JPMorgan: Wednesday's Headlines

(Updated with Abbott and CSX earnings, economic data preview, Senate and House meetings schedule, Wall Street's record pay, BusinessWeek sale.)

NEW YORK (TheStreet) -- Here are the top stock market headlines for the morning of Wednesday, Oct. 14, 2009.

Wednesday Earnings Roundup

• JPMorgan Chase (JPM) reported third-quarter earnings of $3.6 billion, or 82 cents a share, well ahead of the Thomson Reuters average estimate of 52 cents a share. Revenue rose 3.9% from a year ago to $26.62 billion, also ahead of estimates. The bank said credit costs remained high in the quarter, and it added $2 billion to consumer credit reserves, bringing the firmwide total to $31.5 billion. Tier 1 Common Capital improved by 8.2%, the bank said.
• Intel (INTC) late Tuesday reported third-quarter earnings of $1.9 billion, or 33 cents a share, down from a year ago but ahead of the Thomson Reuters average estimate of 28 cents a share. Revenue of $9.4 billion was also lower from a year ago but was ahead of Wall Street's target of $9 billion. Looking ahead, Intel expects fourth-quarter revenue in a range between $9.7 billion and $10.5 billion, well above analysts' estimate of $9.51 billion.
• Abbott Laboratories (ABT) posted adjusted third-quarter earnings of 92 cents a share, topping the Thomson Reuters average estimate of 90 cents a share. Revenue climbed 3.5% from a year ago to $7.76 billion, matching consensus estimates. The company also upped its full-year earning guidance to a range of $3.70 to $3.72 a share from a range of $3.65 to $3.70 a share, compared to the consensus of $3.69 a share.
• CSX (CSX) late Tuesday posted third-quarter net income of $293 million, or 74 cents a share, down from year-ago levels but ahead of the Thomson Reuters average estimate of 71 cents a share. Revenue dropped 23% from a year ago to $2.3 billion, in line with estimates. The drop in revenue was primarily due to a 15% decline in volume and lower fuel surcharge recovery, the company said.

Wednesday Early Headlines

• Wall Street Dishing Out Record Pay - The Wall Street Journal reports their analysis shows that employees at major U.S. banks and securities firms will receive about $140 billion in total compensation and benefits this year. The Journal reports workers at 23 top investment banks, hedge funds, asset managers and stock and commodities exchanges could expect to earn more than 20% from last year's $117 billion, while pay also will top the $130 billion in 2007, the peak year.
• Mortgage Applications Slide, Rates Rise Last Week - The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage loan application volume, decreased 1.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1.7% compared with the previous week. The average 30-year fixed-rate mortgage rate rose to 5.02% from 4.89%, the MBA said.
• RBS Weighing Sale of 300 Branches - The Financial Times reports that Royal Bank of Scotland (RBS) is in the process of working on a government-backed plan to sell all of its 312 RBS-branded branches in England and Wales in order to satisfy European authorities. EU Competition Commissioner Neelie Kroes demanded substantial disposals by RBS to compensate for the huge amount of taxpayer support that it had received earlier and also its planned participation in a government toxic asset insurance scheme.
• Bank of Japan Holds Rates Steady - The Bank of Japan left its overnight call rate at 0.1%, as expected, and said Japan's economy has started to "pick up," the second upgrade of economic assessment in as many months. "Public investment has been increasing, and exports and production have also been rising against a backdrop of progress in inventory adjustments both at home and abroad as well as a recovery in overseas economies, especially emerging economies," the BOJ said in a statement.
• Full Slate of Economic Data Scheduled - At 8:30 a.m. EDT, the Commerce Department will post retail sales data for September, which should tumble 2.1% after a 2.7% rise in August. Excluding autos, retail sales should climb 0.2% after a 1.1% rise in August. At the same time, the Labor Department will release import and export price data for September. Later, the Census Bureau will post business inventories data for August at 10 a.m. EDT, while the Federal Reserve will release the minutes from the September meeting of the Federal Open Market Committee at 2 p.m. EDT.
• Capitol Hill In for A Busy Wednesday - The Senate Banking, Housing and Urban Affairs Committee will hold a hearing on the banking industry, with witnesses including Federal Deposit Insurance Corp. Sheila Bair. In addition a House Oversight Committee will hold a hearing on American International Group's (AIG) bonuses.
• Bloomberg Purchasing BusinessWeek - Bloomberg LP is buying BusinessWeek magazine from McGraw-Hill (MHP), although terms were not disclosed. The sale announced Tuesday is expected to close by the end of the year.

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