Market Wrap: Google Does it Big!; JPMorgan Mimics Eeyore; Raj's Lucky 11; Netflix Revives CW; European Banks...

Market wrap-up for October 13th

End of the Day: Dow Jones down 40.71 to 11,478.13; Nasdaq up 15.5 to 2,620.24; S&P 500 down 3.59 to 1,203.66

The following is a brief summary of events moving markets today:

• Google lives up to name: Google (Nasdaq: GOOG) is sending analysts back to the drawing board as it issued an Apple-like quarterly report. Earnings came in at $9.72 with revenue of $7.51 billion, ex-TAC, beating views calling for earnings of $8.74 per share and revenue of $7.21 billion.
  
  
• What if they missed?: JPMorgan (NYSE: JPM) also beat views, but investors were more concerned with comments about a "challenging environment." JPMorgan earnings were $1.02 with revenue of $24.37 billion, beating views for EPS of $96 cents and revenue of $23.73 billion. The firm has estimated Basel III tier 1 common capital ratio of 7.7 percent.
  
  
• Maybe this'll be an example?: Raj Rajaratnam received the longest sentence for an insider trading case in history, expected to be locked up behind bars for 11 years. Prosecutors had been looking for the maximum sentence - 24+ years. Rajaratnam's lawyers cited heath problems, among other issues, as factors behind an eased sentence.
  
  The good news, should Raj make it through all 11 years, he'll be eligible for retirement when he gets out!
  
  
• Don't worry, we've got Gilmore Girls now: Netflix (Nasdaq: NFLX), CBS Corporation (NYSE: CBS), and Warner Bros. Television Group, of Time Warner (NYSE: TWX), entered an agreement for U.S. members of Netflix to instantly watch previous seasons of scripted series that air on The CW from its current schedule through the 2014-15 season. Speculation has the deal valued at $1 billion or so, though payment is probably over 8 years and may be subject to adjustment depending on how well the shows do.
  
  
• European banks can't decide whether to sell or buy, or both: In keeping up with the times, several European bank divestitures are planned:
  • Credit Suisse (NYSE: CS) expected to shutter it's commercial-mortgage backed securities (CMBS) division. No word on layoffs or costs associated with the move.
    
    
  • UBS may close shop on its stand-alone, debt-restructuring business, basically a pure-profit play, while retaining it's U.S. brokerage business, Wealth Management Americas, which is far less profitable. Hmm...

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