All three major US stock indexes were up in late-morning trading Friday as Q3 earnings season commences.
In company news, JPMorgan Chase (JPM) reported Q3 earnings on Friday of $4.37 per diluted share, up from $4.33 a year earlier and above the Capital IQ consensus analyst estimate of $3.98. Third-quarter revenue was $42.65 billion, up from $39.87 billion and above the consensus estimate of $41.38 billion. Shares of JPMorgan were up 5.2% near midday.
Wells Fargo (WFC) reported Q3 earnings Friday of $1.42 per diluted share, down from $1.48 a year earlier but above the Capital IQ consensus forecast of $1.29. Third-quarter revenue was $20.37 billion, down from $20.86 billion a year ago and below the consensus estimate of $20.46 billion. For full-year 2024, the bank expects net interest income to be down about 9% year over year, compared to previous guidance for NII to decline between 7% and 9%. Shares of Wells Fargo were up 5.9%.
BlackRock (BLK) reported Q3 adjusted earnings Friday of $11.46 per diluted share, up from $10.91 a year earlier and above the Capital IQ consensus estimate of $10.32. Third-quarter revenue was $5.2 billion, up from $4.52 billion in the year-ago period and above the consensus estimate of $4.92 billion. BlackRock shares were up 3.1%.
Toronto-Dominion Bank (TD) pleaded guilty to charges that it violated anti-money laundering laws, saying late Thursday afternoon it agreed to pay more than $3 billion in fines to US regulators. The company will pay more than $1.8 billion to resolve the US Justice Department's investigations into company violations of the Bank Secrecy Act, and it will pay $1.3 billion to the US Treasury Department's Financial Crimes Enforcement Network. TD Bank shares were down 3.8%.
Shares of Tesla (TSLA) were down 7.7% Friday morning, a day after the company unveiled its Cybercab vehicle at an event analysts at Oppenheimer called "underwhelming" and that Morgan Stanley analysts said lacked key details.
Price: 223.93, Change: +11.09, Percent Change: +5.21
