Bank of America reported earnings today and they beat estimates. You heard me. This must be taken with the fact that these were lowered expectations for the company and a 41% drop from last year’s second quarter profit. Bank of America posted $0.72 per share versus $1.28 per share a year earlier. Analysts had forecast $0.53 per share. The second largest bank, BofA, also indicated that it expects the acquisition of Countrywide to add to the bottom line before the end of the year. This makes the fourth of the nation’s five largest banks to report results that exceeded expectations.
JP Morgan Chase, Wells Fargo, and Citigroup have all managed to hurdle lowered guidance. Wachovia, the fourth largest bank, will report tomorrow. Wachovia is expected to report a loss of between $2.6 billion and $2.8 billion. I couldn’t imagine going to my shareholders and trying to explain how I am going to only lose a few billion dollars this quarter. New Wachovia CEO, Robert Steel, has a few quarters to get things turned around.
The Thoroughbred Folio has gained momentum with the market. Finally a reprieve from the torment over the last six weeks or so. We also received some dividends from five companies. Cincinnati Financial, Family Dollar, Chubb, US Bancorp, and Legget & Platt all distributed on July 15th. I am hoping we break the $90 mark for dividends before the year is up. That would represent a 3% yield from our Thoroughbreds.
Top three stocks? What do you think. The three sell outs of course. Rohm and Haas, Wrigley, and Anheuser-Busch remain out front. However, Family Dollar Stores is quickly gaining steam trying to overtake Anheuser-Busch. It only trails by 4%.
The bounce of the financials is reflected at the bottom of the Thoroughbreds this week. KeyCorp slides out of the bottom three and Gannett hurdles to the second spot. Fifth Third remains in third, while our poor Regions Financial can’t catch a break.
Thoroughbred Performance (Week 31 of 52): $-344.62 (-11.49%) Dividends To Date: $56.36
Top 3 Stocks
- Rohm and Haas $26.64 (35.53%)
- WM Wrigley $22.74 (30.32%)
- Anheuser-Busch $21.48 (28.64%)
Bottom 3 Stocks
- Regions Financial $-40.34 (-53.78%)
- Gannett $-36.82 (-49.10%)
- Fifth Third Bancorp $-35.56 (-47.41%)
Stocks used in this post:
- (BUD: 0.00, N/A, Yield: N/A%)
- (CB: 42.23, 0.00%, Yield: 3.03%)
- (CINF: 23.70, 0.00%, Yield: 6.43%)
- (FDO: 25.07, 0.00%, Yield: 1.95%)
- (FITB: 7.71, 0.00%, Yield: 15.30%)
- (GCI: 6.09, 0.00%, Yield: 26.27%)
- (LEG: 12.24, 0.00%, Yield: 8.17%)
- (RF: 7.66, 0.00%, Yield: 16.19%)
- (ROH: 71.25, 0.00%, Yield: 2.25%)
- (USB: 22.12, 0.00%, Yield: 7.69%)
- (WB: 4.10, 0.00%, Yield: 41.59%)
- (WWY: 0.00, N/A, Yield: N/A%)
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