Tuesday’s First Moves: WFC Mixed Earnings, JNJ Beat & Raise, DPZ Slides

micron, Marvell, Arista Networks are all lower. We continue to follow some of the movers here names to watch. And I'm joined by Diane King Hall looking as we continue on the banks. And and te is all about Wells Fargo. Let's touch on that one. Good morning Diane. Ye Similar to across the board a mixed bag right. Wells Fargoed results. When we look at both the top and bottom line. Although the CEO saying cg and their consumer business is strong, but mixed in terms of its headline level results, earnings coming in at k 87 per share, that was better than expeOn the b line, the Street was looking for a buck 85 revenue, comingn at 21.87 billion. The street was looking for 22.32 billion, so that was weaker than expected on revenue. So that's a miss there. So modest earnings beat. But the revenue and interest income actually fell short of estimates. Net interest income did increase 5% to 12.52 billion. But again that was we than expected. This is the money that Wells earns on loans and investments after payingnterest to depositors. There is a key metric that investors often look at for across the banks. Here are larger loan and investment balaelped along with older fixed rate assets, just tt. So that was on the helping side. But offsetting that growth was lower rates on floating rate assets and higher depositts as more commercial customers just hold interest payin accounts, consumer health behavior looks better overall, EO says consumers are spending more, delinquencies remain low, and d and investment balances have grown. In fact, that in terms of er banking, where you see the momentum primarily checking accounts, they'vewn year over year for 14 quarters in a row there, they've more than 650,000 credit card accounts. Premier client assets increased 10%. They sayveragecoo Wells is adding custo Soat's ont investors focusing more on the weaknessere. And so you can see shares of shaving this morning little bit off the lows but under some pre extending some of the weakness we've seen so far this year in Wells Fargo. Yeah right hert 9:27 a.m. the CEO, the CFO of Wells Fargo said trading activity slowed sharply in the final weeks of September, which you t on. I don't necessarily love that part of the story. Citi us that they want to wait and see the macro outlook, the market ions, even profits have been soaring. So there is even though these numbers are mostly numbers can't deny it. There still is this sense of ction. talk about Johnson and Johnson. That's a great breakdown there in terms of the banks t And obviously a hat tip to Jane Frazier over there at Citi for those better expected overall numbers. But we know that stock has been dinged over in J's a weaker picture there. Those shares under pressure down by about 4%. Even though J&J did beat expectations on the on the bottom line, earnings coming in at 2 per share. The street was looking for53.heir revenue also a slim beat there at 25.4 billion, the street was looking for 25.25on there for J&J, but they flagged some were some i on med tech. That was the weakest spot there. And some of that has to do th geopolitical conflict. They mentioned sales outside the U.S. were essentially flat there. Again,evenue 25.4 billion, total 25 point. And about a quarter billion was what was expected there. The drug business is what power growth here you had pharmaceuticals leading there. Those sales surged 68% Stelara that did decline. There's been competition in that space, but they've been looking for oth ways to offset that. So you had some offsetting of that decline in s there. But med tech again is the is the weakness here. Med tech s rose, but by just 2.5% to 8.6 billion. that was below expectations. The company flagged the Middle East conflict. They told Reuters about this. And then European austerity measures and pricing pressure in China. So it's the bigger picturegloballye weakness in med tech sales. And that's why that stock is beingn% right now. And last but not least, let's touch on Domino's which is down 4% as well. So this is a read through on the consumer. Obvious Domino's did actually do better than expected. But thosemparable there is some concern here on the top line. They earned one or revenue of 1.186 billion. That was better than expected earnings coming in at 4.60. The stre just looking for 4.36, but comps just increased slightly, up0 of a percent. Now it is actually an improvement from the por quarter, where we saw just an increase of a 10th of a percent there. But there's still slow growth here at its existingcatis increased 2/10 of a percent. And this is tough comparison though, because last year you saw comps increase 5.2%. So when you compare it on a year over year basis, an increase of 3/10 of a percent versus an increase of 5.2%, that is tough comps. So it shows that the inflation inflation rather, and where there may be cutting back, Domino's has been putting in promos and whatnot to try to help stir some momentum there. We'll continue to watch this one. All right. And look we have tech and industrials