JPMorgan (JPM) and Wells Fargo (WFC) both beat estimates this morning with release of their quarterly earnings. JPMorgan results came out at 7am, showing the powerhouse posting $1.60 a share when estimates were for $1.44 on nearly $26-billion dollars in revenue up from $24.84-billion. As for Wells Fargo, its beat was a bit narrower. 98-cents versus expectations for 93-cents. These numbers were just released at 8. They show revenue was $21.4-billion when consensus was for $21.22-billion. Yahoo! Finance Senior Columnist Mike Santoli has more on both earnings reports in the video above.
In addition to JPMorgan and Wells Fargo, Connecticut-based Webster Financial (WBS) reported earnings this morning. The company matched on earnings with 48-cents a share, and just missed on revenue with about $147-million. Webster Financial has a market cap of about $2.4 billion. Just yesterday it was downgraded to neutral from buy at Sterne Agee. Webster Financial is up 24% year-to-date.
Aveo Pharmaceuticals (AVEO) has been down more than 11% since yesterday's close here on the NASDAQ. This is a Massachusetts-based company that specializes in developing cancer drugs. Aveo has disclosed that it received a subpoena from the SEC earlier this month requesting information about one of its treatments for kidney cancer. Prior to the drop we're seeing this morning shares were down 69% year-to-date. Many of the losses came at the end of April when the FDA said the same drug needed more testing.
Microsoft (MSFT) has been down fractionally in early trading. Shares climbed almost 3% yesterday after CEO Steve Ballmer unveiled a new structure for the company. The "pros" of the reboot according to Ballmer include improving internal collaboration. He says the change will also eliminate redundancies. But critics fear the changes will also mean less leeway for Microsoft's individual businesses. The new corporate structure also confuses plans for a successor to Ballmer as CEO. Despite all the hand-wringing about Microsoft and its ability to remain relevant, the stock is up more than 29% year-to-date.
Spreadtrum (SPRD) is up 14% in early trading after accepting a takeover bid. Spreadtrum is a Chinese chipmaker but trades here under the symbol SPRD. It's taking a $1.5 to $1.8 billion buyout offer from China's Tsinghua. That's a follow-up bid, up from a previous proposal of $1.4 billion and as much as a 28% premium on yesterday's share price. Spreadtrum has already been up 46% year-to-date, largely on that prior offer which Tsinghua submitted last month.