Image source: Максим Кузубов © 123RF.com
The shares of the company collapsed by 3.82% on Monday, from 207.84 to 199.91, after the bank reported weaker than expected revenue streams for the first quarter of 2019 - a drop from the 8.9$ billion estimated to 8.81$ billion reported.
The disappointment from the weaker-than-expected revenue stream was enough to offset the strong EPS data. The initial forecasts were for 4.71 dollars’ earnings per share, but the actual data showed a total of 5.71 EPS. This 20% positive surprise in the earnings, however, was to a certain degree anticipated by the market, which has priced in the data prior to the release of the report.
On the other hand, the shock from the weaker revenue data came as a surprise and that is the main reason why the sellers managed to take control of the momentum. As a result of that, the share price plunged with more than 7 dollars. Our expectations for the significance of the resistance level, which we outlined for you in the Weekly Expectations article from Monday here were reaffirmed, as the upper boundary of the range managed to contain the price action.
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