COF stock rallied Friday after financial services giant Capital One (COF) reported an upturn in earnings, topping Q3 estimates by a broad margin.
Capital One Q3 earnings rose 6% to $4.45 per share early Friday after six quarters of double-digit declines. Revenue increased 6% to $9.34 billion.
Analysts polled by FactSet expected earnings of $3.24 per share on $9.2 billion in revenue.
Net interest income climbed 6% to $7.42 billion. Credit card loans increased 3% to $146.8 billion while consumer banking loans fell 1% to $76.8 billion. Auto loans decreased 1% to $75.5 billion. Commercial banking loans declined less than 1% to $91.2 billion.
Technical Analysis COF is trading in the middle of its 52-week range and below its 200-day simple moving average. Investors are still evaluating the share price, but the stock still appears to have some downward momentum, which will definitely reach support level and bounced back.