It has gone almost completely unnoticed amid the
, the debt ceiling, and the start of
. But third-quarter earnings season began this week.
unofficially kicked things off on Tuesday with a solid beat. The
aluminum maker produced Q3 earnings of 2 cents per share, a big
change from last year's 13-cents-per-share loss. Alcoa shares
have risen 5% in the three days since its glowing earnings
Wells Fargo (
kicked off bank earnings today with record third-quarter profits.
The biggest originator of U.S. home loans saw net income increase
13% last quarter despite a slumping mortgage business. Releasing
loan loss reserves - as many U.S. banks did last quarter - helped
boost otherwise modest earnings.
Fellow big bank
fared much worse, suffering a $9 billion quarterly loss due
mostly to high legal costs. Minus those costs, however, the bank
managed to beat earnings expectations - as did Wells Fargo.
So that's three major beats in the first week. Let's hope the
trend continues next week - even if Wall Street isn't paying much
attention to earnings these days. That could change the second
the government shutdown ends or a debt deal gets done.
Here are some of the headliners set to report earnings next
week, including the remaining big banks:
Johnson & Johnson (
American Express (AXP)
Bank of America (BAC)
Goldman Sachs (GS)
Las Vegas Sands (LVS)
Philip Morris (PM)
General Electric (GE)
Morgan Stanley (MS)