This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Stocks to Watch: American Express, Wells Fargo, Chevron

Stocks in this article: WFC CVX AXP AAPL INFY BA

NEW YORK -- American Express (AXP - Get Report) said Thursday it was cutting 5,400 jobs, or about 8.5% of its work force, and would take fourth-quarter restructuring charges of $742 million.

American Express also announced fourth-quarter charges of $153 million for "cardmember reimbursements for various types of transactions dating back several years. This amount deals with fees, interest and bonus rewards as well as an incremental expense related to the consent orders entered into with regulators last October."

The charges totaled $594 million after taxes and American Express said that its fourth-quarter net income fell to $637 million, or 56 cents a share, from $1.19 billion, or $1.01 a share, in the year-earlier period.

Excluding special items, American Express said fourth-quarter adjusted net income was $1.2 billion, or $1.09 a share. Analysts were expecting fourth-quarter earnings of $1.06 a share.

American Express Slashes Workforce, Takes Charge


Wells Fargo (WFC - Get Report) is expected by Wall Street to report fourth-quarter earnings Friday of 88 cents a share on revenue of $21.29 billion.

Wells Fargo is the first of the major U.S. banks to report earnings.

Buy-Rated Big-Bank Stocks to Trade Pre-Earnings


Chevron (CVX - Get Report) said Thursday that fourth-quarter earnings would be "notably higher" than third-quarter profit, getting a lift from bigger gains on asset sales and more oil and gas production.

Chevron, the nation's second-biggest oil company, earned $5.25 billion, or $2.69 a share, in the third quarter.

Chevron is expected by analysts to report earnings of $3.03 a share in the fourth quarter. It reports earnings on Feb. 1.


Apple's (AAPL - Get Report) Phil Schiller, the tech giant's senior vice president of worldwide marketing, reportedly nixed rumors swirling about a cheaper iPhone in an interview with The Shanghai Evening News.

In a translation obtained by The Next Web, Schiller spoke about the speculation of a cheaper iPhone, saying this will "never be the future of Apple products." Schiller, instead, reiterated the company's commitment to building premium products.

Apple Nixes Cheap iPhone Chatter: Report


Boeing's (BA) 787 Dreamliner jet suffered a cracked cockpit window and an oil leak on separate flights in Japan on Friday, Reuters reported. Earlier this week, an All Nippon Airways 787 flight in Japan was canceled after the crew discovered an error message related to the plane's braking system.

The latest mishap brings to five the number of incidents the Dreamliner has suffered this week.


India's Infosys (INFY) saw profits in the December quarter decline less than expected and raised its annual revenue forecast to $7.5 billion from $7.3 billion.


-- Written by Joseph Woelfel



>To contact the writer of this article, click here: Joseph Woelfel

>To submit a news tip, send an email to: tips@thestreet.com.

Copyright 2013 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,329.44 -87.41 -0.50%
S&P 500 2,009.15 -12.10 -0.60%
NASDAQ 4,665.8320 -17.5750 -0.38%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs