JPMorgan Chase & Co. (NYSE: JPM), the second- largest U.S. bank by assets, said third-quarter profit rose almost sevenfold, beating analysts’ estimates as fixed-income revenue surged. Earnings climbed to $3.59 billion, or 82 cents a share, from $527 million, or 9 cents, in the same period a year earlier at the height of the financial crisis, the New York-based company said today in a statement. Twenty analysts surveyed by Bloomberg estimated earnings of 51 cents a share. Chief Executive Officer Jamie Dimon, who repaid the firm’s $25 billion of government rescue funds in June, is capitalizing on his 2008 acquisitions of Bear Stearns Cos. and Washington Mutual’s banking business. Investment-banking revenue from fixed-income jumped to a record $5 billion, compared with markdowns of $3.6 billion a year earlier. -Bloomberg
Intel Corp. (NASDAQ: INTC) has been asserting for months that the personal computer business is rebounding from its deepest slump in nearly a decade. Its stock jumped late Tuesday on signs things are picking up faster than expected, despite a few lingering trouble spots. Intel reported after the market closed that its profit and sales both dipped 8 percent in the July-September period as spending by corporations remained weak, a trend that has dragged on throughout the recession and probably won’t ease until next year. -AOL Money & Finance
World stocks extended 12-month highs hit on Wednesday after results from JPMorgan Chase & Co boosted investor optimism over an economic recovery, sending the dollar to 14-month lows and oil and gold higher. –Reuters
Ciena Corp. (NASDAQ: CIEN) could take a big leap up the network industry ladder if it obtains valuable assets from a bankrupt Canadian rival, but such a major deal also poses hefty risks. Last week, Ciena entered into a "stalking-horse" agreement to buy the optical and Ethernet division of Toronto-based Nortel Networks Corp. in a $521 million deal that would double the size of the Linthicum, Md.-based equipment vendor. Nortel, once the largest company in Canada, has been selling off key assets since filing for Chapter 11 protection in January. -Marketwatch
Most Asian equity markets rose Wednesday, with Chinese stocks getting a bump from reassuring September trade data while the region’s technology stocks were bolstered by an upbeat outlook from Intel Corp. Japanese stocks missed the rally, however, as banks tumbled after Japan Airlines asked for a debt waiver as part of a turnaround plan and U.S. dollar weakness sent exporters lower. But commodity-linked shares rose in Tokyo, in line with the rest of the region, as the dollar’s fall sent gold prices to a record high in Asian hours and crude-oil futures topped the $75-a-barrel mark. China’s Shanghai Composite gained 1.2% and Hong Kong’s Hang Seng Index rose 2%. Japan’s Nikkei 225 Average fell 0.2%, with South Korea’s Kospi gaining 1.2% and Taiwan’s Taiex rising 1.3%. -The Wall Street Journal
Blackstone Group LP (NYSE: BX) Chief Executive Officer Stephen Schwarzman said the worst is behind the private equity industry, as sales at companies it owns stabilize and the firm weighs selling shares through public offerings. “After virtually no realizations over the last year, we’re seeing the beginnings of realizations through sales and equity offerings,” Schwarzman told a private equity conference in Dubai today. “Revenues of most portfolio companies are no longer declining.” Blackstone, the world’s largest private-equity firm, is seeking to lead a resurgence in leveraged buyouts after a two- year drought triggered by the global credit crisis. Blackstone last week announced the biggest private-equity deal of the year, the $2.7 billion acquisition of Anheuser-Busch InBev NV’s amusement park business. -Bloomberg
-Jutia Group
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