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Morning Market Roundup: Blitz by Google, JPMorgan, and Wells Fargo

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Google: Google reported strong first quarter earnings, beating earnings per share estimates; the company essentially announced a 2-for-1 stock split along with a new class of nonvoting shares.

These new Class C shares will have a different ticker but there are identical to Google’s Class A/B shares sans the non-voting rights. Google’s Larry Page, Sergey Brin, and Eric Schmidt will maintain their same voting and economic interests regardless if they sell the non-voting Class C shares.

JPMorgan Chase: The bank’s net income fell to $5.4 billion ($1.31 per share) vs. $5.55 billion ($1.28 per share) a year earlier. This is a decline of 3 percent from the year-earlier quarter. JPMorgan Chase & Co. beat the mean analyst estimate of $1.17 per share.

Wells Fargo: Wells Fargo’s net income rose to $4.25 billion (75 cents per share) vs. $3.76 billion (67 cents per share) in the same quarter a year earlier. This marks a rise of 14 percent from the year-earlier quarter. Revenue was $21.64 billion last quarter. Wells Fargo & Co. beat the mean analyst estimate of 73 cents per share. It beat the average revenue estimate of $20.42 billion.

Asia: China’s growth has slowed as its first quarter GDP grew 8.1 percent year over year, coming in below 8.3 percent expectations and 2011′s 8.9 percent growth. Other figures released included industrial production at 11.9 percent as compared to the previous year but higher than 11.4 percent estimates. Retail sales came in at 15.2 percent vs. 15.1 percent.

With the weak numbers, China’s central bank may take further policy action including the dropping of bank reserve requirements.

EU: In March, Spanish banks’ ECB borrowings rose almost 50 percent to €227.6 billion, as it took 29 percent of the bank’s February long-term refinancing operations, reported Bloomberg.

“A consequence of the (LTRO) is that the correlation between sovereign risk and banking risk increased all over Europe,” Spain’s Economic Minister Luis de Guindos said.

[Editor’s note: the above is a cross post that originally appeared on Wall St. Cheat Sheet.]

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