Mixed Moves

Indices closed out slightly mixed on Friday. Trading ended flat in the wake of mixed earnings details from Wells Fargo. Fourth-quarter profit hit 91 cents a share, which exceeded the consensus estimate of 89 cents. Excluding items, net income was $5.1 billion, which was well beyond an estimate of $4.82 billion. Additionally, annual profits of $18.9 billion marked a record for the bank, however, net interest margin dipped 10 basis points, which was shy of some estimates. On another note, the Census Bureau reported an expansion in the U.S. trade deficit. The gap widened to $48.7 billion in November following a revised $42.1 billion in October. Economists had expected a deficit of $41.3 billion for November. Looking ahead, Bank of America, JPMorgan Chase and Citigroup are set to report quarterly details next week.

Disclosures:
All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing.