FBR Capital Reiterates Market Perfrm on Wells Fargo (WFC) Following 4Q Miss

U.S. banks to stay in fashion as earnings kick off

January 13, 2017 4:34 PM EST

By Sinead Carew and Lewis Krauskopf

NEW YORK (Reuters) - U.S. bank stocks will stay in favor with investors as long as earnings reports in the coming week show an improving profit outlook while investors wait to see if U.S. President-elect Donald Trump lives up to his campaign promises.

Wells Fargo & Co. (NYSE: WFC), JPMorgan Chase & Co (NYSE: JPM) and Bank of America (NYSE: BAC) kicked off the earnings season on a positive note on Friday,... More

Head of fraud ring targeting Wells Fargo accounts gets seven-year sentence

January 13, 2017 12:55 PM EST

By Karen Freifeld

NEW YORK (Reuters) - A California man behind an identity theft ring that stole more than half a million dollars from Wells Fargo Bank (NYSE: WFC) customers was sentenced on Thursday to over seven years in prison, U.S. prosecutors said.

Ronald Charles Reed, 70, of Inglewood, recruited Wells Fargo employees to obtain... More

Pre-Open Stock Movers 01/13: (DXCM) (SN) (P) Higher; (URRE) (SKLN) (GME) Lower (more...)

January 13, 2017 9:28 AM EST

Today's Pre-Open Movers

Naked Brand Group Inc. (NASDAQ: NAKD) 87.5% HIGHER; The company and Bendon Limited, a global leader in intimate apparel and swimwear renowned for best in category technology and design throughout its 70 year history, announced today that they have entered into a Letter of Intent for a proposed merger of the... More

Wells Fargo (WFC) volatility elevated as shares mixed in premarket on Q4 profit falling 5.4%

January 13, 2017 9:08 AM EST

Wells Fargo (NYSE: WFC) January weekly call option implied volatility is at 58, January is at 29, February is at 25; compared to its 52-week range of 14 to 36.

... More

U.S. retail sales boosted by auto demand; producer prices climb

January 13, 2017 8:37 AM EST

By Lucia Mutikani

WASHINGTON (Reuters) - U.S. retail sales rose in December amid strong demand for automobiles and furniture, providing further evidence that the economy ended the fourth quarter with momentum and is poised for stronger growth this year.

The strengthening economy is causing inflation to perk up. Other data on Friday showed producer prices rising for a second straight month in December, notching their biggest year-on-year gain in just over two years, and consumers starting to anticipate paying more for goods and services.

Rising domestic demand and inflation come ahead of expected fiscal stimulus... More

Wells Fargo thinks it has paid back customers as required

January 13, 2017 8:10 AM EST

By Dan Freed and Michael Erman

(Reuters) - Wells Fargo & Co (NYSE: WFC), the third-largest U.S. bank by assets, said on Friday it believes it has reimbursed the customers it needs to in order to comply with at least one of three settlements over a bogus-accounts scandal.

"We've accomplished a lot over the past few months but we still have a lot of work to do ... to rebuild trust with our customers, team members, and other key stakeholders," CEO Tim Sloan said during a call with analysts.

The San... More

JPMorgan profit climbs 24 percent, beating forecasts, on trading surge

January 13, 2017 8:04 AM EST

By David Henry and Sweta Singh

(Reuters) - JPMorgan Chase & Co (NYSE: JPM) reported a 24 percent rise in fourth-quarter profits on Friday, beating analyst expectations, as its Wall Street business benefited from a surge in trading activity following the U.S. election.

JPMorgan, the largest U.S. lender, said earnings rose to $6.7 billion, or $1.71 per share, from $5.4 billion, or $1.32 per share, in the year-ago period.

Excluding an atypical tax benefit, the bank earned $1.58 per share, well above the average analyst estimate of $1.44 per share, according to Thomson Reuters... More

Wells Fargo (WFC) Posts Q4 EPS of $0.96, Sales Miss

January 13, 2017 8:01 AM EST

(Updated - January 13, 2017 8:05 AM EST)

Wells Fargo (NYSE: WFC) reported Q4 EPS of $0.96, or $1.03 net hedge ineffectiveness accounting impact, versus the analyst estimate of $1.00. Revenue for the quarter came in at $21.6 billion versus the consensus estimate of $22.45 billion.

Net interest income of $12.4 billion, up 7 percent.ROA of 1.08 percent and ROE of 10.94 percentTotal average loans of $964.1 billion, up $51.9 billion, or 6 percentTotal average deposits of $1.3 trillion, up $67.3 billion, or 6 percentProvision expense of $805 million, down $26 million, or... More

Nasdaq hits record; bank earnings validate Wall St. rally

January 13, 2017 7:30 AM EST

By Noel Randewich

(Reuters) - An increase in Facebook pushed the Nasdaq to a record high on Friday and the S&P 500 also rose after major U.S. banks kicked off the fourth-quarter earnings season with strong results.

Wall Street has surged since President-elect Donald Trump's unexpected election victory on optimism he will cut corporate taxes, spend on infrastructure and deregulate banks.

With stocks trading at price-to-earnings valuations well above historical averages, many investors believe further gains will depend on S&P 500 companies handing in strong report cards over the next several weeks.

Major... More

Bank of America profits surge on cost cuts, trading gains

January 13, 2017 7:00 AM EST

By Dan Freed and Sruthi Shankar

(Reuters) - Bank of America Corp (NYSE: BAC) reported a near-50-percent jump in fourth-quarter profit on Friday due to cost cuts and higher trading revenue, and its finance chief forecast sturdy income growth ahead thanks to rising interest rates.

The Charlotte, N.C.-based lender's earnings surged 47 percent in the quarter through Dec. 31 to $4.34 billion, or 40 cents a share, from $2.95 billion, or 27 cents a share, a year earlier.

Excluding items, the bank earned 42 cents per share, beating analysts' average estimate of 38 cents,... More