ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

Financials posted a 33% gain in 2013. In terms of what is going to happen in this New Year, can they really continue that kind of performance given all that's going on with regulation, et cetera?

DICK BOVE, BANK ANALYST AT RAFFERTY CAPITAL MARKETS (ENGLISH) SAYING:

Yeah. Well, they're certainly not going to get another 33%, but I do think the stocks will go higher because all of the earnings that they've posted, let's say, over the last four or five years have basically come from reducing reserves and becoming more efficient. And a very small portion has come from making new loans or getting higher margins. In 2014, I think that will change. I think that they will actually start to lend more and that their margins will go up because they'll lend more because the economy should get better, their margins should go up because of the tapering. So I think 2014 is still going to be another good year for them.

ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

So as we have an expectation of earnings right now, the expectations are high, 22.4% in terms of earnings growth when we look at some of our data here. Does that sound about right to you or could that potentially be too low?

DICK BOVE, BANK ANALYST AT RAFFERTY CAPITAL MARKETS (ENGLISH) SAYING:

Well, I think it's maybe a little strong. I think the fourth quarter, when it's announced, I don't think is going to be particularly impressive because we're in that if you will change over from reducing costs to get earnings to selling products to get earnings. And I don't think they've quite yet reached the selling product stage. The first quarter I think you will see the big increase in product sales or revenue generation. And I think at that point, maybe something on the order of 12% to 15% would be a more rational view of where their earnings might go.

ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

Wall Street Journal had an article about trading revenues being under pressure and that being problematic. Are financial firms going to be able to make up that loss somewhere else?

DICK BOVE, BANK ANALYST AT RAFFERTY CAPITAL MARKETS (ENGLISH) SAYING:

No, not in the fourth quarter. I think the Wall Street Journal is correct that this was a very weak quarter for trading, and therefore, companies like Goldman Sachs, Morgan Stanley, to some degree JPMorgan, and Bank of America will be impacted by that; Citigroup also. But I think next year, if it's correct that we're going to see a big increase in M&A activity and a big increase in IPOs, then trading will turn around and start to recover somewhat meaningfully. But again, don't hope for very much in the fourth quarter.