A surprisingly strong profit and outlook from Intel and much stronger-than-forecast results from J.P. Morgan Chase sent U.S. stock futures rallying and put a 10,000 level on the Dow Jones Industrial Average within reach.
S&P 500 futures rose 16 points to 1084.80 and Nasdaq 100 futures rose 24.5 points to 1751.20. Futures on the Dow industrials climbed 123 points.
Bank of America Corp’s (BAC) board has hired executive search firm Russell Reynolds Associates Inc to assist in its search for a new chief executive, the Wall Street Journal reported on its website on Tuesday. Bank of America (NYSE:BAC, $17.81, -$0.22, -1.22%) rose 2.75 percent to $18.30 on Wednesday morning pre-market trading session, while on Tuesday, shares of Bank of America fell 1.22 percent, and closed on $17.81, BofA climbed 4.95 percent in the past one month trading.
Citigroup Inc. (C) opened its first retail banking branch in Vietnam Tuesday, becoming the first U.S. financial institution with retail operations in the country, its local unit Citibank N.A. Vietnam said. The new branch, located in Ho Chi Minh City, will provide deposit services to individual clients and remittance services to those with relatives studying and living abroad, especially in the U.S. Citigroup Inc. (NYSE:C, $4.83, +$0.06, 1.26%) jumped 2.69 percent to $4.96 on Wednesday morning pre-market trading session, even on Tuesday, Citigroup shares climbed 1.26 percent, and closed on $4.83.
JPMorgan Chase & Co (JPM) reported sharply higher third-quarter results, topping Wall Street expectations, as gains at its investment bank offset deeper losses on credit cards and other consumer loans. The second-largest U.S. bank on Wednesday posted net income of $3.6 billion, or 82 cents a share. That compares with $527 million, or 9 cents a share, in the year-earlier quarter. JPMorgan Chase & Co. (NYSE:JPM, $45.66, -$0.42, -0.91%) rose 3.96 percent to $47.47 on Wednesday morning pre-market trading session, while on Tuesday, shares of JPMorgan fell 0.91 percent, and closed on $45.66.
Royal Bank of Scotland (RBS) is considering a plan which could result in the sale of just over 10 percent of its British branches in a move to ease EU concerns over state aid. The bank could sell its 312 RBS-branded branches in England and Wales to satisfy the European Commission. Royal Bank of Scotland Group plc (NYSE:RBS, $15.02, -$0.29, -1.89%) jumped 4.53 percent to $15.70 on Wednesday morning pre-market trading session, while on Tuesday, RBS shares fell 1.89 percent, and closed on $15.02.
Intel Corp. (INTC) late Tuesday reported a 8% decline in third-quarter profit but topped earnings estimates. It also reported gross margins of 57.6% and said they would grow to 62% in the current quarter. Intel Corporation (NASDAQ:INTC, $20.49, +$0.09, 0.44%) rose 4.44 percent to $21.40 on Wednesday morning pre-market trading session, even on Tuesday, shares of Intel jumped 0.44 percent, and closed on $20.49.
ASML Holding NV, a key supplier to computer chip makers, reported Wednesday a net profit of euro20 million ($29.7 million) for the third quarter, ending a nine-month streak of losses, and said new orders had increased sharply. ASML Holding N.V. (NASDAQ:ASML, $31.65, +$0.26, 0.83%) jumped 2.05 percent to $32.30 on Wednesday morning pre-market trading session, even on Tuesday, ASML Holding shares climbed 0.83 percent, and closed on $31.65.
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