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Market Update

Weaker Increase in U.S. Retail Sales; JP Morgan, Wells Fargo Beat Estimates


Author: Nichole Harper
ticker.com
Last Update: 2:58 PM ET April 14 2015

2:50 PM New York – Stocks traded higher after JP Morgan reported better-than-expected earnings and crude oil advanced. Seasonally adjusted retail sales in March 0.9% and wholesale price index rose 0.2% in the month.

Stocks on Wall Street gained after JP Morgan reported better-than-expected earnings and crude oil advanced. Stocks also reacted to domestic retail sales.

Retail sales in March adjusted for seasonality and calendar climbed 0.9% to $441.4 billion from February, the Department of Commerce announced today.

In a separate report, the department said inventories in February rose 0.3% from January to $1,790.2 billion and climbed 3.3% from a year ago.

The Producer Price Index increased 0.2% in March on a seasonally adjusted basis followed by 0.5% decrease in February and 0.8% in January, Department of Labor reported.

On Wall Street trading, Tollbooth Strategy Index fell 0.2% or 26.54 to 10,676.76.

S&P 500 index edged up 3.52 or 0.1% to 2,095.88 and the Nasdaq Composite Index fell 16.44 or 0.3% to 4,971.80.

Crude oil in New York jumped $1.64 to $53.55 a barrel and gold declined $6.90 to $1,192.40 an ounce.

U.S. Movers

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

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.

European Markets

In London trading, FTSE 100 index rose 0.1% or 8.57 to 7,072.87 and in Frankfurt the DAX index declined 0.9% or 110.04 to 12,228.69.

In Paris, CAC 40 index dropped 0.7% or 37.24 to 5,216.88.

Alcatel Lucent SA surged 15.9% to €4.47 after the Bloomberg News reported Nokia Oyj confirmed that it is in advance talk with France-based telecom equipment maker.

British Land Company Plc gained 0.5% to 864.50 pence after the U.K.-based real estate developer completed the acquisition of the freehold office property at One Sheldon Square in London''''s Paddington Central that owned by Malaysian state pension fund for about £210 million.

Fraport Frankfurt Airport Services Worldwide AG slid 0.3% to €56.42 after the Germany-based airport services provider said traffic in March jumped 2.5% to 4.6 million passengers but the number of total aircraft movements dropped by 2.3% to 37,218 takeoffs and landings.

The airport services provider said cargo volume declined by 6.1% to 189,546 metric tons.

Asian Markets

In Tokyo, stocks lacked direction and investors awaited fiscal year outlook and latest year earnings from corporate Japan.

In listless trading in Tokyo, stock market indexes bounced around and lacked energy and conviction.

Investors generally stayed on the side-line ahead of corporate earnings and outlook for the current fiscal year.

Broader market indexes have jumped in the year on the expectations of higher earnings as weaker yen lift net incomes at Japanese exporters. Aderans Co Ltd said fiscal year revenues rose 13%. Kohnan Shoji, home improvement retailer reported flat sales.

In addition, Japanese government and Bank of Japan have been working together to revive inflation across all asset classes and support higher wages.

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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