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Market Update

U.S. Movers: Infosys, JPMorgan, Micron Tech, SolarCity, Wells Fargo


Author: Mukesh Buch
ticker.com
Last Update: 12:43 PM ET October 11 2013

12:05 PM New York Infosys profit declined 11% but revenue climbed 15%. JPMorgan net swung to a loss on legal charges as revenue dropped 8%. Micron Tech swung to a profit $1.71 billion. SolarCity surged after fiscal outlook. Wells Fargo net surged 13% and revenue dropped 3%.

Infosys Limited (INFY) surged 6.7% or $3.39 to $53.67 after the information technology provider reported revenues in the second-quarter ending in September climbed 15% to $2.07 billion.

Net profit in the quarter declined 11% to $383 million or 67 cents a diluted share compared to $431 million or 75 cents.

JPMorgan Chase & Co (JPM) rose 3 cents to $52.55 after the financial service provider said revenues in the third-quarter ending in September dropped 8% to $23.9 billion.

Net in the quarter swung to a loss $380 million or 17 cents a diluted share compared to a net profit of $5.7 billion or $1.40.

Consumer and community banking saw revenue drop 13% and profit climb 15%, driven by the lower mortgage volume.

Net income from JPMorgan''s corporate and investment bank soared 12% to $2.24 billion from $1.99 billion a year earlier.

During the quarter, the bank agreed to pay $920 million in fines that it failed to monitor traders that caused a loss of $6 billion last year in the U.K. knows as """"London whale"""" case.

Micron Technology, Inc. (MU) declined 5.6% or $1.03 to $17.40 after the chip maker reported net sales in the fourth-quarter ending on August 29 jumped $ $2.8 billion.

Net in the quarter swung to a profit $1.71 billion or $1.51 per diluted share compared to a net loss o $243 million or 24 cents.

The company earnings for the quarter include $1.48 billion or $1.31 per diluted share in purchase accounting gains related to acquisition and operations results of Elpida for the month of August.

SolarCity Corporation (SCTY) surged 22.6% or $8.67 to $47 after the solar energy provider expects achieve 278 megawatts deployed for fiscal year 2013. In fiscal year 2014 the company expects to deploy between 475 megawatts and 525 megawatts.

Webster Financial Corporation (WBS) gained 1.7% or 44 cents to $26.23 after the financial service provider stated revenues in the third-quarter ending in September nearly flat to $171.7 million.

Net income in the quarter decreased 0.6% to $44.7 million or 49 cents a diluted share compared to $44.4 million or 48 cents.

Wells Fargo & Company (WFC) fell 29 cents to $41.15 after the financial service provider reported revenue in the third-quarter dropped 3.3% to $20.5 billion from $21.2 billion a year ago.

Net income in the quarter surged 13% to $5.58 billion or 99 cents compared to $4.94 billion or 88 cents.

Total average loans for the quarter jumped $28 billion to $804.8 billion and total average core deposits climbed $44.9 billion to $940.3 billion from a year ago period.

Tier 1 common equity under Basel I rose $14.5 billion to $120.3 billion from third quarter of 2012.

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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