On the upside
JPMorgan Chase (NYSE: JPM) reported profits that fell by more than half due to significant loan losses, but the results were better than expected.
Ohio-based Huntington Bancshares (Nasdaq: HBAN) reported higher 2nd quarter earnings, but lowered its full-year forecast setting aside reserves for loan losses.
Shares of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) rallied again on hopes that they would remain viable companies as along as a segment of the banking industry continued to perform.
On the downside
Coca-Cola (NYSE: KO) posted lower profits on higher revenues after the world's biggest beverage company took a one-time charge to cover its acquisition of Glaceua's Vitaminwater for $4.1 billion last June.Online auction service provider EBay (Nasdaq: EBAY) posted a strong 2nd quarter report, but the company offered a mixed outlook for the rest of the year.
Bank of New York Mellon (NYSE: BK) reported smaller profits for the 2nd quarter. The recently merged company also took a charge related to an April court ruling involving leveraged leases.
In the broad market, advancing issues outpaced decliners
by a margin of more than 2 to 1 on the NYSE and by a margin of 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap
stocks rose 1 point to 688.
