Morgan, Wells: Wednesday's Headlines

(Updated with earnings from Wells Fargo, Morgan Stanley, Northrop, Freeport-McMoRan.)

NEW YORK (TheStreet) -- Here are the top stock market headlines for the morning of Wednesday, Oct. 21, 2009.

Wednesday's Earnings Roundup

• Wells Fargo (WFC Quote) reported a third-quarter profit of $3.24 billion, or 56 cents a share, coming in well ahead of the Thomson Reuters average estimate of 37 cents a share. Wells said current projections show credit losses peaking in 2010, with consumer losses potentially peaking in first half of the year and gradually declining, absent further economic deterioration. The bank did say that third quarter net charge-offs were $5.1 billion, compared with second quarter net charge-offs of $4.4 billion.
• Morgan Stanley (MS Quote) notched a third-quarter profit of $757 million, or 38 cents a share. Revenue climbed 13% from a year ago to $8.67 billion. On average, analysts were looking for a profit of 27 cents a share on revenue of $7 billion.
• Boeing (BA Quote) posted a third-quarter net loss of $1.56 billion, or $2.23 a share, swinging from a year-ago profit of 96 cents a share. Analysts were looking for a loss of $2.12 a share, according to Thomson Reuters. Revenue rose 9% from last year to $16.7 billion, falling short of the $17.16 billion consensus. Boeing also dropped it earnings guidance for 2009 to between $1.35 and $1.55 a share, from $4.70 to $5.00 a share, due to a 787 cost reclassification and a charge for increased costs of the 747. Boeing did affirm full-year revenue guidance of $68 billion to $69 billion, which is above consensus.
• Altria (MO Quote) reported third-quarter earnings of $882 million, or 42 cents a share, nearly unchanged from the year-ago quarter. Excluding one-time items, Altria earned 48 cents a share, beating the average analyst estimate of 46 cents a share. Revenue rose 20% from a year earlier to $6.3 billion, well above the Thomson Reuters consensus of $4.65 billion.
• Eli Lilly (LLY Quote) swung to a third-quarter profit of $941.8 million, or 86 cents a share. Lilly said adjusted third-quarter earnings totaled $1.20 a share, better than the Thomson Reuters average estimate of $1.02 a share. Revenue in the quarter rose to $5.56 billion from $5.21 billion last year and came in above analysts' views of $5.41 billion.
• Northrop Grumman (NOC Quote) said it had third-quarter earnings of $490 million, or $1.53 a share, while revenue rose 4% from a year ago to $8.73 billion. Analysts were looking for a profit of $1.18 a share on revenue of $8.58 billion, according to Thomson Reuters. Northrop also raised its full-year earnings guidance to a range of $5 to $5.15 a share, up fro the previous range of $4.65 to $4.90 a share and better than the consensus target of $4.85 a share.
• Freeport-McMoRan (FCX Quote) reported a third-quarter profit of $925 million, or $2.07 a share, up sharply from a year ago. Revenue dropped 10.2% from a year ago to $4.14 billion. The Thomson Reuters consensus estimate was for earnings of $1.34 a share on revenue of $4.24 billion.