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Daily Scan: Stocks slip; Intel and JP Morgan report earnings

By NexChange
Capital Markets

Updated throughout the day

October 13

Good evening. U.S. stocks dipped lower as Intel and JPMorgan report their earnings. The Dow fell 0.3%, the S&P 500 dipped 0.7%, and the Nasdaq lost 0.9%. Oil fell slightly, finishing below $47/barrel. Johnson & Johnson reported mixed results as sales on its hepatitis C medicine disappointed and the strong dollar hurt profits.

 

Here’s what else you need to know:

Mark your calendar: The first democratic debate kicks off Tuesday at 8:30 p.m. ET. It's Hillary vs. Bernie and those other guys. Broadcast live on CNN.

JP Morgan shares fall. JP Morgan Chase kicked off Wall Street's earnings reports slightly below expectations. The bank reported earnings of $1.32 per share and $23.54 billion in revenue, a 6% fall from last year's net revenue. Analysts had expected $1.37 per share on $23.69 billion in revenue. CNBC

Intel reports earnings. The California-based tech company reported 64 cents per share on revenue of $14.47 billion, beating expectations. Analysts had been predicted at 59 cents per share on $14.22 billion in revenue. Shares for the company jumped up 1.8%. CNBC

 

CIA psychologists sued. A federal lawsuit was filed on behalf of three men imprisoned and allegedly tortured by the CIA. The two psychologists designed and helped oversee the CIA's interrogation programs. CNN

J&J better than expected but not good enough. The company posted 3Q net income of $1.20/share; revenue shrank to $17.1 billion, slightly below $17.41 predicted. The company announced a $10 billion stock buyback and lifted the profit outlook. The stock slipped 21 cents to $95.78. ABC News

No phone for you! JPMorgan says it will stop paying for employee Blackberrys (and other devices) in a cost-cutting move. The bank expects to save tens of million of dollars. JPMorgan reports earnings after the close Tuesday. Wall Street Journal (paywall)

Exports fall 3.7% and imports collapse in China trade data. China’s trade surplus widened to $60.34 billion from $60.24 billion in August, a massive jump from the $46.79 billion narrowing expected by analysts. The surplus was largely fueled by a 17.7% dive in imports, indicating that China’s shift to a consumer economy isn’t going as planned. And exports slowed Business Insider

EM currencies slammed. The post China import bloodbath seemed claimed the Malaysian ringgit and the Indonesian rupiah; both tanked at least 1% against the dollar, while the Philippine peso and the Indian rupee lost at least 0.5%. The aussie meanwhile, right after clocking in a 9-day recovery, plunged nearly 0.9% to AU$0.7296 versus the greenback.

Goldman calls EM turmoil 'third wave' of financial crisis. Collapsing commodity prices and the threat of higher rates in the U.S. are hitting emerging markets countries hard. The first wave of the crisis was spurred by the disintegration of the housing market in the U.S.

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