- Posted January 17, 2014 by
Wall Street kicks off earnings season with JPMorgan Chase
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 )