Banking, finance, and taxes
Financial Earnings Winners & Losers (BLK, JPM, NITE, MER, WFC)
Published:
Last Updated:
BlackRock, Inc. (NYSE: BLK) posted a 25% gain in earnings, but reported $1.90 EPS versus $2.00 estimates; Assets under management are now $1.364 Trillion. Shares are trading down by 2% pre-market.
JPMorgan Chase (NYSE: JPM) $0.69 EPS vs. $0.64 est.; $2.6 Billion markdowns; expect weakness to continue and expects capital market stress to continue; sees issues affecting results for remainder of 2008 or longer; shares are trading up over 2% in pre-market.
Knight Capital Group, Inc. (NASDAQ: NITE) $0.35 EPS vs. $0.30 estimates; trading volume surged in dollar terms and decreased in volume for march, noted de-leveraging of financial markets; stock trading up over 6% pre-market.
Merrill Lynch (NYSE: MER) is taking another $6.8 Billion in write-offs according to WSJ, although shares are up almost 1% pre-market.
Wells Fargo (NYSE: WFC) posted an 11% decrease in earnings but earnings were $0.60 EPS vs $0.57 est; setting aside $2.03 billion to cover delinquencies and defaults among mortgages and other loans; non-performing assets up 16% to $4.5 billion as of March 31, up from $3.87 billion at December 31, 2007; Shares are trading up over 7% in pre-market trading.
Jon C. Ogg
April 16, 2008
Jon Ogg produces the Special Situation Investing Newsletter. He can be reached at [email protected] and he does not own securities in the companies he covers.
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.