Futures are pushing slightly higher again this morning, following yesterday's meteoric rise on the stock market. The Dow had its largest climb since December 2011, gaining 323-points. The rally was of course fueled by hope of a debt deal, if only a temporary one, in Washington. Here's the latest details here on the stalemate: The President and House Republicans are talking about extending the debt limit for six weeks. That extension could in fact come while the government shutdown presses on. Until now, the President had refused to negotiate until the government was reopened and the debt ceiling was raised. Yahoo Finance Senior Columnist Mike Santoli has more in the video above.
STOCKS TO WATCH
JPMorgan (JPM) has been up as much as 2.6% since reporting earnings at 7am. This is despite a fee fiasco. Earnings were $1.42 a share when you exclude items, beating estimates which were for $1.17. Take out the adjustments however and the bank actually lost 17-cents a share. Here's what's going on behind the scenes: more than $9-billion for the quarter in legal expenses. That's up from $684-million a year ago. Of course JPM is trying to settle a number of cases with the Feds, and at the state level too. Prior to this morning, JPMorgan shares have been up 17-percent year-to-date.
Wells Fargo (WFC) reported earnings at 8am. Wells beat on the bottom line with earnings of 99-cents a share. That's 2-cents better than estimates. As for revenues, they missed by almost $50-million. Wells says its profits are up 13% from a year ago. That's despite a slowdown in the mortgage business due to rising interest rates. Wells Fargo stock has been up 18% year-to-date.
The Gap (GPS) has been trading more than 4.5% lower in early trading. The clothing giant reported disappointing sales for September after yesterday's closing bell. It says the critical same-store sales figure fell 3% when expectations had been for a gain of 1.7%. Even prior to this drop, shares of the gap have been down 11% in the past three months. However, they're still up 26% year-to date.
Netflix (NFLX) is currently flat. But the stock climbed more than 5% in yesterday's rally, reversing almost half its losses since Monday. The company was one of several tech stocks hit particularly hard as markets moved lower on fears of a U.S. debt default. Netflix shares are up 230% so far in 2013.
BlackBerry (BBRY) may be about to get another takeover bid. Booted co-founder Mike Lazaridis has hired bankers to explore a buyout. He'd team-up with fellow co-founder Doug Fregin to make an offer. Combined they now own 8% of the company. BlackBerry also has a tentative takeover over from its largest shareholder Fairfax Financial. Shares of BlackBerry have been up 6% over the last week. But that's nothing compared to the 21% it has lost over the past month, and the 30% it has bled this year.
Starbucks (SBUX) will be accepting more than just drink orders through the weekend. Coffeehouses nationwide will be collecting petitions calling-for an end to the D.C. stalemate. Starbucks says the push is a non-partisan effort. Petitions will be available in store, online, and in newspapers. By the way Starbucks hit a new all-time high on Monday, and is up 40% year-to-date. Hot hot hot.
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