Biotech & Pharma Alerts

This week, it's all about "TBTF" banks – as in, "too big to fizzle."

There's a lot riding on the financials, but I'm looking at pharma and healthcare, too, and I'll tell you why in a minute.

Fact is, this is one of the most important earnings seasons in recent memory, and investors are flat-out worried that it'll be one of the worst earnings seasons in recent memory.

JPMorgan Chase & Co. officially kicked off Q1 earnings season on Friday with a welcome revenue beat that nudged stocks gently upward for the day.

On the other hand, Bank of America Corp. reported a bumper crop of profits on Monday, but the shares slumped anyway because CFO Paul Donofrio voiced concerns about the slowing pace of interest rates – a big driver of bank profits.

Same deal with Goldman Sachs: It had a convincing earnings beat and a tasty dividend hike, but a drop in trading revenue sent the shares lower.

That shares didn't necessarily take off is a pretty good indicator of the worry out there in the streets. Freaked-out investors are punishing stocks for "sins" they might've forgiven two or three quarters back.

Me? I'm not sure it'll be the worst earnings season in years, but it's certainly going to be the one of most eventful.