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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.
JPMorgan Chase reported a 19 percent decline in first-quarter profit as revenue from securities trading fell.
First-quarter profit for Wells Fargo& Co., the biggest U.S. mortgage lender, surged 14 percent in the latest quarter as the bank continued to trim its losses on soured loans. HOW IT HAPPENED: The rise in rates on U.S. mortgages in the latter part of last year continued to have a negative impact on Wells Fargo's mortgage business.
April 11- Wells Fargo& Co, the biggest U.S. mortgage lender, reported a 14 percent rise in first-quarter net profit as the company set aside less money to cover bad loans and costs fell. Analysts on average had expected Wells Fargo to earn 97 cents per share, according to Thomson Reuters I/B/E/S.
Marty Mosby, Guggenheim Partners, breaks down the big bank's first quarter results of $1.05 EPS on revenues of $20.63 billion. We are seeing loan and deposit growth at Wells Fargo, says Mosby.
April 11- Wells Fargo& Co, the biggest U.S. mortgage lender, reported a 14 percent rise in first-quarter net profit as costs fell. Net income applicable to common shareholders rose to $5.60 billion, or $1.05 per share, in the quarter ended March 31 from $4.93 billion, or 92 cents per share, a year earlier, the fourth-biggest U.S. bank said on Friday.
JPMorgan disappointing earnings reflect a slowing loan portfolio that could forecast trouble ahead, a top banking analyst told CNBC on Friday.
*JPMorgan falls after results, Wells Fargo due. NEW YORK, April 11- U.S. stock index futures fell on Friday after earnings from JP Morgan Chase, putting the S&P 500 on track to continue its decline after suffering its biggest drop in two months.
Forget high-speed trading, small investors: 401 fees pose much bigger retirement risk Earnings drop at JPMorgan Chase drags bank stocks lower; Technology sector still weak US producer prices increase in March on gains for food, clothing, jewelry and chemicals prices GM stock hits 10- month low after Standard& Poor's raises doubts about credit rating upgrade JPMorgan's first-quarter profit falls as investment banking and mortgage revenue drops Wells Fargo's earnings surge 14 percent as bank continues to trim loan losses Merkel praises Greek progress, says austerity must continue, after successful bond sale CEO of Exxon Mobil's compensation up 3 percent to $28.1 million, mostly in stock awards Adding up: A look at how much Russia claims it is owed for gas and Ukraine's options Turkmenistan's president urges construction of new cross-Afghanistan pipeline to start in 2015
Even if the market manages to bounce Friday, "I would be careful here," one technical analyst says.
SANDPOINT, Idaho— The women's clothing retailer Coldwater Creek has filed for Chapter 11 bankruptcy protection after failing to find a potential buyer or a source of capital to help fund its turnaround efforts. Coldwater Creek said Friday that its stores and its website are still open and selling clothing and other goods to shoppers.
April 11- Women's clothing retailer Coldwater Creek Inc on Friday filed for Chapter 11 bankruptcy, the latest in a growing list of retailers to seek protection from creditors as consumers keep a lid on spending. Coldwater Creek last October announced plans to seek strategic alternatives, including a possible sale.
European markets opened weaker, with Britain's FTSE 100 losing 1 percent to 6,575.83. Germany's DAX fell 1.2 percent to 9,338.48 and France's CAC-40 shed 1 percent to 4,369.26.
A change in the executive suite at Zynga is among the headlines after the bell Thursday.
WASHINGTON— Labor Department releases the Producer Price Index for March, 8:30 a.m. Eastern Time. WASHINGTON— Group of 20 finance ministers and central bank chiefs meet. JPMorgan reports quarterly financial results before the market opens.
Ten leading money men and women have agreed to give investors access to their three best ideas this week. Here are the participants so far and their picks.