US Futures Point To Higher Open, Despite Earnings...



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  • 8:44 AM ET: Johnson & Johnson (NYSE:JNJ) stock rose 2.9% after the pharma giant raised its dividend by over 6% on the back of quarterly earnings that beat expectations.
  • That softened the blow of a downgrade to this year’s earnings expectations. The company now sees an EPS range of $7.50 to $7.90, compared with its prior estimate of $8.95 to $9.10. That’s an implicit cut of some 14%.
  • JPMorgan (NYSE:JPM) stock rose 3.2% after the bank booked $6.8 billion in provisions against loan losses and nearly $2 billion more in other impairments in response to the pandemic. CEO Jamie Dimon also warned that provisions could rise meaningfully in the coming quarters.
  • Loan demand also fell, as did investment banking revenue, but income from bond and equity trading rose on the back of higher market volatility, while its asset management arms also grew 7%.  The Common Equity Tier 1 ratio, a benchmark of financial strength, fell to 11.5%.
  • Wells Fargo (NYSE:WFC) stock rose 2.1% after the California-based bank said net income fell to $653 million, hit by some $4 billion in provisions and impairments due to Covid-19.
  • Its CET1 ratio fell another 40 basis points to 10.7%, and is now down some 130 basis points over the last three quarters.
    • 08:55 AM ET: Roku (NASDAQ:ROKU) stock rocketed 14% higher after the maker of streaming devices said the Covid-19 pandemic had led to a sharp rise in demand for its products. 
    • Roku added nearly 3 million new users in the first quarter, compared to expectations of just 2.56 million. Collective streaming hours rose 49% from a year earlier to 13.2 billion.
    • The stock had been one of the most expensively-valued on Wall Street by the end of last year and lost over half its value by mid-March. 



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