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Market Update

J&J, Wells Fargo Profit Decline; JPMorgan Net Jumps


Author: Mukesh Buch
ticker.com
Last Update: 9:42 AM ET April 14 2015

1:20 PM New York Fastenal net soared 14% on 9% increase in revenues. Johnson & Johnson profit plunged 9% on 4% decline in revenues. JPMorgan Chase net surged 12% and plans to increase quarterly dividend. Pep Boys net loss widened. Wells Fargo revenues and profit each declined 3%.

Tollbooth Index fell 0.2% or 26.54 to 10,676.76.

Earnings Review

Fastenal Company (FAST) climbed 3.1% or $1.23 to $41.25 after the industrial and construction products supplier said net sales in the first-quarter ending in March climbed 8.8% to $953.3 million from a year ago period.

Net income in the quarter soared 14% to $127.6 million or 43 cents per diluted share compared to $111.9 million or 38 cents from the same quarter last year.

Johnson & Johnson (JNJ) gained 30 cents to $100.85 after the health care products maker reported revenues in the first-quarter ending in March declined 4.1% to $17.37 billion form a year ago period.

Net income in the quarter plunged 8.6% to $4.32 billion or $1.53 per diluted share compared to $4.73 billion or $1.64 from the same quarter last year.

The company forecasted adjusted earnings per share for the full-year between $6.04 and $6.19.

JPMorgan Chase & Co (JPM) increased 2% or $1.25 to $63.31 after the financial services provider said net revenues in the first-quarter ending in March jumped 4% to $24.82 billion from a year ago period.

Net income in the quarter surged 12% to $5.91 billion or $1.45 per diluted share compared to $5.27 billion or $1.28 from the same quarter last year.

The company said non-interest expense jumped 2% to $14.88 billion from a year ago mainly driven by higher legal expense.

The company plans to increase quarterly dividend for the second-quarter by 10% to 44 cents per share from the current 40 cents.

Pep Boys-Manny Moe and Jack (PBY) plunged 5.7% or 55 cents to $9.05 after the automobile parts retailer said total revenues in the fourth-quarter ending in March increased 1.3% to $502.4 million from a year ago period.

Net loss in the quarter widened to $26.7 million or 50 cents per diluted share compared to $3.3 million or 6 cents from the same quarter last year.

Wells Fargo & Co (WFC) slipped 1.3% or 69 cents to $53.89 after the diversified financial services provider reported total revenues in the first-quarter ending in March slipped 3% to $21.28 billion from a year ago period.

Net income in the quarter dropped 2.7% to $5.46 billion or $1.04 per diluted share compared to $5.61 billion or $1.05 from the same quarter last year.

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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