Reports » US
US stock market daily report (January 18, 2013, Friday)
General Electric Co. (GE: NYSE) shares hosted a gain of almost 3.5% into mid afternoon trading on Friday. GE reported a profit of $4.01 billion or 38 cents a share with an increase in adjusted earnings to 44 cents. Operating margin improved to 13.4% from 11.9%. GE Capital revenue increased 1.7% to $11.77 billion, and profit rose 8.9% to $1.81 billion. Infrastructure orders rose 2% to $28.5 billion. Industrial businesses revenue including energy infrastructure and aviation, climbed 3.9% to $2.07 billion with profit from the businesses up 12% to $4.89 billion.
State Street Corp. (STT:NYSE) shares set new 52 week high on Friday, higher by 6% into early afternoon trading. The Boston-based bank reported Q4 earnings rose 23% from a year earlier to $470 million or $1 a share with an increase in revenue to $2.45 billion with a gain of 5.8%. Servicing fees rose 8.8% to $1.15 billion which helped to offset lower revenue from trading-services which declined by 11% to $243 million - including foreign-exchange trading revenue, brokerage and other fees plus, securities finance revenue dropped 18% to $74 million. As of December 31, total assets under management were at $24.371 trillion, up 12% from $21.807 trillion in 2011. Acting as a custodian for investment firms' securities and handling various back-office duties, State Street is one of the country's largest trust banks. The trust bank announced plans to reduce their workforce by nearly 630 positions, worldwide.
Morgan Stanley (MS:NYSE) shares were higher by 8% into early afternoon trading on Friday. Share price gains were a result of reports by the investment bank that the firm moved to a Q4 profit of $507 million compared with a year-earlier loss of $250 million including a net tax benefit of nearly $155 million. Stripping out debt valuation impacts, revenue rose 23% to $6.97 billion, or to $7.48 billion. From $3.8 billion a year earlier, Morgan saw a decline of $3.6 billion in compensation expense. Morgan's institutional-securities business, which includes investment banking, sales and trading results, posted a 43% increase in revenue to $2.95 billion from a year earlier. The firm reported $811 million from sales from fixed income and commodities as well as, net revenue from trading compared to a loss of $493 million in 2011. Global wealth management group reported revenue of $3.46 billion, up by 7.5%. Net revenue from equity sales and trading was flat at $1.3 billion. By shrinking risky assets by nearly one-fifth by the end of 2014, Morgan intends to scale back parts of its fixed-income trading operations. The move is an attempt to deal with lower business returns and higher global capital requirements under new regulations.
Intel (INTC: NASDAQ) shares were off by 7% into afternoon trading on Friday after reporting a disappointing outlook for Q1, combined with higher spending plans. The announcement indicates the shrinking personal computer market will continue to struggle in the coming year, adding gloom to the industry leader. Data centers, networking and emerging markets remain a strength of Intel. In the coming year Intel announced plans to continue advancing to more sophisticated manufacturing technologies by spending nearly $1.3 billion on capital expenditures
Capital One Financial Corp. (COF: NYSE) shares were down 8% into late afternoon trading Friday after reporting Q4 earnings and revenue missed expectations. Profit was reported at $843 million or $1.41 per share with net revenue at $5.62 billion, up 39%. Including merger-related expenses of $69 million in the latest quarter, operating expenses rose sharply higher by 30% to $2.86 billion from $27 million in the year-earlier period. Loan-loss provisions were up 33% to $1.15 billion from $861 million a year earlier, in the latest quarter.
Over foreclosure abuses stemming from the so-called robo-signing scandal, the Federal Reserve and Office of the Comptroller of the Currency on Friday announced they reached a $249 million settlement in principle with HSBC (HBC: NYSE). The Fed and OCC said HSBC was subject to "enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing." The settlement includes $96 million in direct cash payments to borrowers, some of which went through foreclosure as well as an additional $153 million in other assistance to homeowners, such as modifications on their mortgages.
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