Toward the end of trading Tuesday, the Dow traded up 0.63
percent to 16,361.14 while the NASDAQ surged 1.66 percent to
4,181.62. The S&P also rose, gaining 1.05 percent to
Top Headline J.P. Morgan Chase & Co (NYSE:
) reported a
in its fourth-quarter profit.
J.P. Morgan's quarterly profit declined to $5.3 billion, or
$1.30 per share, versus a year-ago profit of $5.7 billion, or
$1.39 per share. Its adjusted earnings came in at $1.40 per
Its revenue dropped 1% to $24.1 billion, versus $24.4 billion.
However, analysts were projecting earnings of $1.32 per share on
revenue of $23.81billion. J.P. Morgan's mortgage originations
tumbled 54% y/y to $23.3 billion, while investment banking net
income slipped 57%.
Equities Trading UP Shares of Tesla (NASDAQ:
) were on the rise Tuesday afternoon, gaining 15.47 percent to
$161.10 after the company issued some positive fourth quarter
guidance at the Detroit Autoshow, leading to an upgrade from
VeriFone Systems (NYSE:
) shot up 5.00 percent to $28.77 after JP Morgan upgraded the
stock from Neutral to Overweight.
) was also up, gaining 2.41 percent to $1,150.97 after the
company announced its
plans to acquire
Nest Labs for $3.2 billion. Analysts at Wells Fargo upgraded
Google from Market Perform to Outperform.
Equities Trading DOWN Shares of GameStop (NYSE:
) were down 20.62 percent to $36.17 after the company cut its
profit outlook for the holiday quarter.
Intercept Pharmaceuticals (NASDAQ:
) was also down, falling 26.36 percent to $268.60 after a Wall
Street Journal article Friday reported that the NIH had said
patient's of the company's drug had more bad cholesterol than
when they had started treatment.
) was down, falling 8.83 percent to $118.51 after the company
issued downbeat FY14 earnings outlook.
Commodities In commodity news, oil traded up 0.75 percent to
$92.49, while gold traded down 0.70 percent to $1,242.40.
Silver traded down 1.05 percent Tuesday to $20.17, while
copper fell 0.42 percent to $3.33.
Eurozone European shares were mostly higher today. The Spanish
Ibex Index rose 0.06 percent, while Italy's FTSE MIB Index gained
0.17 percent. Meanwhile, the German DAX climbed 0.23 percent and
the French CAC 40 rose 0.26 percent while U.K. shares gained 0.16
Economics The NFIB Small Business Optimism Index rose to 93.90
in December, versus a prior reading of 92.50. However, economists
were expecting a reading of 93.10.
The ICSC-Goldman Sachs store sales index dropped 1% in the
week ended Saturday versus the earlier week.
U.S. retail sales increased 0.2% in December, versus
economists' estimates for a 0.1% gain.
The import price index came in unchanged in December, while
the export index climbed 0.4% in the month.
The Johnson Redbook Retail Sales Index declined 0.3% in the
first week of January versus December.
U.S. business inventories rose 0.40% in November, versus
economists' expectations for a 0.30% gain.
(c) 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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