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Market Update

JPMorgan Net Drops, Wells Fargo Profit Jumps


Author: Mukesh Buch
ticker.com
Last Update: 12:00 PM ET April 11 2014

11:50 AM New York Fastenal net rose 3% but sales climbed 9%. JPMorgan net plunged 19%. Pier 1 profit tumbled 31% after sales declined 6.5%. Shaw Communications net soared 22%. Wells Fargo net climbed 14% and revenue declined 8%.

Fastenal Company (FAST) slipped 1.7% or 81 cents to $49.98 after the industrial machinery supplier said net sales in the first-quarter ending in March climbed 8.7% to $876.5 million.

Net earnings in the quarter increased 2.6% to $111.9 million or 38 cents a diluted share compared to $109 million or 37 cents.

JPMorgan Chase & Co (JPM) declined 3.1% or $1.78 to $55.62 after the investment company reported total net revenue in the first-quarter ending in March declined 8% to $23 billion.

Net income in the quarter plunged 19% to $5.27 billion or $1.28 a diluted share compared to $6.53 million or $1.59.

The company said fixed income trading revenues declined 21% to $3.8 billion from $4.75 billion a year earlier on weaker performance across most products and lower levels of client activity compared to a stronger prior year.

Markets & Investor Services revenue plummeted 18% to $5.9 billion.

Pier 1 Imports Inc (PIR) rose 6 cents to $18.26 after the home furnishings and gifts retailer stated total sales in the fourth-quarter ending on March 1 declined 6.5% to $515.8 million. Comparable store sales in the quarter dropped 4.6%.

Net income in the quarter tumbled 30.9% to $42.6 million or 41 cents a diluted share compared to $61.7 million or 58 cents.

Shaw Communications Inc (SJR) fell 2% or 49 cents to $23.85 after the Canada-based broadcasting company said revenue in the second-quarter ending in February rose 2% to $1.27 billion.

Net income in the quarter soared 22% to $222 million or 46 cents a diluted share compared to $182 million or 38 cents.

Wells Fargo & Co (WFC) gained 26 cents to $47.97 after the investment bank reported revenue in the first-quarter ending in March declined 8% to $20.6 billion.

Net income in the quarter climbed 14% to $5.9 billion or $1.05 a diluted share compared to $5.2 million or 92 cents.

For the quarter ended, the bank said core deposits jumped 6% to $994.2 billion and core loans climbed 6% to $748.4 billion.

Wells Fargo added non-performing assets in the quarter declined 18% to $4.1billion.

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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