Ameriprise Financial Moving Higher After Earnings (AMP)

Ameriprise Financial AMP reported net income of $259 million for the second quarter of 2010 compared to $95 million for the second quarter of 2009. Net income per diluted share for the second quarter of 2010 was $0.98 compared to $0.41 a year ago. This compares to Wall Street estimates of $0.77. Net revenues were $2.379 billion compared to $1.876 billion in the year ago period. Analysts had consensus revenue estimates of $2.32 billion. In the after hours trading session, AMP has jumped 2% to $39.06. Our strong financial results for the quarter reflect the strength of our diversified business," said Jim Cracchiolo, chairman and chief executive officer. "Each of our segments performed well, led by stronger earnings in Advice & Wealth Management and Asset Management. Client activity and advisor productivity continued to improve despite the on-going volatility in the markets."