Mid-Day Radar Stocks: JPMorgan and Wells Fargo Disappoint, AMD Plunges 10%
Shares of JPMorgan Chase (NYSE:JPM) fell 1.4 percent on Friday. The nation’s largest bank by assets reported that second quarter net income rose 34 percent to $5.71 billion ($1.40 per share), compared to $4.26 billion ($1.02 per share) a year earlier. However, revenues from trading dropped and the net interest margin declined to a record low.
Wells Fargo (NYSE:WFC) shares dropped more than 3 percent after announcing quarterly results. Net income increased 20.8 percent to $4.9 billion (88 cents per share), compared to $4.05 billion (72 cents per share) a year earlier. Revenue on the other hand, declined 0.3 percent to $21.2 billion.
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Shares of Advanced Micro Devices (NYSE:AMD) plunged 10.3 percent in the afternoon. The company slashed its third-quarter revenue estimates late Thursday, citing weak demand. Sales in the most recent period are expected to fall around 10 percent sequentially. AMD explains in a press release, “The lower than anticipated preliminary revenue results are primarily due to weaker than expected demand across all product lines caused by the challenging macroeconomic environment.” Intel (NASDAQ:INTC) shares also declined slightly on the news.
Apple (NASDAQ:AAPL) shares edged slightly higher on more iPad Mini hope. Speculation continues to build that a smaller iPad will be unveiled later this month. This time, AllThings D reports that the tech giant will make the announcement at an invitation-only event on October 23, citing sources close to the company.