BUZZ - U.S. bank stocks: JPMorgan and Goldman Sachs rise, while Wells Fargo falls after releasing Q3 financial results

Goldman Sachs Latest Updates

October 13 - Goldman Sachs GS.N

** Shares rise 1.8% in pre-market trading

** The bank reported an increase in third-quarter profits (link), driven by a surge of 72% in equity trading revenue

** Market volatility spurred active trading, with equity trading revenue soaring 72% to $6.44 billion; investment banking fees also rose a surprising 21% to $3.22 billion, offsetting the overall slowdown in the M&A market

** As of the close of the previous trading day, Goldman Sachs stock has risen about 1.7% year-to-date

JPMorgan JPM.N

** The company reported increased third-quarter profits, though M&A momentum slowed compared to the previous quarter, with shares rising 1.6% in pre-market trading

** The bank (link) reported that investment banking revenue fell 8% from the second quarter, but the division's revenue increased 14% from a year earlier

** According to LSEG data, the average rating from 27 analysts on the stock is "Buy," with a median price target of $370

** As of the close of the previous trading day, JPMorgan (JPM) shares have risen about 3.7% year-to-date

Wells Fargo WFC.N

** After reporting a rise in third-quarter profits (link), shares fell 1.3% in pre-market trading

** The fourth largest U.S. lender reported net income of $5.95 billion, or $1.87 per share, compared to $5.59 billion, or $1.66 per share, a year earlier

** Wells Fargo stated that despite uncertain economic prospects, its customers remain in good financial condition; however, shares nonetheless fell as investors remain cautious about the prospect of further Fed rate hikes impacting the sector

** As of the close of the previous trading day, the stock has fallen approximately 10.6% year-to-date

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