U.S. Movers: Eli Lilly, JPMorgan, J B Hunt, LinkedIn, Shaw, Wells Fargo

Mukesh Buch
12 Apr, 2013
New York City

JPMorgan first quarter net surged 33% to $6.53 billion. LinkedIn agreed to buy news reader Pulse for $90 million. Shaw second quarter net gained 2% to $182 million. Wells Fargo second quarter net surged 23% to $4.93 billion.

[R]11:10 AM New York – JPMorgan first quarter net surged 33% to $6.53 billion. LinkedIn agreed to buy news reader Pulse for $90 million. Shaw second quarter net gained 2% to $182 million. Wells Fargo second quarter net surged 23% to $4.93 billion.[/R]

Bank of the Ozarks, Inc ((OZRK)) slipped 1.1% or 47 cents to $40.58 after the holding company said net interest income in the first quarter ending in March nearly flat to $44 million. Net income in the quarter climbed 11% to $20 million or 56 cents a diluted share compared to $18 million or 52 cents.

Eli Lilly and Company ((LLY)) fell 46 cents to $57.54 after the pharmaceutical products maker plans to lay off about 1,000 sales representatives in the U.S., about 30% of company’s U.S. sales force. The company plans for a major restructuring with the aim to cut costs.

Cymbalta’s anti-depression drug lost U.S. patent protection and Evista face competition. These two drugs are contributed a total of 43% or $11.8 billion of Lilly''s U.S. sales in the last year.

J B Hunt Transport Services Inc ((JBHT)) dropped 2.5% or $1.92 to $72.30 after the holding company stated total operating revenues in the first quarter ending in March surged 11% to $1.29 billion. Net earnings in the quarter jumped 8% to $73.3 million or 61 cents a diluted share compared to $67.7 million or 57 cents.

The company added operating income in the quarter advanced 7% to $125 million.

JPMorgan Chase & Co. ((JPM)) slid 27 cents to $49.04 after the holding company reported total net revenue in the first quarter ending in March dropped 4% to $25.1 billion. Net income in the quarter surged 33% to $6.53 billion or $1.59 a diluted share compared to $4.92 billion or $1.19.

LinkedIn Corporation ((LNKD)) declined 2% or $3.67 to $176.51 after the professional social network service provider agreed to acquire a news reader and mobile content distribution platform Pulse owned by Alphonso Labs, Inc. for $90 million, in a combination of nearly 90% in stock and approx 10% in cash.

The acquisition is expected to close during the second quarter of this year.

Shaw Communications Inc. ((SJR)) slumped 2.3% or 56 cents to $23.81 after the Canada based communication service provider said revenue in the second quarter ending on February 28 increased 2% to $1.25 billion. Net income in the quarter rose 2% to $182 million or 38 cents a diluted share compared to $178 million or 38 cents.

The company added operating income in the quarter jumped 9% to $538 million.

Wells Fargo & Company ((WFC)) slipped 2% or 77 cents to $36.74 after the holding company reported revenue in the second quarter ending on February 28 decreased 1% to $21.3 billion. Net income in the quarter surged 23% to $4.93 billion or 92 cents a diluted share compared to $4.02 billion or 75 cents.