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.