U.S. Banks confront losses
Major U.S. banks, reported higher credit losses and lower profits on Wednesday. On the stock market, shares among the companies reporting those numbers were having varying degrees of success. Shares of Wells Fargo were down 3 percent in early afternoon trading. U.S. Bancorp was up 5.42 percent. Sun Trust Banks was up 8.7 percent, while KeyCorp rose 8.5 percent.
Morgan Stanley's Woes
Morgan Stanley on Wednesday reported its third straight quarterly loss. It had a loss of $1.26 billion, or $1.10 per share in the second quarter. Net revenue was down 11 percent to $5.4 billion. Its loss, excluding one-time items was $1.37 per share, worse than analysts' expectations of 53 cents per share.
Big Pharma Beats Expectations
Big drug companies reported quarterly earnings on Wednesday that beat expectations.
Pfizer reported earnings fell 19 percent to $2.26 billion, or 34 cents per share, compared with $2.78 billion, or 41 percent a year ago. Excluding special items, it earned 48 cents per share, better than expectations of 49 cents per share.
GlaxoSmithKline reported net profit was up 11.6 percent to 1.43 billion pounds, below expectations of 1.51 billion, according to a poll by Dow Jones Newswires. Revenue was up 15 percent to 6.75 billion.
Eli Lilly reported net profit was up 21 percent to $1.16 billion, or $1.06 per share, from 4958.8 million, or 88 cents in the year ago period. Revenue rose 2.6 percent to $5.29 billion. The results beat estimates of $1.02 by analysts polled by Bloomberg.