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TRENDING TAGS
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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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Financials Lead Stocks Higher After BofA, JPMorgan Top Estimates
Stocks were higher on Friday as financials benefited from better-than-expected earnings from Bank of America and JPMorgan Chase .
Bank of America's Q4 profits surged 43% as a surprise rally in equities over the last two months in 2016 translated into increased trading revenue. Earnings increased to 40 cents a share from 27 cents a year earlier; revenues came in slightly lower than expected; trading revenue rose 11%.
JPMorgan breezed past Q4 earnings estimates, posting profit of $1.71 a share, up from $1.32 a share in the year-ago quarter. Analysts anticipated per-share earnings of $1.42. Revenues exceeded estimates, trading revenues rose 31%.
PNC Financial Services beat earnings expectations thanks to an increase in revenue. Earnings of $1.97 a share exceeded forecasts of $1.84, revenues crept higher in line with analysts' estimates, net interest income grew 2%.
Wells Fargo reported a weaker-than-expected Q4 profits. Earnings of 96¢ a share were weaker than expected, revenues of $21.6 billion was unchanged from a year earlier but lower than expectations.
