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Published July 17, 2008 at 2:27 PM
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Here's a summary of some of the most notable earnings announcements: - J.P. Morgan & Chase Co. said earnings fell to $2 billion during the second quarter from $4.23 billion this time last year. The results included the $540 million loss due to the acquisition of Bear Stearns Cos. Revenue fell 3% to $18.4 billion, but exceeded analysts' expectations of $16.55 billion. Stocks are up at $39.87 from $39.47 at market open.
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Wells Fargo & Co. has remained profitable even with the downturn in the mortgage market. On Wednesday, the bank announced that it had a net income of $1.8 billion compared with $2.3 billion a year ago and record revenue rose 16% from last year to $11.5 billion. Stocks are up at $27.34 from $26.97 at market open.
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Charles Schwab Corp. also had positive results for the second quarter. Quarterly profit rose to $295 million, from $292 million last year. Stocks are at $22.59, up from $22.32 at market open.
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BlackRock Inc. announced that its net income rose 23% as Merrill Lynch & Co. shelved plans to sell off its stake in the company. Merrill Lynch's earnings will be announced at the end of the day. Stocks are around $201, up from the $192 at market open. - Maria Woehr
Troubled banks of Wall Street
Prices as of 1:30pm
|
| Name |
Open |
Last price |
Change |
Mkt cap |
| J.P. Morgan Chase & Co. |
38.05 |
39.75 |
+3.77 |
135.93B |
| Lehman Brothers Inc. |
18.08 |
18.26 |
+1.66 |
12.71B |
| Merrill Lynch & Co. |
29.29 |
30.69 |
+2.74 |
30.20B |
| Goldman Sachs Group Inc. |
175.62 |
183.47 |
+10.61 |
72.25B |
| Morgan Stanley |
36.10 |
39.18 |
+4.13 |
41.45B |
| Citigroup Inc. |
17.15 |
17.72 |
+1.26 |
93.08B |
| Fannie Mae |
10.54 |
11.07 |
+1.79 |
10.80B |
| Freddie Mac |
7.76 |
8.35 |
+1.65 |
4.47B |
| Bank of America Corp. |
19.45 |
22.31 |
+1.52 |
5.40B |
| Wachovia Corp. |
10.99 |
11.93 |
+1.36 |
25.50B |
Source: TheDeal |
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