News of the finance

Despite my fascination with failing companies and banks, there is some bright news out there. Wells Fargo is delighting traders with lower-than-expected profits but stronger than expected quarterly earnings (down 23 percent, but still much better than expected). It will pay out 10 percent more in dividends to shareholders which inspired confidence and sent shares soaring.

US Bancorp earnings dropped 18.5%, but is considered a huge success by the standards right now. Securities losses, loan charge-offs and a rise in loan loss reserves contributed to the slide.

JPMorganChase issued $2.4 billion in new write-downs and credit provisions. However, its net income of $2 billion, or 54 cents a share, beat Wall Street’s expectations of 44 cents a share, thanks to strong results in its commercial banking and treasury operations. Revenue fell 3 percent to $18.4 billion, beating expectations of $16.6 billion.

The good ones are good only by comparing them to the bad ones.

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