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Though Wells Fargo's earnings only met expectations, Jim Cramer says there are several reasons to be bullish on the banking giant.
Wells Fargo reported Q2 earnings per share of $1.01 on revenue of $21.07 billion. The "Squawk on the Street" crew, share their view of the bank's performance.
U.S. stock index futures pointed to a higher open, after a bumpy day which saw concerns over Portugal's banking sector cross the Atlantic.
July 11- Wells Fargo& Co, the largest U.S. mortgage lender, reported a 3 percent rise in quarterly profit and said it was seeing a number of signs that the U.S. economy was improving. Wells Fargo shares were down 1 percent at $51.25 before the opening bell on Friday.
*Wells Fargo edges lower, but revenue tops forecasts. *Fastenal reports revenue below expectations. NEW YORK, July 11- U.S. stock index futures pointed to slight gains at the open Friday in a modest rebound from recent losses, though major indexes remained on track for their biggest weekly decline since April.
*Lorillard market value is $22.9 bln. LONDON, July 11- U.S. cigarette maker Reynolds American Inc is in talks to acquire rival Lorillard Inc in a multi-billion dollar deal that would include the sale of some brands to Britain's Imperial Tobacco Group Plc, the companies said on Friday.
The more I look into Wells Fargo's quarter, the more I like it, says Anthony Polini, Raymond James, breaking down the big bank's quarterly numbers.
July 11- Wells Fargo& Co, the largest U.S. mortgage lender, reported a 3 percent rise in quarterly profit as cost cuts helped to make up for a slight fall in revenue. Net income applicable to common shareholders rose to $5.42 billion, or $1.01 per share, in the second quarter from $5.27 billion, or 98 cents per share, a year earlier. http://bit.ly/TWX0oK.
Wells Fargo posted quarterly earnings that met expectations Friday, while revenue exceeded Wall Street estimates.
*Reynolds, Lorillard not available to comment. LONDON, July 11- U.S cigarette makers Reynolds American Inc and Lorillard Inc are in talks on a possible multi-billion dollar disposal to Britain's Imperial Tobacco Group Plc, as part of efforts to ease antitrust concerns over their planned merger.
Reynolds American and Lorillard are agreeing a complex merger that will reshape Big Tobacco, bringing together the two biggest US operators.
*Asia share index dips, regional markets mixed. Moves in Asia had been generally modest with markets mixed across the region. Hong Kong, South Korea, Taiwan and the Philippines lost ground but China, Singapore and Australia eked out gains.
MSCI's broadest index of Asia-Pacific shares outside Japan recovered to be a fraction firmer. Indices in Australia, Singapore and China were all higher, while Japan's Nikkei pared its losses to be off just 0.26 percent. It was notable that MSCI's index of emerging market stocks actually rose on Thursday having hit a 17- month peak earlier in the week.
Tensions in the Middle East also continued to simmer with Israeli officials seeming to hint at a possible assault on Gaza by ground forces. Japan's Nikkei fell 0.7 percent, while Australia eased 0.4 percent. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.3 percent.
Stock market volatility could continue to be somewhat elevated, particularly for small cap names, as earnings season gets underway.
Marty Mosby, Banking Analyst at Vining Sparks, outlines the factors that will help Wells Fargo see a pickup in its second quarter earnings.
Wells Fargo likely to report the strongest earnings among its peers, said FBR Capital Markets Managing Director Paul Miller.
*Lumber Liquidators tumbles after revised outlook. NEW YORK, July 10- U.S. stocks dropped on Thursday as concerns about the financial health of Portugal's top listed bank gave investors a reason to cash in recent gains.
July 10- A federal judge has dismissed mortgage discrimination lawsuits filed by the City of Miami against Citigroup Inc and Wells Fargo& Co, following the dismissal of a similar lawsuit against Bank of America Corp earlier this week. District Judge William Dimitrouleas dismissed the city's claims against Citi and Wells under the U.S.
Stocks declined Thursday, tracking European shares, on worries about one of Portugal's top banks.