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Midday Friday: Citi, Wells Fargo dip following earnings reports


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Midday Friday: Citi, Wells Fargo dip following earnings reports

Bank and thrift stocks were mixed in morning trading Friday,July 15, amid the latest earnings reports. Around midday, the SNL U.S. Bank Indexslid 0.52% to 397.95 while the SNL U.S. Thrift Index went up 0.19% to 802.41.

The broader markets moved lower, with the Dow Jones IndustrialAverage slipping 0.01% to 18,504.22, the S&P 500 decreasing 0.14% to 2,160.67and the Nasdaq composite index declining 0.10% to 5,028.99.

Among large-cap banks, JPMorganChase & Co. slid 0.45% to $63.82 and Bank of America Corp. decreased 0.44% to $13.59.

Wells Fargo &Co., which was among the companies that reported second-quarter resultsearlier today, saw its stock drop 2.54% to $47.70. Wells Fargo second-quarter net income applicableto common stock of $5.17 billion, or $1.01 per share, on total revenue of $22.16billion.

Citigroup Inc.slid 0.85% to $44.07 in morning trading. The company reported adjusted net income to commonstock of $3.68 billion, or $1.24 per share.

Minneapolis-based U.S.Bancorp reported second-quarter net income applicable to common shareholdersof $1.44 billion, or 83cents per share. The company's shares went up 1.14% to $41.72.

PNC Financial ServicesGroup Inc. slipped 0.05% to $82.79. The Pittsburgh-based company's second-quarternet income attributable to diluted common shares was $914 million, or $1.82 per share.

Wichita, Kan.-based EquityBancshares Inc. jumped 4.52% to $22.87 amid news that it has to buy Harrison, Ark.-basedCommunity First Bancshares Inc.

Among notable movers, Plano, Texas-based LegacyTexas Financial Group Inc. gained 2.95% to $28.93;and Bala Cynwyd, Pa.-based Royal Bancsharesof Pennsylvania Inc. jumped 6.00% to $2.65.

In the thrift space, Westbury, N.Y.-based New York Community Bancorp Inc. rose 0.40% to $15.01; LakeSuccess, N.Y.-based Astoria FinancialCorp. ticked up 0.39% to $15.25; and Cleveland-based increased 0.06%to $17.91. San Diego-based BofI HoldingInc. declined 0.76% to $17.05.

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