JPMorgan results trump estimates as election stimulates trading
By David Henry and Sweta Singh JPMorgan Chase & Co (JPM.N) 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 ave..>> view originalRenault targeted in new 'dieselgate' scandal
Paris (AFP) - A year and a half after Volkswagen's "dieselgate" erupted, Paris prosecutors are probing Renault over possible "cheating" in diesel emissions, sending the carmaker's shares sliding on the stock exchange.While VW is still counting the cost of an unprecedented emissions scandal that shook not only the auto sector, but the whole of German industry to the core, similar allegations are now being levied against other carmakers, notably Italian-American giant Fiat Chrysler and France's Re..>> view originalEPA rejects automakers' bid to weaken fuel efficiency standards
Banners for automobile brands adorn a dealership in Yucca Valley, Calif. (Paul Buck/European Pressphoto Agency) The Environmental Protection Agency rejected a bid by automakers to roll back fuel efficiency standards that would sharply increase mileage by 2025, saying that the auto companies possess the technology and financial resources to meet the targets set by the Obama administration. Citing eight years of research, EPA Administrator Gina McCarthy said that “at every step in the process..>> view originalMillennials are falling behind their boomer parents
Not so for her. Ledesma graduated from college four years ago. After moving through a series of jobs, she now earns $18,000 making pizza at Classic Slice in Milwaukee, shares a two-bedroom apartment with her boyfriend and has $33,000 in student debt. "That's not at all how life is now, that's not something that people strive for and it's not something that is even attainable, and I thought it would be at this point," Ledesma said. Her mother Cheryl Romanowski, 55, was making about $10,0..>> view originalPandora up premarket on stronger 4Q outlook, job cut plans
NEW YORK (AP) — Pandora's stock is climbing Friday after the online radio company provided a stronger fourth-quarter revenue outlook and announced plans to cut approximately 7 percent of its workforce. Pandora said late Thursday that the job cuts, which would exclude Ticketfly, are being done to help trim overall operating costs. The Oakland, California-based company has been facing increasing competition from Spotify and Apple Inc.'s music service. Your current ..>> view originalBofA Revenue Misses Estimates as Bond Trading Ebbs at Year-End
Bank of America Corp. posted fourth-quarter revenue that missed analysts’ estimates as a 12 percent increase in bond trading fell short of predictions. Profit surged as Chief Executive Officer Brian Moynihan cut expenses.“Things tapered off at the end of the year,” Chief Financial Officer Paul Donofrio said Friday in a conference call with journalists. Fixed-income trading “did very well in the first two months of the quarter,” he said.Moynihan, 57, has been cutting costs for years while conte..>> view originalIn SpiceJet deal, Boeing scores a $22 billion win in market dominated by Airbus
Boeing won a $22 billion deal from an Indian budget carrier, pulling off a feat in a single-aisle market ruled by its European rival Airbus.SpiceJet plans to buy 155 planes, of which 55 were carried over from old orders after renegotiations, the airline based in Gurgaon near New Delhi said in a statement on Friday. It also has options for 50 more, including wide-body aircraft. The commitment, the largest ever for Boeing from an Indian airline, comes at a time when both the Chicago-based planem..>> view originalWells Fargo Profit Falls 5.4% as Mortgage Revenue Declines
Wells Fargo & Co., which lost its status as the world’s most valuable lender after a scandal in its retail bank, said profit dropped 5.4 percent as revenue from its mortgage business declined.Net income fell to $5.27 billion, or 96 cents a share, from $5.58 billion, or $1, a year earlier, the San Francisco-based company said Friday in a statement. The average estimate of 29 analysts surveyed by Bloomberg was for adjusted profit of $1 a share. Results included a 7-cent cost tied to ineffective h..>> view originalUS wholesale prices rise 0.3 pct., led by costlier gas, food
US wholesale prices rise 0.3 pct. in December, pushed up by more expensive food, gas, cars. Jan. 13, 2017, at 9:02 a.m.. MORE. LinkedIn · StumbleUpon · Google +; Cancel. US wholesale prices rise 0.3 pct., led by costlier gas, food. MORE.>> view originalCars, Gasoline Lifted US Retail Sales 0.6% in December
WASHINGTON—Americans boosted spending on cars and gasoline in December, causing overall retail sales to climb quickly despite consumer cutbacks in other areas. Retail and restaurant sales rose a seasonally adjusted 0.6% in December from a month earlier, driven by a surge in auto sales, the Commerce Department said Friday. Sales at retailers outside of autos grew 0.2% last month. And sales at retailers excluding car dealerships and...>> view original
Thursday, February 23, 2017
JPMorgan results trump estimates as election stimulates trading and other top stories.
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