JPMorgan posts record results; Under Armour upgrade; Amazon reaches new deal
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JPMorgan (JPM) – The big bank reported earnings and revenue that topped Wall Street estimates. JPMorgan’s fixed income revenue jumped 48% during the quarter from one year ago, driven by the Brexit vote, central bank actions and money-market fund reforms in the US.
Wells Fargo (WFC) – The embattled bank reported that third-quarter earnings dropped 3% as revenue rose 2% to $22.3 billion. The earnings results come just two days after John Stumpf stepped down as CEO and chairman. Wells Fargo has faced scrutiny for opening as many as 2 million unauthorized accounts.
Under Armour (UA) – The athletic retailer was upgraded by Piper Jaffray to overweight from neutral. The firm cited on-going traction for the company in the footwear and women’s segments as the reason for its bullish call. Piper Jaffray also upped its price target on the stock to $44.
Amazon (AMZN), VMWare (VMW) – The two companies have reached a deal to boost its competition among cloud providers. VMWare’s new cloud service will run on both its own VMWare-equipped data centers and Amazon’s web-based servers.
Citigroup (C) – The bank reported third-quarter earnings and revenue before the bell this morning that beat Wall Street expectations. Citi posted adjusted earnings per share of $1.24 on revenue of $17.76 billion.
