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Stock Market & Financial Investment News

News For USB;BAC;WFC;JPM From The Last 14 Days
Check below for free stories on USB;BAC;WFC;JPM the last two weeks.
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July 11, 2014
16:46 EDTWFCStocks end week lower on European, Fed concerns
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16:22 EDTWFCOn The Fly: Closing Wrap
Stocks on Wall Street were higher today, but were still lower for the week, as concerns in Europe have come back to the forefront of investors' minds. Today's modest bounce was not enough to make up for the declines seen in three of the other four sessions earlier in the week. ECONOMIC EVENTS: In the U.S., the June federal budget statement showed a surplus of $70.5B for the month, compared to analysts' forecast for a $79B surplus. COMPANY NEWS: Shares of Wells Fargo (WFC) slipped 32c, or 0.62%, to $51.49 after the largest mortgage lender in the U.S. posted earnings of $1.01 a share that matched analysts' consensus forecast. Wells did note that its credit performance continued to improve in Q2 and CEO John Stumpf said he is "optimistic about the future" for the bank... Lorillard (LO) advanced $2.92, or 4.63%, to $66.01, while Reynolds American fell 51c, or 0.82%, to $61.75, after the two cigarette makers confirmed that they are holding talks about a possible merger, as has been speculated by various media reports in recent weeks... In another update to an ongoing M&A story, Japan's Nikkei reported that Sprint's (S) corporate parent, Softbank (SFTBF), has reached an agreement to acquire T-Mobile (TMUS) from Deutsche Telecom (DTEGY), clearing the way for the long-speculated merger between the third and fourth largest wireless carriers in the U.S. Following the new story, Sprint shares finished the day up 30c, or 3.64%, to $8.55, while T-Mobile rose 62c, or 1.89%, to $33.50. MAJOR MOVERS: Among the notable gainers was Ruckus Wireless (RKUS), which advanced 87c, or 7.9%, to $11.88 after the FCC announced that it would allocate new funds to subsidize the launch of WiFi networks in schools and libraries. Also higher was Amazon.com (AMZN), which climbed $18.28, or 5.57%, to $346.20 after consulting firm ChannelAdvisor (ECOM) reported that the company's same-store sales growth had accelerated significantly in June compared with May. Among the noteworthy losers was Rent-A-Center (RCII), which dropped $3.18, or 10.94%, to $25.88 after the company warned that its revenue and earnings for Q2 will not meet expectations. Also lower were shares of industrial and construction supply retailer Fastenal (FAST), which fell $2.00, or 4.16%, to $46.15 after its Q2 revenue missed analysts' consensus view and the company reported plans to close 45 stores. INDEXES: The Dow was up 28.74, or 0.17%, to 16,943.81, the Nasdaq was up 19.29, or 0.44%, to 4,415.49, and the S&P 500 was up 2.83, or 0.14%, to 1,967.51.
12:36 EDTWFCOn The Fly: Midday Wrap
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11:13 EDTWFCWells Fargo sees doing commercial real estate portfolio acquisitions
Says would be willing to sell student loan portfolio in one piece.
10:50 EDTWFCWells Fargo sees gain on sale margins stabilizing
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10:32 EDTWFCWells Fargo says 'absolutely' sees net interest income growth
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10:25 EDTWFCWells Fargo targeting a net payout ratio of 55%-75%
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10:23 EDTWFCWells Fargo says seeing many indicators of economic growth accelerating
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09:37 EDTWFCActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL WFC C SUNE FB AMZN TSLA TWTR
09:09 EDTWFCOn The Fly: Pre-market Movers
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08:54 EDTWFCWells Fargo nears tests of support following earnings, levels to watch
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08:09 EDTWFCWells Fargo reports Q2 Community Banking net income $3.4B
Community Banking reported net income of $3.4B, down $413M, or 11%, from Q1. Revenue of $12.6B rose slightly from the prior quarter. Higher net interest income, mortgage banking revenue and card fees, were offset by lower equity investment gains. Wholesale Banking reported net income of $2.0B, up $210M, or 12%, from Q1. Revenue of $5.9B increased $366M, or 7%, from prior quarter. Wealth, Brokerage and Retirement reported net income of $544M, up $69M, or 15%, from Q1. Revenue of $3.6B increased $82M, or 2%, from the prior quarter as increased asset-based fees and higher gains on deferred compensation plan investments, offset in compensation expense, were partially offset by lower brokerage transaction revenue.
08:06 EDTWFCWells Fargo reports Q2 mortgage originations of $47B
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08:05 EDTWFCWells Fargo says credit performance continued to improve in Q2
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08:04 EDTWFCWells Fargo reports Q2 net charge offs $717M
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08:04 EDTWFCWells Fargo reports loans $828.9B at June 30, up $2.5B from March 31
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08:02 EDTWFCWells Fargo CEO says 'optimistic' about bank's future
“Our strong results in the second quarter reflected the benefit of our diversified business model and our long-term focus on meeting the financial needs of our customers,” said Chairman and CEO John Stumpf. “By continuing to serve customers we grew loans, increased deposits and deepened our relationships. Our results also reflected strong credit quality driven by an improved economy, especially the housing market, and our continued risk discipline. We are committed to both maintaining strong capital levels and returning more capital to our shareholders. In the second quarter we increased our common stock dividend 17 percent and repurchased 39.4 million shares. We remain dedicated to building long-term shareholder value, and I am optimistic about the future as we continue to focus on meeting the needs of our consumer, small business and commercial customers.” CFO John Shrewsberry said, “The primary drivers of Wells Fargo’s business remained strong in the second quarter, with broad-based loan growth, increased deposit balances, and improved credit quality. Revenue increased linked quarter as the Company grew both net interest income and noninterest income, a reflection of Wells Fargo’s diversified business model. These solid fundamental business results led to an increase in pre-tax income linked quarter. Net income was down as the Company’s effective tax rate was lower in the first quarter due to a $423 million discrete tax benefit.”
08:01 EDTWFCWells Fargo reports Q2 EPS $1.01, consensus $1.01
Reports Q2revenue $21.07B, consensus $20.82B.
07:30 EDTWFCGlobal Interdependence Center to hold a summit
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07:20 EDTBAC, WFC, JPM, USBBig banks seen losing reserve release cushion, Reuters says
Releasing loan-loss reserves has helped U.S. big banks weather a period of weak loan demand and lower fee income, but Q2 results from the banks may see less benefit from the practice as loss rates and reserves near their lower limits, said Reuters. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
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