Share this on:
About this iReport
  • Not verified by CNN

  • Click to view rhysivey's profile
    Posted January 17, 2014 by

    Wall Street kicks off earnings season with JPMorgan Chase


    U.S. stock-index futures ticked higher on Tuesday as it absorbed fourth-quarter earnings from JPMorgan Chase (JPM), the first of the major investment banks to report.


    A gauge of U.S. consumer spending rose more than expected in December, while Import prices were unchanged versus a 0.3 percent estimate.


    JPMorgan's net income fell to $5.28 billion, or $1.30 per share, in the fourth quarter from $5.69 billion, or $1.39 per share in the same quarter of 2012, JPMorgan said on Tuesday. Excluding items, the company reported earnings of $1.40 a share.


    Analysts polled by Reuters had expected the Dow component to post earnings per share of $1.35 a share on revenue of $23.69 billion.


    Wells Fargo reported an 11 percent rise in fourth-quarter profit, with shares of the nation's biggest mortgage lender slipping in pre-market trade.


    Overall, fourth quarter earnings for the S&P 500 are expected to rise about 7 percent. Financials are seen reporting the biggest profit increases — a 21 percent jump.


    Traders continue to watch Federal Reserve speakers for clues as to the rate at which bond-purchasing tapering will proceed. With that in mind, speeches by Philadelphia Fed President Charles Plosser at 12:45 p.m. and Dallas Fed President Richard Fisher at 1:20 p.m. will attract interest.


    In stock news, Google reported late on Monday that it was buying home automation company Nest Labs for $3.2 billion. Frankfurt-listed Google stock traded around 0.9 percent lower early on Tuesday.


    In addition, Time Warner Cable has rejected $61.3 billion buyout bid by Charter Communications as "grossly inadequate."



    ( Related Article: JPMorgan Is Penalized $2 Billion Over Madoff )

    What do you think of this story?

    Select one of the options below. Your feedback will help tell CNN producers what to do with this iReport. If you'd like, you can explain your choice in the comments below.
    Be and editor! Choose an option below:
      Awesome! Put this on TV! Almost! Needs work. This submission violates iReport's community guidelines.


    Log in to comment

    iReport welcomes a lively discussion, so comments on iReports are not pre-screened before they post. See the iReport community guidelines for details about content that is not welcome on iReport.

    Add your Story Add your Story