Business Corpus: JPMorgan Earnings Top Views; Citigroup, Wells Fargo On TapJPMorgan Chase earnings topped estimates, with Wells Fargo and Citigroup on tap before Friday's open. The post JPMorgan Earnings Top Views; Citigroup, Wells Fargo On Tap appeared first on Investor's Business Daily.

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JPMorgan Chase (JPM) reported better-than-expected third-quarter earnings, with Citigroup (C) and Wells Fargo (WFC) also kicking off Q3 bank results early Friday.

JPMorgan Earnings

Estimates: Wall Street expected JPMorgan earnings per share for Q3 to jump 27% to $2.24. Revenue was seen up 7% to $27.203 billion.

Results: JPMorgan earnings came in at $2.34 a share. Adjusted revenue grew to $27.822 billion. Higher interest rates helped results, though home lending revenue fell. Fixed-income trading was sluggish.

JPMorgan reduced its loan-loss provision to $948 million vs. $1.5 billion a year earlier.

Stock: Shares rose 1.3% before the open in the stock market today. The stock slipped below its 200-day line on Wednesday and tumbled again Thursday. JPMorgan stock is forming a saucer base with a 119.43 buy point.

Citigroup Earnings

Estimates: Analysts had forecast Citigroup earnings per shares up 18% to $1.67, on revenue up 1% to $18.433 billion.

Results:

Stock: Shares rose 1.6% early Friday. On Thursday, the stock fell further from a handle formation on a cup base with a 75.34 entry. Citigroup's shares were also below their 50-day and 200-day lines.

Wells Fargo Earnings

Estimates: Wells Fargo earnings per share up 12.5% to $.1.17, on revenue of $21.897 billion, a 0.1% dip.

Results:

Stock: Shares climbed 0.9% before the open. Wells Fargo was in a flat base with a 59.62 buy point.

Bank earnings come amid concerns over when the strong U.S. economy might break down and when loan portfolios might get a lift from the GOP's tax-cut legislation.

The 10-year Treasury yield had risen to seven-year highs before pulling back amid the sharp stock market sell-off triggered in large part by higher rates. Short-term yields also have jumped to multiyear highs, but the spread between short- and long-term rates had widened slightly from post-crisis lows. Banks profit from a wider yield spread as they borrow short and lend long.

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