From Fnno.com, this is the Financial News Network, your source for the latest business news. Here's a few things to watch for in the financial world today July 13.
JP Morgan Chase (NYSE:JPM) reports this morning they had a rough time in trading this year, now reporting $4.4 billion in losses. However, analysts were stunned to discover their second quarter earnings were hardly affected. The bank posted an EPS of $1.21 per share, well above the $0.70 analysts were expecting. Revenue came in at $22.9 billion, also above estimates by $1 billion. CEO Jamie Dimon said that all their "client-driven businesses had solid performance" even with these massive trading losses. JP Morgan will definitely be one to watch in the coming session.
Another big bank to watch out for is Wells Fargo (NYSE:WFC). This is another good news/bad news situation. Yesterday, it was reported the bank has reached a settlement on allegations of lending bias, paying out $175 million. This is pretty bad press for the company which shows it might have overcharged minorities for home loans and steered them toward subprime mortgages. However, the company is trying to move away from this with its better-than-expected second quarter results. Wells Fargo posted an EPS of $0.82, beating estimates of $0.81 a share. Revenue for the quarter came in at $2.89 billion, also above estimates of $2.5 billion. Now, this is good news for the company but it is hard to say what investors will focus on today. We will have to find out when the stock market opens.
Finally, it has been one year since Netflix unexpectedly split its DVD and streaming services, hiking their subscription price, and creating the very short lived Qwikster. So, how is Netflix fairing a year later? Well, with the CEO saying the company logged over a billion hours of video streaming in June it would seem that the company is going in the right direction. However, its stock price is still down 70 percent from its peak price of $305 about a year ago. It is now at $84.97 after gaining 4% yesterday and is in an upward trend for the month of July. Netflix might still be suffering from their mistake a year later but the stock looks to be on the rebound and will most likely continue its climb.
Those were a few things to watch out for here on the Financial News Network. For more coverage and analysis of the business world check us out at fnno.com or follow us on twitter @FNNOnline. I'm Chuck Pierce.