Matt Frankel

But one that does exist and was actually moved all the way down from the S&P 500 to the S&P small cap 600...

Because of a dramatic fall in its price was Enphase Energy, ticker symbol ENPH.

I see why it's down.

It's a bad time cyclically for solar.

The current political and regulatory environments aren't exactly solar friendly.

The company's international growth has been impressive.

They've made some really smart pivots, like moving a lot of their component production to the U.S.,

And the company's innovation does remain very strong.

There's a big long-term opportunity here in solar and for Enphase in general.

And while this stock could be a rollercoaster ride for a while, I think investors who get in here could have a long-term winner on their hands.

First of all, all the big banks, including all the ones you mentioned and others, beat expectations for earnings.

Strong numbers so far, but there are some big winners among the group.

I'd say, in order, my biggest winners of earnings season so far among the banks are Wells Fargo, Morgan Stanley, and Bank of America.

With the latter two, Bank of America and Morgan Stanley, they both benefited from a robust IPO and M&A market, which I think John's going to talk about more in a second.

This led to investment banking fee growth of 43% and 44% year-over-year, respectively.

for those two.

Equities trading revenue was really strong.

It beat expectations.

And not only that, but Bank of America reported a surprise decline in their credit loss provision, which is going to come into play a little later in our conversation.

But in general, investment banking was really strong.