S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

JPMorgan Net Declines, Peabody Seeks Bankruptcy Protection


Author: Mukesh Buch
ticker.com
Last Update: 8:17 AM ET April 13 2016

12:00 PM New York Adtran net surged 51%. Commerce Bancshares profit rose 7% on 12% jump in revenues. CSX profit and revenues declined. Healthcare Services net soared 20%. JPMorgan net slumped 7% after investment banking segment revenues dropped. Peabody filed for U.S. bankruptcy protection.

Tollbooth Index increased 93.29 or 0.9% to 10,767.60.

Earnings Review

Adtran, Inc (ADTN) gained 2.9% or 56 cents to $19.61 after the networking and communications equipment provider said sales in the first-quarter ending in March slid 0.4% from a year ago to $142.2 million.

Net income in the quarter surged 50.9% to $5.01 million or 10 cents per diluted share compared to $3.32 million or 6 cents per share from the same quarter last year.

Commerce Bancshares, Inc (CBSH) jumped 2.7% or $1.18 to $45.50 after the bank and financial services provider stated total revenues in the first-quarter ending in March soared 11.9% from a year ago to $282.8 million.

Net income in the quarter jumped 7.3% to $63.1 million or 65 cents per diluted share compared to $58.8 million or 58 cents per share from the same quarter last year.

CSX Corporation (CSX) jumped 5.3% or $1.33 to $26.32 after the transportation company reported revenues in the first-quarter ending on March 25 plunged 14% from a year ago to $2.62 billion.

Net income in the quarter declined 19% to $356 million or 37 cents per diluted share compared to $442 million or 45 cents per share from the same quarter last year.

Healthcare Services Group, Inc (HCSG) increased 1.2% or 43 cents to $37.37 after the housekeeping services provider said revenues in the first-quarter ending in March advanced 8% from a year ago to $384.8 million.

Net income in the quarter soared 20% to $18.6 million or 26 cents per diluted share compared to $15.5 million or 22 cents per share from the same quarter last year.

JPMorgan Chase & Co (JPM) rose 4.5% or $2.68 to $61.96 after the investment banking and financial services provider reported net revenues in the first-quarter ending in March fell 3% from a year ago to $24.1 billion.

Net income in the quarter slumped 6.6% to $5.52 billion or $1.35 per diluted share compared to $5.91 billion or $1.45 per share from the same quarter last year.

Provision for credit losses was almost doubled to $1.82 billion mainly due to reserve increases related to energy, metals and mining sectors while total non-interest expenses fell 7% to $13.84 billion helped by lower legal costs.

The bank said decline in profit was due to weak results in investment banking business after net revenues plunged 15% to $8.14 billion and net income tumbled 22% to $1.98 billion from a year ago period.

Chief Financial Officer Marianne Lake said the bank raised its provisions for loan losses of $500 million for oil and gas sector to about $1 billion.

Peabody Energy Corporation (BTU), the world''s largest private-sector coal producer today filed for the U.S. bankruptcy protection in the eastern district of Missouri, after coal prices plunged in the last three years and the company is saddled with debt of about $10.1 billion.

The coal producers estimated assets of about $11 billion and liabilities of about $10.1 billion.

However, the company said its Australian operations is not included in the filings and will continue to work as normal.

Peabody said its planned assets sale of New Mexico, Colorado was terminated after the buyer was unable to complete the transaction.

  1
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc