Yahoo Finance JPMorgan kicks off bank earnings with a bang, BOE surprises
Wall Street is on track for another record-setting day. The Dow Industrials and the S&P 500 are starting the day at record highs, with financial shares leading the advance following stronger-than-expected earnings from JPMorgan and after Bank of England hinted of looser monetary policy in August.
JPMorgan tops estimates
JPMorgan (JPM) posted a beat on both its top and bottom lines for the second quarter. Revenue jumped nearly 3% from a year ago thanks to an increase in fixed income trading, loan growth and lower expenses.
Stocks to watch
Yum Brands (YUM) shares got a nice pop this morning. The company behind KFC, Taco Bell and Pizza Hut raised its profit outlook for this year after same-store sales growth in China continued to improve in the second quarter. The fast food giant now projects core operating profit growth of at least 14% this year. This comes ahead of its spinoff of its China operations later this year. The company is also reporting better-than-expected earnings, but revenue slightly missed estimates.
Viacom (VIAB) may be going ahead with plans to sell a 49% stake in its Paramount Pictures movie studio to China’s Dalian Wanda Group, according to various reports. This comes amid a bitter courtroom battle between Viacom CEO Philippe Dauman and Shari Redstone, Viacom’s vice chairman and the daughter of ailing controlling shareholder Sumner Redstone.
EU hits Google with new charges
The European Union is filing new charges against the tech giant. The EU claims Google is violating antitrust rules by implementing restrictions on how independent websites show ‘search ads’ from their rivals. The EU says this prevents existing and potential competitors from growing in the market place.
Line’s NYSE debut
One of the most anticipated IPOs of the year is about to debut. Messaging app Line will appear on the New York Stock Exchange under the ticker symbol “LN.” The stock will be priced at $32.84 cents a share.
