US stocks open mixed after bank earnings

GMT 05:43 2014 Saturday ,12 July

Arab Today, arab today US stocks open mixed after bank earnings

US stocks market
New York - XINHUA

U.S. stocks opened mixed Friday as investors are digesting Wells Fargo's second-quarter results released before the opening bell.
Wells Fargo, the largest U.S. mortgage lender, reported net income of 5.7 billion U.S. dollars, or 1.01 dollars per diluted common share, on revenue of 21.1 billion dollars for the second quarter of 2014.
The bank's quarterly revenue topped market expectations and per-share earnings meet forecast. Its shares, however, fell 1.29 percent to trade at 51.14 in early trading, as investors remained cautious ahead of a slew of earnings reports next week.
Latest data from Thomson Reuters I/B/E/S showed that 5 percent of the S&P 500 companies have reported second-quarter results, among which 55.6 percent have reported earnings above analysts' expectations and 66.7 percent above revenue forecast.
The three major stock indices are on track to wrap up the week with losses following a record run of the Dow Jones Industrial Average and the S&P 500 the previous week which pushed the blue-chip index above the 17,000 market for the first time.
Shortly after the opening bell, the Dow lost 23.83 points, or 0.14 percent, to 16,891.24. The S&P 500 fell 2.01 points, or 0.10 percent, to 1,962.67. The Nasdaq Composite Index added 3.82 points, or 0.09 percent, to 4,400.02.

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