Market Roundup (WFC, USB, SPW, RDS.A)

Shares of Wells Fargo & Co WFC fell about 1.42% after the company reported its Q4 profit of $0.61 per share, versus $0.08 per share, in the year-ago period. The bank's revenue dropped to $21.5 billion, from $22.7 billion, in the year-ago period. However, analysts were expecting earnings of $0.61 per share on revenue of $21 billion. Shares of US Bancorp USB dropped about 2.93% after the firm reported 62% y/y rise its Q4 net income. The firm's earnings came in at $0.49 per share, up from $0.30 per share, in the year-ago quarter. Excluding one-time items, the company's earnings came in at $0.46 per share. USB's revenue increased 7.9% y/y to $4.72 billion. However, analysts had expected earnings at $0.46 per share. USB said, "Going forward, we will continue to monitor the improving credit trends and maintain our reserves at the appropriate level, given the company's overall risk profile, all the while preserving, at all times, the strength of our balance sheet." Shares of SPX Corp SPW gained about 2.32% after the company projected its adjusted 2011 earnings of $4.20 to $4.50 per share. However, analysts were expecting earnings at $4.63 per share. "Key macroeconomic drivers continue to indicate growing worldwide demand for power and energy, food and beverage, and vehicle service, especially in emerging markets such as India, Africa and China," SPX said. US energy stocks traded lower, along with the wider equity market. The NYSE Arca Oil Index (XOI) fell about 0.47%, while the NYSE Arca Natural Gas Index (XNG) dropped about 0.51%. The Philadelphia Oil Service Index (OSX) dipped about 1.19%. JP Morgan downgraded Royal Dutch Shell PLC RDS from “overweight” to “neutral.” Read more from Benzinga's Markets.