Wells Fargo's gains top forecasts

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Posted: Saturday, July 13, 2013 12:00 am

Wells Fargo, the biggest U.S. mortgage lender, says its second-quarter profit rose 20 percent after it reduced expenses. Net income rose to $5.27 billion from $4.40 billion a year earlier. On a per-share basis, earnings were 98 cents, beating the 93 cents forecast by Wall Street. Revenue edged up to $21.4 billion from $21.3 billion and exceeded Wall Street expectations.

JPMorgan's profits surge

JPMorgan Chase, the country's biggest bank by assets, says its second-quarter earnings surged as consumer deposits rose and credit card volumes increased. The bank made $6.1 billion in the second quarter after stripping out payments to preferred shareholders. That was up 32 percent from the same period a year ago, when it made $4.6 billion. The earnings were equivalent to $1.60 per share. That exceeded the estimates of analysts polled by FactSet, who had forecast earnings of $1.44 per share. Revenue in the period grew by 14 percent to $25.2 billion.

Twinkies show up early at Walmart

Twinkies made an early comeback at Walmart stores. The world's largest retailer said it was selling the snack cakes at about 1,600 stores Friday and that about 3,000 of its 4,000 U.S. stores should have them by Sunday morning, a day before Hostess had said the spongy yellow cakes would start hitting shelves nationwide. By late next week, stores will also have Hostess Mini Muffins and fried Fruit Pies, said Walmart spokeswoman Veronica Marshall. Coffee Cakes, Ho Hos, Orange CupCakes, Suzy Qs and Zingers will be available by August. Sno-Balls will arrive in the fall. “We've been working with them now for several months to have them available exclusive early,” Marshall said.

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