U.S. Movers: JPMorgan, Shaw Communications, Time Warner, Wells Fargo

Mukesh Buch
14 Jan, 2014
New York City

Commerce Bancshares fell 1%. JPMorgan net dropped 7% and revenue slid 2%. GameStop said global sales climbed 9%. Shaw Communications net rose 4%. Time Warner rejected $62.35 billion from Charter Communications. Wells Fargo net climbed 10%.

[R]11:55 AM New York – Commerce Bancshares fell 1%. JPMorgan net dropped 7% and revenue slid 2%. GameStop said global sales climbed 9%. Shaw Communications net rose 4%. Time Warner rejected $62.35 billion from Charter Communications. Wells Fargo net climbed 10%.[/R]

Commerce Bancshares, Inc ((CBSH)) slipped 1.3% or 60 cents to $44.46 after the bank said net interest income in the fourth-quarter ending in December slumped 4% to $154.9 million.

Net income in the quarter fell 1.3% to $65.9 million or 71 cents per diluted share compared to $66.8 million or 69 cents.

JPMorgan Chase & Co ((JPM)) gained 55 cents to $58.26 after the financial service provider reported net revenue in the fourth-quarter ending in December fell 2% to $23.2 billion.

Net income in the quarter dropped 7% to $5.28 billion or $1.30 per diluted share compared to $5.69 billion or $1.39.

GameStop Corporation ((GME)) plummeted 19.3% or $8.70 to $36.60 after the video game retailer said total global sales for the nine-week holiday period ended January 4, climbed 9.3% to $3.15 billion and comparable store sales soared 10.2%. U.S. comparable sales jumped 7.1% and international comparable sales surged 17.4%.

GameStop expects same store sales for the fourth-quarter to be at the high end of the current guidance range and fourth quarter earnings per share in the range of $1.85 to $1.95 and full-year earnings per share between $2.96 and $3.06.

Shaw Communications Inc ((SJR)) dropped 3.5% or 81 cents to $22.49 after the diversified Canadian communications company said revenue in the first-quarter ending in November grew 3.3% to $1.36 billion.

Net income in the quarter increased 4.3% to $245 million or 51 cents per diluted share compared to $235 million or 49 cents.

The company said revenue in the cable division for the quarter jumped 4% to $844 million and satellite revenue rose 1.9% $218 million and media revenue increased 1.9% to $325 million in the same period last year.

Time Warner Cable Inc ((TWC)) gained 2.7% or $3.51 to $135.91 after the cable operator rejected offer from Charter Communications Inc on Monday for $132.50 per share including debt of $62.35 billion.

The proposal included $83 cash per share and $49.50 in stock, excluding debt the offer was valued at $37.3 billion.

Rob Marcus, Chief executive officer said in an interview yesterday $132.50 per share is “low-ball offer” and “grossly inadequate.”

Wells Fargo & Co ((WFC)) slipped 32 cents to $45.24 after the brokerage company reported revenue in the fourth-quarter ending in December declined 6% to $20.7 billion.

Net income in the quarter climbed 10.2% to $5.61 billion or $1 per diluted share compared to $5.09 billion or 98 cents.

The company added loan and deposit growth for the quarter jumped to $825.8 billion and core loan portfolio increased to $39.9 billion.

Total core checking and savings deposits increased to $50.7 billion.

Non-performing assets dropped to $4.9 billion and net charge-offs declined to $963 million from $1.1 billion in the same quarter a year ago.