BofA Net Swings to Profit, JPMorgan Net Soars but Misses Estimates

Mukesh Buch
14 Oct, 2015
New York City

Bank of America net swung to profit. BlackRock profit declined 8%. Commerce Bancshares net slipped 6% but revenues jumped 5%. Delta Air Lines net surged to $1.3 billion. JPMorgan Chase profit soared 22% while revenues fell 7%. Wells Fargo net rose 0.5%.

[R]1:45 PM New York – Bank of America net swung to profit. BlackRock profit declined 8%. Commerce Bancshares net slipped 6% but revenues jumped 5%. Delta Air Lines net surged to $1.3 billion. JPMorgan Chase profit soared 22% while revenues fell 7%. Wells Fargo net rose 0.5%.[/R]

Tollbooth Index slipped 61.59 or 0.6% to 10,480.24.

Earnings Review

Bank of America Corp ((BAC)) gained 1% or 16 cents to $15.68 after the financial services provider reported total revenues in the third-quarter ending in September dropped 2.3% from a year ago to $20.91 billion.

Net in the quarter swung to profit $4.1 billion or 37 cents per diluted share compared to a loss of $232 million or 4 cents from the same quarter last year.

BlackRock, Inc ((BLK)) jumped 2.2% or $7.19 to $322.31 after the investment management company said revenues in the third-quarter ending in September rose 2% from a year ago to $2.91 billion.

Net income in the quarter declined 8% to $843 million or $5 per diluted share compared to $917 million or $5.37 from the same quarter last year.

Long-term total net inflows in the quarter increased to approx $49 billion and Cash management asset under management jumped 5% in the third quarter to $285.7 billion.

Commerce Bancshares, Inc ((CBSH)) dropped 3.3% or $1.54 to $44.64 after the financial services provider stated revenues in the third-quarter ending in September jumped 4.7% from a year ago to $162 million.

Net income in the quarter slipped 6% to $62.4 million or 66 cents per diluted share compared to $66.4 million or 69 cents from the same quarter last year.

Delta Air Lines, Inc ((DAL)) increased 2.3% or $1.11 to $48.84 after the passengers and cargo airline company total revenues in the third-quarter ending in September fell 0.6% from a year ago to $11.11 billion.

Net income in the quarter surged to $1.32 billion or $1.65 per diluted share compared to $357 million or 42 cents from the same quarter last year.

Fairchild Semiconductor Intl Inc ((FCS)) rose 3.1% or 44 cents to $14.58 after the power management solution provider said total revenues in the third-quarter ending in September dropped 4.4% from a year ago to $355.2 billion.

Net in the quarter swung to a loss of $0.9 million or 1 cent per diluted share compared to profit of $17.8 million or 14 cents from the same quarter last year.

JPMorgan Chase & Co ((JPM)) slumped 2.7% or $1.64 to $59.91 after the investment banking services provider said total revenues in the third-quarter ending in September plunged 7% from a year ago to $22.78 billion.

Net income in the quarter soared 22% to $6.80 billion or $1.68 per diluted share compared to $5.57 billion or $1.35 from the same quarter last year.

J B Hunt Transport Services Inc ((JBHT)) increased 3% or $2.19 to $74.91 after the logistics services provider stated revenues in the third-quarter ending in September decreased 0.6% from a year ago to $1.59 billion.

Net income in the quarter jumped 7.3% to $115.1 million or 99 cents per diluted share compared to $102.4 million or 87 cents from the same quarter last year.

Wells Fargo & Co ((WFC)) slid 36 cents to $51.50 after the bank and financial services provider reported total revenues in the third-quarter ending in September jumped 3% from a year ago to $21.88 billion.

Net income in the quarter rose 0.5% to $5.44 billion or $1.05 per diluted share compared to $5.41 billion or $1.02 from the same quarter last year.

The bank said total average loans in the quarter soared 7% to $895.1 billion and total average deposits increased 6% to $1.20 trillion.

Separately, yesterday the company agreed to acquire GE’s commercial lending and leasing business worth about $30 billion.