- Growth over the last several quarters has been between 15-20%, says the team, but a major slowdown to a decline of 3-5% in now expected in Q1 (results begin coming in this week). The reasons are the usual suspects: Weak mortgage banking, weak capital markets, and legal and regulatory issues that are going nowhere.
- Among the banks whose estimates are cut is Bank of America (BAC), now seen earning just $0.02 per share in Q1 from $0.30 previously. For all 2014, EPS should be $0.98, down from $1.06 originally forecast.
- Other cuts of note: JPMorgan (JPM) now expected to earn $1.30 in Q1 from $1.36. U.S. Bancorp (USB) at $0.72 vs. $0.75. First Horizon (FHN) $0.13 vs. $0.16, and CVB Financial (CVBF) $0.23 vs. $0.24.
- Having its EPS estimate boosted is Wells Fargo (WFC) to $0.94 from $0.90.
- ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, SEF, IYG, FXO, PFI, KBWB, FNCL, FINU, RWW, RYF, PSCF, FINZ
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