of $2.04 billion, or 42 cents a share, compared to $4.61 billion, or 92 cents a share, in the prior year. Analysts polled by FactSet had been looking for earnings of 44 cents a share.
Goldman Sachs reported adjusted earnings of $9.68 per share, doubling the $4.79 posted for the same quarter in the prior year. Revenue of $10.78 billion rose 30%, exceeding estimates of $9.46 billion.
Bank of America reported adjusted earnings per share of 51 cents, exceeding analyst consensus expectations by 2 cents, but falling 9% from the prior year. Revenue of $20.5 billion missed estimates of $20.8 billion.