WELLS FARGO GETS MORTGAGE BANKING BOOST
Wells Fargo reported a 1.7 per cent rise in third-quarter profit yesterday, helped by a slight increase in income at its mortgage banking unit which had been a big drag on results for much of the past year. The fourth-largest US bank’s net income applicable to common shareholders rose to $5.41bn (£3.4bn) in the quarter. A year ago, it posted profit of $5.32bn.
INTEL EARNINGS RISE AS PC MARKET STABILISES
Intel posted third-quarter net income of $3.32bn last night, compared with $2.95bn in the year-ago quarter as demand for personal computers stabilised. Third-quarter revenue was $14.6bn, up eight per cent from the year-ago quarter. The tech giant said it expected fourth-quarter revenue of $14.7bn, plus or minus $500m.
JOHNSON & JOHNSON GETS A SHOT IN THE ARM
Healthcare giant Johnson & Johnson lifted its earnings forecast for the third consecutive quarter yesterday after revealing that net income climbed to $4.75bn in its most recent three-month reporting period – up from $2.98bn a year earlier. The jump was helped by a one-off divestment, yet underlying earnings also beat expectations.
DOMINO’S PROFIT SATISFIES HUNGRY INVESTORS
Domino’s Pizza yesterday reported a quarterly profit that topped Wall Street’s estimates, boosted by strong results overseas and its home market of the US, where rival Pizza Hut is struggling. The second-largest US pizza chain by store count said net income rose to $35.6m in the third quarter ended 7 September from $30.6m a year earlier.