April 20, 2009
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RELATED TICKERS: ZION
Hoping ZION can do the same afterhours today.
Banks are getting slaughtered after blowing away estimates....Look out for things like:A) signs of increased Credit Card DefaultsB) Signs of increased Loan DefaultsC) TARP status if ZION (your bank) took TARP money... Dividends are getting slashed in order to pay out TARP back.My bank was BAC.... but I bailed on BAC well before the earnings report and the 14% plunge I fully expected from BAC.. I smartly bailed out and threw the cash at TCB. A smaller, more flexible bank...I don't know anything about ZION but if it is relatively small in size and flexible.. Chances are you will do well on Earnings Day. Be aware though that beating earnings estimates isn't always a good thing in the Financial sector.
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