Stocks Slide at Open, JPMorgan Sinks

U.S. stocks fell at open on Friday, weighed down by a disappointing earnings report from JP Morgan Chase & Co. The Dow Jones Industrial
Average lately lost 85.58 points, or 0.53%, to 16,084.64. The S&P 500 was down 8.40 points, or 0.46%, to 1,824.68. The Nasdaq Composite fell 19.23 points, or 0.47%, to 4,034.88.

JPMorgan Chase (JPM) put up softer quarterly results compared to last year. The bank said earnings per share in the first quarter were

$1.28, compared with $1.59 in the first quarter of 2013. Revenue came in at $23.9 billion, down 8% compared with the prior year. Net
income also fell in the quarter to $5.3 billion from $ 6.5 billion in the first quarter of 2013.

Wells Fargo & Co, the biggest U.S. mortgage lender, reported a better-than-expected 14 percent rise in first-quarter net profit. Net
income applicable to common shareholders rose to $5.60 billion, or $1.05 per share, in the quarter ended March 31 from $4.93 billion, or
92 cents per share, a year earlier.

The prices companies receive for their goods and services jumped in March led by gains for food, clothing, jewelry and chemicals. The
producer price index, which measures price changes before they reach the consumer, rose 0.5 percent in March, the Labor Department said Friday.

Women’s clothing retailer Coldwater Creek Inc on Friday filed for Chapter 11 bankruptcy and plans to go out of business after failing to find a buyer.