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Earnings Analysis: 
Wells Fargo, Piper Jaffray, JP Morgan Fall
Author: 123jump.com Staff
123jump.com
Last Update: 3:51 PM ET October 15 2008


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JP Morgan Chase reported third quarter revenue declined 5% to $16.08 billion from a year ago and net income fell 84% to $527 million in the period. Marshall & Ilsley third quarter revenues rose 7% and net income fell 62%. Wells Fargo revenue rose 5% and net income fell 25%.

 
3:35PM New York – Marshall Ilsley net income fell 62%. Piper Jaffray reported third quarter loss. State Street quarterly earnings rose 33% but unrealized losses gained 65%.

Bank of the Ozarks, Inc, retail and commercial banking service provider said no sales during three months ended September 30, 2008 and September 30, 2007. Net income in the third quarter rose 7.2% to $9.01 million or 53 cents per diluted share compared to net income of $8.40 million or 50 cents per share, a year ago.

Bank of the Ozarks, Inc (OZRK: chart) in the last one year traded as high as $36.80 in October 2007 and as low as $13.81 in July 2008. Based on the yesterday’s closing price the company has a market cap of $442.58 million.

Century Bancorp, Inc, a bank holding company said no sales during three months ended September 30, 2008 and September 30, 2007. Net income in the third quarter fell 10% to $2.6 million or 46 cents per diluted share compared to net income of $2.9 million or 52 cents per share, a year ago.

Century Bancorp, Inc (CNBKA: chart) in the last one year traded as high as $25.49 in November 2007 and as low as $11.50 in October 2008. Based on the yesterday’s closing price the company has a market cap of $91.43 million.

JP Morgan Chase (JPM: chart) reported third quarter revenue declined 5% to $16.08 billion from a year ago and net income fell 84% to $527 million in the period. The bank took additional charge of $6.6 billion in the third quarter after taking $4.2 billion in the second quarter and $2.36 billion in the third quarter a year ago. Earnings per share declined to 11 cents from 97 cents a year ago.

Marshall & Ilsley Corporation, a diversified financial services company reported third quarter revenues rose 7% to $71.3 million from $66.5 million a year ago. Net income in the quarter fell 62% to $83.1 million or 32 cents per diluted share compared to net income of $219.9 million or 83 cents per share, a year ago.

Marshall & Ilsley Corporation (MI: chart) in the last one year traded as high as $45.12 in October 2007 and as low as $10.90 in July 2008. Based on the yesterday’s closing price the company has a market cap of $4.83 billion.

Piper Jaffray Companies, Investment bank reported third quarter revenues fell 23% to $75.9 million from $98.5 million a year ago. Net loss in the quarter was $27.2 million or 0.00 per diluted share compared to net income of $4.4 million or 26 cents per share, a year ago.

Piper Jaffray Companies (PJC: chart) in the last one year traded as high as $57.11 in October 2007 and as low as $21.55 in October 2008. Based on the yesterday’s closing price the company has a market cap of $588.03 million.

State Street Corporation, one of the world's biggest institutional money managers reported third quarter revenues rose 24% to $2.771 billion from $2.240 billion a year ago. Net income in the quarter rose 33% to $477 million or $1.09 per diluted share compared to net income of $358 million or 91 cents per share, a year ago.

Unrealized losses in the quarter increased 65% to $3.3 billion from $2.01 in the second quarter.

State Street Corporation (STT: chart) in the last one year traded as high as $86.55 in January 2008 and as low as $29.09 in October 2008. Based on the yesterday’s closing price the company has a market cap of $21.34 billion.

Wells Fargo & Company, one of the largest financial institutions reported third quarter revenues rose 5% to $10.38 billion from $9.85 billion a year ago. Net income in the quarter fell 25% to $1.64 billion or 49 cents a diluted share compared to net income of $2.17 billion or 64 cents per share, a year ago.

Wells Fargo & Company (WFC: chart) in the last one year traded as high as $44.69 in September 2008 and as low as $20.46 in July 2008. Based on the yesterday’s closing price the company has a market cap of $114.13 billion.
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