Blackrock, JP Morgan, PNC and Wells Fargo Power Ahead

Mukesh Buch
12 Jan, 2018
New York City

BlackRock profit surges ahead as asset base expands. JPMorgan takes $2.4 billion tax bill related one-time charges. PNC Financial beats earnings estimate. Shaw Communications net soared 28%. Wells Fargo takes $3.25 billion litigation related charges.

[R]12:15 PM New York City, New York – BlackRock profit surges ahead as asset base expands. JPMorgan takes $2.4 billion tax bill related one-time charges. PNC Financial beats earnings estimate. Shaw Communications net soared 28%. Wells Fargo takes $3.25 billion litigation related charges.[/R]

Tollbooth Index advanced 112.75 or 0.8% to 14,507.18.

Earnings Review

Blackrock Inc ((BLK)) jumped 2.5% or $13.65 to $551.57 after the investment manager reported revenues in the fourth-quarter ending in December soared 20% from a year ago to $3.5 billion.

Net income in the quarter surged 171% to $2.3 billion or $14.07 per diluted share from $851 million or $5.13 in the same quarter last year.

At the end of 2017, asset under management jumped 22% to $6.3 trillion from $5.1 trillion in the same a year ago.

JPMorgan Chase & Co ((JPM)) gained 1.1% or $1.22 to $112 after the banking and financial services provider reported revenues in the fourth-quarter ending in December jumped 5% from a year ago to $25.5 billion.

Net income in the quarter declined 37% to $4.2 billion or $1.07 per diluted share from $6.7 billion or $1.71 in the same quarter last year.

JPMorgan said provision for credit losses surged 51% to $1.3 billion and average loan balances advanced 7% to $203 billion and took $2.4 billion charge under the tax cuts and jobs act.

PNC Financial Services Group Inc ((PNC)) rose 19 cents to $151.68 after the diversified financial services provider said total revenues in the fourth-quarter ending in December advanced 10% from a year ago to $4.3 billion.

Net income in the quarter more than doubled to $2 billion or $4.18 per diluted share from $982 million or $1.97 in the same quarter last year.

Shaw Communications Inc ((SJR)) gained 10 cents to $21.67 after Canada-based communications services provider said revenues in the first-quarter ending in November increased 2.7% from a year ago to C$1.25 billion.

Net income in the quarter soared 28.1% to C$114 million or 22 cents per diluted share from C$89 million or 18 cents in the same quarter last year.

In the quarter, Shaw Communications added 34,000 wireless net new subscribers compared with 9,500 in the same quarter a year ago period.

Wells Fargo & Co ((WFC)) slipped 43 cents to $62.58 after the banking and diversified financial services provider reported revenues in the fourth-quarter ending in December soared 6% from a year ago to $14.9 billion.

Net income in the quarter surged 18% to $5.7 billion or $1.16 per diluted share from $4.9 billion or 96 cents in the same quarter last year.

Wells Fargo said it returned to shareholders a record amount of $14.5 billion through dividends and share repurchases and also reported pre-tax expense of about $3.25 billion on litigation accruals to settle fraudulent accounting scandal related charges in fiscal 2016.