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Market Update

J&J, JPMorgan Profit Jump; Wells Fargo Net Drops


Author: Mukesh Buch
ticker.com
Last Update: 9:10 AM ET July 14 2015

12:00 PM New York – J&J profit surged 25% but revenues declined 9%. JPMorgan Chase net jumped 5% but net revenue dropped 4%. Wells Fargo net fell 1% but interest income rose 1%. Commerce Bancshares net soared 23%. Fastenal net climbed 8%. Match Group agreed to acquire PlentyOfFish for $575 million.

Tollbooth Index fell 0.4% or 41.56 to 10,913.80.

Earnings Review

Commerce Bancshares, Inc (CBSH) fell 16 cents to $46.92 after the financial services provider said net interest income in the second-quarter ending in June climbed 12% to $163.7 million from a year ago period.

Net income in the quarter soared 22.6% to $72.1 million or 75 cents per diluted share compared to $58.8 million or 61 cents from the same quarter last year.

Fastenal Company (FAST) slipped 2.7% or $1.16 to $41.66 after the industrial and construction equipment provider stated net sales in the second-quarter ending in June jumped 5% to $997.8 million from a year ago period.

Net income in the quarter climbed 7.5% to $140.4 million or 48 cents per diluted share compared to $130.5 million or 44 cents from the same quarter last year.

Johnson & Johnson (JNJ) slipped 45 cents to $99.82 after the health care products maker reported sales in the first-quarter ending in June declined 8.8% to $17.8 billion from a year ago period.

Net income in the quarter surged 25.4% to $4.52 billion or $1.61 per diluted share compared to $4.33 billion or $1.51 from the same quarter last year.

The company added domestic sales decreased 2.4% to $8.91 billion and international sales declined 14.3% to $8.88 billion compared to same quarter a year ago.

Worldwide pharmaceutical sales slumped 6.6% to $7.9 billion and consumer sales plunged 7% to $3.5 billion. Sales from medical devices declined 12.2% to $6.36 billion and sales in European region tumbled 17.9% and sales in Asia-Pacific and Africa region dropped 6.4% from a year ago period.

For the year, the company forecasted adjusted earnings per share in the range of $6.10 to $6.20 from earlier estimated range of $6.04 to $6.19.

JPMorgan Chase & Co (JPM) gained 49 cents to $68.58 after the investment banking and financial services provider said total net revenue in the second-quarter ending in June dropped 3.5% to $23.81 billion from a year ago period.

Net income in the quarter jumped 5.2% to $6.29 billion or $1.54 per diluted share compared to $5.98 billion or $1.46 from the same quarter last year.

JPMorgan raised $556 billion in capital for clients and $35 billion in credit and capital for government agencies and nonprofit organizations.

The bank also extended $115 billion worth of credit to consumers, $11 billion to small businesses and $314 billion for corporations.

IAC/InterActiveCorp (IACI) rose 1.5% or $1.26 to $83.83 after the Internet media company’s subsidiary Match Group, an online dating services provider, agreed to acquire PlentyOfFish for $575 million in cash.

The transaction is expected to close in the early fourth-quarter.

Wells Fargo & Co (WFC) increased 1% or 59 cents to $57.33 after the brokerage financial and bank group reported interest income in the second-quarter ending in June rose 1% to $21.32 billion from a year ago period.

Net income in the quarter fell 1.1% to $5.36 billion or $1.03 per diluted share compared to $5.42 billion or $1.01 from the same quarter last year.

The brokerage group said as of June 30, total deposits for second quarter jumped 4% to $1.2 trillion and investment securities were $340.8 billion, $16 billion higher from last quarter.

As of June, net unrealized available-for-sale securities was $5.7 billion, a decline from $7.9 billion in the March quarter.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc