I'm Melissa Lee and this is Fast Money.

Tonight's trader line up, Guy Dami, Tim Seymour,

Karen Finerman, and Steve Brasso.

Tonight on Fast, a big bank breakdown.

What happened on the city call that made one of our traders hit the cell button

plus Apple pulling the wraps off its first ever 5 g iPhones but was this the

ultimate sell the news event and later a big story unfolding in the biotech world is a second major company in as many days

pauses as coronavirus treatment trial.

We will bring you the very latest on this developing story straight ahead.

But we start off with a big day for the big banks earning season

officially underway. City and J.P. Morgan both out with results this morning,

both topping expectations, both stocks falling. We mentioned that somebody was listening in on the conference call and it caused that

traitor to hit the cell button. We won't tell you just who it is yet. But Tim, it wasn't you.

What'd you make of the conference call?

Well, I think you have a case here where clearly the numbers on the headline look fantastic,

but what was really causing that? That was about provisions, that was about credibility. on the

numbers on the headline look fantastic but what was really causing that that was about provisions that was about credit quality which you know it's strange because we were complaining that we were fearful that the banks had much bigger credit issues than than were possibly seen on the headline and therefore they

were putting aside these major reserves.

What would J.P. Morgan, that beat was a combination of some very strong investment banking and FIC

business but also the provisions that came down that's something that we

should overall be very encouraged about with banks because I think there's more

where that came from but there's more where that came from.

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