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Wells Fargo Tops 3Q EPS Estimates

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    FBN’s Diane Macedo breaks down the stories moving the markets ahead of the trading day.

  • Duration 5:17
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-- -- -- -- -- -- -- Good morning everyone earning season is underway for big banks we already got results in from JPMorgan Chase and any second now we should -- -- the -- from Wells Fargo as well Fox Business is sandy Smith.

Is in the newsroom now breaking down all the numbers for -- hi Sandra.

-- -- as we -- on -- wells Fargo's numbers let's recap JPMorgan Chase out with a beat their profits at one dollar forty cents for the quarter beating expectations of 124.

Revenues coming in at 25 point nine vs the 24 point five billion that was expected by the way Jamie Dimon over at JPMorgan Chase saying quote.

We believe the housing market has turned the corner.

So speaking very positively there there attributed they.

Big boost in mortgages to their better than expected earnings now as we wait for those Wells Fargo numbers to come out.

By the -- that the stock Wells Fargo has been up about 2% in premarket trading.

Waiting on those numbers a lot of that is because of the yeah JPMorgan Chase.

Wells -- numbers are out and we have 88 cents a share right now guys at the beat of a penny for Wells Fargo so another beat.

21 point two billion is the revenue -- number.

The street was looking for 21 point 46 so.

One could say that's pretty much right in line but when it comes out -- just a slight miss on the revenue side for Wells Fargo -- -- 88 cents a share vs 87 cents expected for Wells Fargo.

And revenue to 21 point two.

Just slightly lowered the expectation 21 point 46.

Billion as I said earlier Wells Fargo shares had been up prior to this report on the optimism after JPMorgan's report at the top of the last hour.

And as you can see now the bid and ask we have now seen that stock move lower following that that number a -- of just a penny for Wells Fargo.

Yeah -- that Sandra Smith live from the newsroom thanks Andrea thank yet.

And another big story we're following today is last night's vice presidential debate between vice president Joseph -- did.

And congressman Paul Ryan Fox Business is rich -- is live in Danville Kentucky.

-- all the action took place what you think -- Hey good morning -- we know for Democrats looking for a more aggressive Joseph Biden more aggressive democratic ticket.

They got it last night Joseph Biden coming out swinging the vice president.

In this debate Democrats say he effectively slot with Paul Ryan made his case made his points.

Starting to really challenging some of what Republicans and putting out there would.

Democrats had called essentially lies over the past week Republicans say the vice president appeared to be.

Unhinged last night -- interrupting Paul -- at every turn even laughing during debates about Iran and nuclear weapons they debated foreign policies -- -- -- Olivia.

Entitlements and of course.

Taxes.

He's wrong about that.

There -- -- -- you can cut tax rates by 20%.

And still preserve these important preferences for middle class taxpayers not mathematically policy it is mathematically possible.

It's been done before exercise we're proposing it has never been done before it's been done a couple of times I -- never -- already lower tax rates increased growth run already out your Jack Kennedy Ronald Reagan.

That may be the first appearance that we've heard at least -- -- of president John Kennedy in -- debate and vice presidential debates is 1988 when Lloyd Bentsen.

Put up with Dan Quayle from here the campaigning continues governor Romney will be in Virginia and Ohio today -- -- Paul Ryan in Ohio.

And Joseph Biden the vice president heading to Paul Ryan's home state.

-- was costs.

-- -- -- Alright that's it -- live from Kentucky experience.

-- -- a look at the markets now here in the US received futures and agreed across the board Dow futures are up by forty.

Yes -- he's up by about five the nasdaq's up six in Europe though stocks.

Are in the red for London at least that Paris and Frankfurt have turned things around now we're seeing -- down.

By about five points Paris though reversing direction up by one same goes for Frankfurt now up.

By three -- -- shares of Advanced Micro Devices plunged 9% in extended trading after the company warned that its revenue.

In the third quarter likely fell 10% from the previous quarter.

The company blamed the weak global economy Andean -- the tablet market is having on P.

c.s AMD had previously forecast results for the quarter would fall 1%.

While analysts were looking for a 2% fall.

The company set to report results on Thursday and d.'s warning follows one from Intel last month saying its quarterly revenue will be much lower than expected as well.

Best Buy is reportedly looking to take some new steps to challenge online competitors as we head toward the holiday season.

The Wall Street Journal says the companies planning to match prices for Internet rivals like Amazon.

The journal says that Best Buy is also preparing to offer free home delivery.

For items that are out of stock is stores but are available online the potential moves come as the company tries to -- down worries over shoppers looking at devices in stores.

Only to buy them online from its competition for less.

Here's a look at commodities now oil and gold are mixed receive oil up almost thirty -- gold is down about twenty coming up this hour hi this is -- to be radio talk show host Chris Russo and now here's the I meant.

On Fox Business.

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