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U.S. stocks declined sharply for a second session Friday.
*JPMorgan slides; Wells Fargo gains after results. NEW YORK, April 11- Selling accelerated in U.S. stocks on Friday as a lousy week came to a close, with biotech and tech shares again leading the Nasdaq lower and JPMorgan's disappointing earnings giving investors a reason to sell some bank stocks.
Tim Sloan, Wells Fargo CFO, breaks down the banks Q1 earnings beat and explains how they are achieving consistent growth.
April 11- JPMorgan Chase& Co executives had an explicit message for shareholders after reporting declining first-quarter earnings: Don't worry, be happy that the bank isn't chasing short-term gains by making irrational lending decisions. The first quarter was a tough one for JPMorgan.
First-quarter earnings looked very different for two of Wall Street's biggest banks. For Wells Fargo, the news was good. For JPMorgan, not so much.
Bank of America Corp. fell$. 14 or. 9 percent, to $15.98. Citigroup Inc. fell$. 34 or. 7 percent, to $45.89. Goldman Sachs fell $2.52 or 1.6 percent, to $153.46.
NEW YORK— A look at New York Stock Exchange 10 most-active stocks at the close of trading:. AT&T Inc. rose. 2 percent to $35.20 with 34,303,500 shares traded. Alcoa Inc. fell 1.3 percent to $12.54 with 44,879,300 shares traded.
*JPMorgan falls, Wells Fargo gains after results. NEW YORK, April 11- U.S. stocks fell in a volatile session on Friday as biotech shares resumed their downward trend and disappointing earnings from JPMorgan weighed on the financial sector.
Big banks are willing to give up market share in originations to avoid having to service defaulted loans.
*JPMorgan falls, Wells Fargo gains after results. NEW YORK, April 11- U.S. stocks were little changed on Friday, as biotech stocks staged a rebound from a selloff in the prior session, but disappointing earnings from JPMorgan curbed gains.
April 11- JPMorgan Chase& Co posted far weaker-than-expected quarterly profit as uncertainty about the U.S economy weighed on investor trading volumes and consumer borrowing. JPMorgan's bond trading revenue plunged 21 percent, and mortgage lending revenue fell 84 percent from the same quarter last year.
April 11- Wells Fargo& Co, the biggest U.S. mortgage lender, reported a higher-than-expected 14 percent rise in first-quarter net profit, as a series of one-time gains helped offset the continued slowdown in its home loan business.
Companies--some of whom delayed offerings--need a good stock market at their back to have a strong IPO.
Companies making headlines Friday.
CNBC's Jim Cramer and David Faber break down the earnings report of JPMorgan and Wells Fargo. JPMorgan had a bad quarter and nobody is misunderstanding it, Cramer says.
Weaker earnings at JPMorgan Chase dragged bank stocks lower. Stocks fell from the open on news that JPMorgan had missed analysts' earnings estimates. Facebook fell 1.1 percent, after a 5 percent drop on Thursday.
April 11- Wells Fargo& Co, the biggest U.S. mortgage lender, reported a better-than-expected 14 percent rise in first-quarter net profit as it set aside less money to cover bad loans. Wells Fargo's shares, which had risen about 8 percent since the start of the year to Thursday's close, were up 1 percent at $48.25 in trading before the bell.
*JPMorgan falls, Wells Fargo flat after results. NEW YORK, April 11- U.S. stocks were set for a lower open on Friday after earnings from JP Morgan Chase, putting the S&P 500 on track to continue its selloff after suffering its biggest drop in two months.
Wells Fargo reported quarterly earnings that beat analysts' expectations on Friday.
U.S. stock index futures were mostly lower Friday, following the release of JPMorgan Chase earnings.