U.S. Morning Call: JPMorgan profits rise on mortgage loans
Friday, October 12, 2012 - 02:58
Oct 12 - JPMorgan Chase & Co reported higher third-quarter profits as the largest U.S. bank made more home mortgage loans.
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Profit at JPMorgan jump in the third quarter and best buy puts its best foot forward for the holiday season. Here's your morning call for Friday CEO Jamie Dimon getting some good news for a change as a mortgage loans helped boost profits JPMorgan. Net income came at a record five point seven billion compared with four point two billion a year ago. Dimon has been under fire for the six billion dollar will trade loss and the bank is facing state and federal lawsuit sport securities fraud. Today shares of the bank are up just over percent in the premarket. Let's turn to Wells Fargo the bank is expected to post a 20% increase in earnings per share thanks to a refinancing them. Also not well at Wales the bank faces a civil mortgage fraud lawsuit investors will want to hear more on that. Shares of the bank closed at 35 dollars on Thursday. Wells Fargo options are implying a one day earnings move a 3.2 5% -- down. US stock futures point to a slightly higher open today after ending on a mixed note Thursday. Stocks in Europe not gaining any traction with traders still concerned over the quality of third quarter earnings. Nobel Prize committee honored the EU by awarding it the 2012 peace prize for transforming Europe quote. Make of wars to a constant appease. -- what are the Nobel Committee has seen riots in Greece lately. Some key data points due out later today include the Producer Price Index for September. Price gains are not expected to be as high August which saw the biggest increase in three years. Wholesale prices excluding food and energy costs seen rising by only point 2%. Also out later today a preliminary reading of the Reuters University of Michigan consumer sentiment index. That's expected to -- early October after reaching a four month high last month. With the recent surprise drop in the unemployment rate economists will be watching to see if Americans feel more confident about the labor market. Now our Friday stock -- best by saying it will match the prices -- Internet competitors this holiday season according to the Wall Street Journal. The retailer no different show him where people can come in look tonight at an -- light on Amazon. Since it's doing this to improve the percentage of people who walk into the stores and leave for the purchase. Checking accounts sprint after the unexpected bid from Softbank. Shares are trading just a -- hire the latest on the deal Softbank is in talks with three major Japanese banks to borrow 23 billion to finance the bid. And take a look at Apple's shares this morning they're moving up after falling 2% on Thursday a US appeals court overturned a pretrial sales ban against Samsung's Galaxy Nexus Smartphone on. That's your morning call for Friday follow us on Twitter at Reuters Insider and check out our Reuters YouTube channel. At Reuters dot com slash writers TV I'm Lisa Bernhard this is raiders.
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