00:00 Speaker A
Friday, October 17th, the government shutdown continues to put a pause on a number of economic reports, but financials still posting earnings, giving investors some measure of which direction the economy is going here. and we’ll be getting more reports on Friday including American Express, Truest Financial and Comerica. Starting off with American Express, the company announced results for the third quarter before the markets open on Friday. and also forecasting that Amex will outperform its rivals, thanks to strong credit quality and faster growth, even though overall consumer spending is slowing.
00:28 Speaker A
And taking a look at Truest Financial, it’s also reporting third quarter earnings on Friday. and it’s expected profits to grow before accounting for loan loss provisions, driven by strong revenue and good cost control. Investors will listen closely to the call for any commentary on whether Truest will buy or merge with other banks given the recent activity from some of its competitors.
00:46 Speaker A
And speaking of which Comerica is reporting earnings for Q3 on Friday. The company recently agreeing to be acquired by Fifth Third Bank Corp for nearly $11 billion dollars. Analysts anticipating this to be a more quiet report because of the acquisition, but profits may dip slightly in the quarter due to rising expenses.