J.P. Morgan Chase (JPM) said its fourth quarter earnings came in at $1.30 per share which missed estimates by $0.05. The bank blamed the miss on the $2.6 billion it paid in settlements linked to the Bernie Madoff scandal. Excluding the Madoff settlement and other one-time items, earnings came in at $1.40 a share. Revenue was down 1% from last year at $24.11 billion, but beat estimates of $23.68 billion. Shares of J.P. Morgan are up close to 26% in the past 12 months.
Wells Fargo (WFC) reported earnings of a $1.00 per share which beat estimates by $0.02. Revenue came in at $20.67 billion missing estimates of $20.68 billion and falling from last year's posting of $21.95 billion. Shares of Wells Fargo are up more than 31% since this time last year.
Time Warner Cable's (TWC) board rejected a third bid by Charter Communications (CHTR), according to a letter just released by Charter. The latest offer was for $132.50 a share in cash and stock, which would have made the deal worth about $61 billion. Time Warner Cable called the offer "grossly inadequate." CEO Rob Marcus said "they chose to come out with another lowball offer." According to Marcus, anyone interested in buying Time Warner Cable is going to have to shell out at least $160 a share. Time Warner Cable shares are up close to 35% in the last year, while Charter is up close to 72% in that same time.
And AstraZeneca (AZN) announced that it expects to return to growth faster than analysts predicted. The drugmaker says that 2017 revenue should be in line with 2013 levels. The company has been suffering from one of the worst patent cliffs in the industry. According to Thomson Reuters, analysts are forecasting 2017 revenue to come in at $22.5 billion, which would be down from the $25.8 billion estimated for 2013. AstraZeneca will give a more detailed update early next month when it releases its full-year results. Shares of AstraZeneca are up more than 22% in the past year.
- Investment & Company Information
- Time Warner Cable
- J.P. Morgan Chase
- Charter Communications
- Bernie Madoff