Tuesday headlines include earnings from Wells Fargo, Johnson & Johnson, JP Morgan and Dominos and Google investing in a secretive wearable technology firm.
Mortgage-lending giant Wells Fargo (WFC) said Tuesday that it earned $1.02 per share in the third quarter, on revenue of $21.2 billion. Analysts had expected the company to earn $1.02 per share on $21.1 billion in revenue. Total average loans rose by 4%, while deposits climbed by 10%. Net interest income hit $10.9 billion, up $150 million from the prior quarter.
Johnson & Johnson
Healthcare and personal care product maker Johnson & Johnson (JNJ) said Tuesday that it earned $1.66 per share in the third quarter on $18.47 billion in revenue. On an adjusted basis, the company earned $1.50 per share, which topped estimates for $1.42 per share. The company also raised its forecast for adjusted full year earnings to a range between $5.92 and $5.97 per share, compared to a prior forecast for $5.85 per share to $5.92 per share. The mean analyst estimate had been $5.92 per share.
Financial giant JP Morgan (JPM) said Tuesday that it earned $1.36 per share in the third quarter on revenue of $24.25 billion, or $25.16 billion on a “managed basis”. Analyst had expected the company to earn $1.38 per share on $24 billion in revenue. The bank had $1.1 billion in legal expenses during the quarter, including funds set aside for a possible settlement related to a broad investigation into potential manipulation of currency-exchange markets by a number of U.S. and European banks.
Pizza chain Domino's (DPZ) said Tuesday that it earned 63 cents per share in the third quarter on $446.6 million in revenue. Analysts had expected the company to earn 61 cents per share on $434.8 million in revenue. The company said same-store sales rose by 7.1 percent in the quarter, topping estimates and stretching a streak of growth in that metric to 83 consecutive quarters.
Internet giant Google (GOOGL) is reportedly planning to lead a $500 million funding round for a company called Magic Leap that says it hardware and software can deliver “cinematic reality.” Venture capital firm Andreessen Horowitz is also said to be participating in the round. Not much is known about the company's technology, but Rony Abovitz, the company's CEO recently said its technology “will be the most natural and human-friendly wearable computing interface in the world.”