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Midday Thursday: JPMorgan up following earnings release


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Midday Thursday: JPMorgan up following earnings release

Bank and thrift stocks were in positive territory during morningtrading Thursday, July 14. Around midday, the SNL U.S. Bank Index climbed 1.97%to 401.71 and the SNL U.S. Thrift Index grew 0.86% to 803.56.

The broader markets also movedhigher, with the Dow Jones Industrial Average advancing 0.80% to 18,518.57,the S&P 500 increasing 0.64% to 2,166.19 and the Nasdaq composite index rising0.62% to 5,036.61.

Among large-cap banks, WellsFargo & Co. rose 1.26% to $48.88, Bank of America Corp. increased 1.93% to $13.70 and climbed 2.99% to $44.62.

JPMorgan Chase &Co. gained 2.37% to $64.65, following news that the company's second-quarternet income applicable to common stockholders amounted to $5.67 billion, or $1.55 per share, compared to $5.78 billion,or $1.54 per share, for the same period in 2015.

San Francisco-based FirstRepublic Bank, meanwhile, slipped 0.17% to $71.32 around midday. Thecompany reported second-quarternet income available to common shareholders of $147.6 million, or 97 cents per share,compared to $116.9 million, or 80 cents per share, in the year-ago period.

Warsaw, Ind.-based LakelandFinancial Corp. saw its stock climb 2.31% to $49.58 in morning tradingamid news that the company's board authorized a 3-for-2 stock split.

Among notable movers, Irvine, Calif.-based Banc of California Inc. advanced 3.56% to $19.77, and SantaClara, Calif.-based SVB Financial Groupjumped 4.31% to $102.43.

In the thrift space, Westbury, N.Y.-based New York Community Bancorp Inc. ticked up 0.20% to $14.91;San Diego-based BofI Holding Inc.rose 2.28% to $17.46; Lake Success, N.Y.-based Astoria Financial Corp. inched up 0.33% to $15.17; and Cleveland-basedTFS Financial Corp. (MHC)increased 0.73% to $17.94.

In economic news, the U.S. Labor Department reported that inthe week ended July 9, the advance figure for seasonally adjusted initial joblessclaims was 254,000, unchanged from the previous week's unrevised level. The four-weekmoving average was 259,000, down from the previous week's unrevised average of 264,750.

Market prices and indexvalues are current as of the time of publication and are subject to change.