SAN FRANCISCO (MarketWatch) — Among the companies whose shares are expected to see active trade in Friday's session are J.P. Morgan Chase & Co., Wells Fargo & Co., and Fastenal Co.
J.P. Morgan and Wells Fargo are the first among large national banks to announce results this earnings season and their numbers tend to be indicative of what to expect from the sector, according to Henry Coffey at Sterne Agee.
J.P. Morgan (JPM) is projected to report first-quarter earnings of $1.39 a share, according to a consensus survey by FactSet. Analysts at RBC Capital Markets expect the bank's earnings to be impacted by lower fixed income and debt underwriting revenues.
Wells Fargo (WFC) is projected to post first-quarter earnings of 97 cents a share. Wells Fargo is one of the five financial institutions that is recommended by FBR Capital Markets.
"We continue to recommend those names that have above-average asset growth, as well as high-quality earnings," said analyst Paul Miller. "The top five 'highest quality' large-cap names in our coverage, which we consider to be FRC, PNC, SBNY, USB, and WFC, increased 8% in value in the quarter."
Fastenal (FAST) is likely to report first-quarter earnings of 38 cents a share.
After Thursday's closing bell, H&R Block Inc. (HRB) said it agreed to sell certain bank assets and liabilities to BofI Federal Bank for an undisclosed price. The deal should dilute fiscal 2015 earnings by 7 cents to 9 cents a share. Shares of the tax services provider surged 7.3% in after-hours trading.
Gap Inc. (GPS) late Thursday said its same-store sales fell 6% in March, steeper than the 4.7% forecast by Thomson Reuters. The retailer also reaffirmed its earnings guidance of $2.90 to $2.95 a share for the year. Gap shares dropped more than 2% in after hours.
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