Shares of financial services companies fell slightly on Tuesday during noon trading following the release of third quarter earnings reports.
Merrill Lynch & Co. (MER) opened at $84.80 per share, dipping nearly one dollar to $83.89 per share at noon. The leading stock brokerage reported on Tuesday that its third-quarter profit more than doubled following a deal with money manager BlackRock Inc. The company earned $3 billion, or $3.17 per share, compared to $1.36 billion, or $1.40 per share last year.
U.S Bancorp (USB) shares were trading at $33.21 at noon, down 38 cents from their opening price. The Minneapolis-based company said third-quarter profit rose 4 percent citing increased cost controls and a decline in net interest margin. The net income for the third quarter rose to $1.2 billion, or 66 cents per share.
Shares of Wells Fargo (WFC), the nationâ€™s fifth largest bank, dropped 0.11 percent to $36.16 after reporting an 11 percent rise in profit for the third quarter. Net income rose to $2.19 billion, or 64 cents per share, from a year ago.
Meanwhile, Regional bank AmSouth Bancorp (ASO) posted an increase in quarterly earnings, citing commercial loan growth and an increase in net interest income. Its profit climbed 2 percent to $187.7 million, or 54 cents per share. In noon trading, AmSouth shares fell 9 cents, or 0.13 percent, to $30.39 on the New York Stock Exchange.