U.S. Movers: JPMorgan, United Parcel, Webster Financial, Wells Fargo

Mukesh Buch
12 Jul, 2013
New York City

Bank of the Ozarks second quarter net jumped 7% and Independent Bank net grew 4%. JPMorgan net soared and credit card sales climbed. United Parcel drooped on weak earnings outlook. Wells Fargo net surged 19% to $5.3 billion and deposits reached to $1 trillion.

[R]12:05 PM New York – Bank of the Ozarks second quarter net jumped 7% and Independent Bank net grew 4%. JPMorgan net soared and credit card sales climbed. United Parcel drooped on weak earnings outlook. Wells Fargo net surged 19% to $5.3 billion and deposits reached to $1 trillion.[/R]

Bank of the Ozarks, Inc ((OZRK)) slipped 1.3% or 60 cents to $44.69 after the bank reported net interest income in the second quarter ending in June grew 3% to $43.5 million. Net income in the quarter jumped 7% to $20.4 million or 57 cents a diluted share compared to $19.1 million or 55 cents.

Independent Bank Corp. ((INDB)) slid 32 cents to $35.90 after the bank stated net interest income in the second quarter ending in June advanced 6% to $51.5 million. Net income in the quarter rose 4% to $12.8 million or 56 cents a diluted share compared to $12.3 million or 54 cents.

JPMorgan Chase & Co. ((JPM)) rose 7 cents to $55.21 after the financial service provider said revenue in the second quarter ending in June jumped 14% to $26 billion. Net income in the quarter soared 30% to $6.5 billion or $1.60 a diluted share compared to $5 billion or $1.21.

The company added credit card sales volume jumped 10% to $105.2 billion and consumer deposits advanced to 10%. Automobile loan climbed at 17%.

Loan losses on real estate segment declined by half from a year ago and the bank reduced allowance for loan losses by $1.5 billion.

United Parcel Service, Inc ((UPS)) declined 5.5% or $5.07 to $86.38 after the package delivery company lowered its earnings outlook and now expects second quarter adjusted diluted earnings per share to a range of $4.65 to $4.85 but increase 3% to 7% from a year ago.

Webster Financial Corporation ((WBS)) gained 5 cents to $26.48 after the bank reported net interest income in the second quarter ending in June down 2% to $147.1 million. Net income in the quarter climbed 8% to $43.7 million or 48 cents a diluted share compared to $40.3 million or 44 cents.

Wells Fargo & Company ((WFC)) increased 1.6% or 67 cents to $42.56 after the bank stated net interest income in the second quarter ending in June declined 5% to $11.8 billion. Net income in the quarter surged 19% to $5.3 billion or 98 cents a diluted share compared to $4.4 million or 82 cents.

The bank said total average deposits soared to $1 trillion and home loan applications for the quarter received for $146 billion, lower than $208 billion a year earlier quarter.