Market Updates: Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM), J.C. Penney (NYSE: JCP), Abercrombie & Fitch (NYSE: ANF)

Banks will have to stop charging overdraft fees next summer on debit and ATM card transactions without the permission of the cardholder, according to a rule announced yesterday by the Federal Reserve. Banks have been under pressure for months over the fees, and Bank of America (NYSE: BAC) and JPMorgan Chase (NYSE: JPM), among others, announced in October that they would allow their customers to opt out of overdraft protection, ending practices that consumer advocates despise. –Daily Finance

J.C. Penney (NYSE: JCP) reported a lower quarterly profit today, yet raised its forecast for the full-year to a level that may beat Wall Street expectations, sending shares up nearly 4 percent. The company’s net profit fell to $27 million, or 11 cents/share, for the third quarter ended October 31, from $124 million, or 55 cents a share, a year prior. J.C. Penney reported that sales dropped 3.2 percent to $4.18 billion in Q3. Same-store sales dipped 4.6 percent during the quarter. Analysts had expected a profit of 11 cents/share and sales of $4.18 billion for the quarter. The Plano, Texas-based chain raised its outlook for full-year profit to between 93 cents per share and $1.08/share, compared to analysts average view of $1.05. –Reuters

The U.S. trade deficit widened in September by the most in a decade, reflecting rising demand for imported oil and automobiles as the economy rebounded from the worst recession since the 1930s. The gap grew a larger than anticipated 18 percent to $36.5 billion, the highest level since the beginning of the year, from a revised $30.8 billion in August. Imports leaped the most in 16 years, swamping a gain in exports. –Bloomberg

Abercrombie & Fitch (NYSE: ANF) stated Q3 earnings were $39 million, or 44 cents/share, compared to $64 million, or 72 cents/share, in the same period a year ago. On an adjusted basis, Abercrombie & Fitch earned 30 cents/share. Sales fell to $765 million compared to $896 million. Analysts polled by FactSet Research estimated, on average, earnings/share of 20 cents and sales of $764 million. Same-store sales fell 22% in the quarter.