The Morning Badger: Day of the Banks


Here’s what you need to know for today:

How are the banks doing?

It’s a big earnings day, as Bank of America, JPMorgan Chase, and Wells Fargo all announced their quarterly earnings this morning. Let’s see how they did:

  • Wells Fargo ($WFC) posted lower-than-expected earnings per share (96 cents per share vs. an expected $1 per share). Their income is down $300 million from this time last year. The bank’s stock is down by .4% before the markets open this morning.
  • Bank of America ($BAC) slightly beat projects on earnings per share, but the company’s revenue missed analyst projections. $BAC shares are down this morning.
  • JPMorgan Chase ($JPM) beat their projections by a bit. Analysts expected the bank to make $1.44 per share and a revenue of $23.949 billion, and JPMorgan Chase’s quarterly earnings were actully $1.71 per share and a revenue of $24.333 billion. Their stock is up before the market opens.

How do you save your job from automation?

Easy: work in the creative field. To avoid your job getting automated, consider being a graphic designer, actor, or writer, according to a report by Nesta and Quartz. (I guess that English degree wasn’t useless after all, grandpa!)

Could Trump’s plan on cutting drug imports not work?

Maybe, according to a New York Times report. Many of the cheaper drugs we’re used to are made overseas and imported. Cutting that out could drive up prices.

Renault joins Volkswagen and Fiat Chrysler.

Yesterday, the EPA announced that Fiat Chrysler fudged their emissions tests. Today, French car manufacturer Renault is being accused of the same shady dealings. Why can’t anyone be honest?

American Apparel might find another new owner.

Earlier this week, Gildan (a Canadian company) bought the rights to the American Apparel brand (an American company, duh) in bankruptcy court. Now, Broncs Inc., a textile company, might be interested in buying one of the American Apparel factories that Gildan didn’t purchase. This could potentially save over 300 jobs in the Los Angeles area.