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Financial Stocks Deliver Profits in Q2 Amid Rebound in Investments - Earnings Scorecard
Failed to deliver satisfactory performance to investors, large US banks collectively fell.
The largest banks in the USA that outperformed the large cap have once again been hit by investors for failing to impress them with their financial reports. Wells Fargo & Co, whose net interest income fell below expectations, plummeted 6%, marking the largest daily drop in more than three years. While Citigroup's market revenue exceeded expectations, its stock still fell 1.8%, with its expenses being the focus of attention. JPMorgan's performance and stable financial forecasts failed to excite traders, as it also fell 1.2%. These three banks all ranked among the top 20 decliners in the S&P 500 Index on Friday, with Wells Fargo & Co being the worst performer on that day, while more than 400 stocks were up in the large cap.
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Market Chatter: Smithfield Foods Selects Banks for Potential $1 Billion US IPO
Smithfield Foods is working with Goldman Sachs (GS), Bank of America (BAC), and Morgan Stanley (MS) to arrange a US initial public offering, Bloomberg reported Friday, citing people familiar with
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