These 3 Stocks Moved Lower After Earnings
Through the latest meltdown fears in Japan, and a rebound in oil (NYSE:USO) above $107, the Dow (NYSE:DIA) managed to climb 7 points higher on Wednesday. Today, banking giant JP Morgan released its much awaited first quarter earnings.
How did JP Morgan and these 2 other stocks respond to earnings today?
1) JP Morgan (NYSE:JPM): Before the opening bell, the bank reported Q1 earnings. EPS of $1.28 beat estimates by 12 cents. Revenue of $25.79 billion also beat estimates, but still fell 8% from last year in the same period. The company also raised its quarterly dividend from 5 cents to 25 cents per share. Investors should keep an eye on the company’s credit loss provisions, which decreased from $7.01 billion a year earlier, to only $1.17 billion this year. Shares closed .84% lower for the day. Competitor Bank of America (NYSE:BAC), reports earnings Friday.
2) ADTRAN, Inc. (NASDAQ:ADTN): Shares traded down 1.08% after Q1 earnings. EPS of 52 cents, beat estimates by 6 cents. Revenue increased 30% from prior year to $166 million. The company designs, manufactures, markets, and services network access solutions worldwide. Shares of rival Alcatel-Lucent (NYSE:ALU) increased over 7%, and network giant Cisco (NASDAQ:CSCO) decreased 1%.
3) Bank of the Ozarks (NASDAQ:OZRK): Net income for Q1 was $14.6 million (85 cents per share), which represents an 8.3% decrease from the same year ago period. However, total assets showed an increase of 10.2% to $3.33 billion, compared to $3.02 billion last year. The bank provides a range of retail and commercial banking services, and is headquartered in Little Rock, Arkansas.
Don’t Miss Wall St. Cheat Sheet’s Dow 30 Quarterly Earnings Season Preview.
Disclosure: No positions