Anyone who’s followed the analysis and recommendations of Wall Street’s stock pickers know that stocks rarely do what the stock pickers say.
This is why the behaviour for JP Morgan and Wells Fargo is so unusual.
FactSet’s John Butters charted the stocks of the two banks against Wall Street’s Q2 earnings estimates for them. Here are the details from Butters:
It is interesting to note that the price movement of both stocks has nearly mirrored the movement in EPS estimates during the quarter. Since March 31, the price of JPMorgan Chase has declined 26% (to $34.04 from $45.98). While the price of Wells Fargo has dropped about 4% (to $32.85 from $34.14) since March 31, the price of the stock is virtually unchanged since April 13 (to $32.85 from $32.84).
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