Financial Earnings Winners & Losers (BLK, JPM, NITE, MER, WFC)

April 16, 2008 by Douglas A. McIntyre

BlackRock, Inc. (NYSE: BLK) posted a 25% gain in earnings, but reported $1.90 EPS versus $2.00 estimates; Assets under management are now $1.364 Trillion.  Shares are trading down by 2% pre-market.

JPMorgan Chase (NYSE: JPM) $0.69 EPS vs. $0.64 est.; $2.6 Billion markdowns; expect weakness to continue and expects capital market stress to continue; sees issues affecting results for remainder of 2008 or longer; shares are trading up over 2% in pre-market.

Knight Capital Group, Inc. (NASDAQ: NITE) $0.35 EPS vs. $0.30 estimates; trading volume surged in dollar terms and decreased in volume for march, noted de-leveraging of financial markets; stock trading up over 6% pre-market.

Merrill Lynch (NYSE: MER) is taking another $6.8 Billion in write-offs according to WSJ, although shares are up almost 1% pre-market.

Wells Fargo (NYSE: WFC) posted an 11% decrease in earnings but earnings were $0.60 EPS vs $0.57 est; setting aside $2.03 billion to cover delinquencies and defaults among mortgages and other loans; non-performing assets up 16% to $4.5 billion as of March 31, up from $3.87 billion at December 31, 2007; Shares are trading up over 7% in pre-market trading.

Jon C. Ogg
April 16, 2008

Jon Ogg produces the Special Situation Investing Newsletter.  He can be reached at and he does not own securities in the companies he covers.