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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

1/14/20

Earnings season off to a good start thanks to the banks. JP Morgan (JPM) is up 1.5% while Citigroup (C ) is up 2%, both at all-time highs, following earnings. The bond trading departments boosted returns in the fourth quarter. JP Morgan and Citigroup have also been buying back a lot of stock. Citigroup bought back 10% of their shares last year and 28% over the last several years. That certainly helps earnings.

Wells Fargo (WFC) going the wrong direction. Wells Fargo is down 4% back to a three-month low after missing earnings estimates. The company also took a $1.5 billion charge, or 33 cents per share for litigation and other expenses for their multiple of scandals over the last several years. The bank is also losing brokers. Wells Fargo had 211 fewer brokers in the fourth quarter and has lost 456 brokers over the last year. 

Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.