Earnings Watch News: Alcoa Inc (AA), JPMorgan Chase & Co. (JPM), Wells Fargo & Co (WFC)

…JPMorgan Chase & Co. (NYSE:JPM) cut the stock’s rating. BioCryst Pharmaceuticals Inc. (BCRX) surged 20 percent as China expedited the approval of its anti- influenza drug Peramivir. Lufkin Industries Inc., a maker of oil-well pumps, jumped 38 percent as General Electric Co. (GE) agreed to buy the company.

Today’s Mortgage Rates: Wells Fargo Refinance Mortgage Rates for April 8, 2013 (Eastern Morning Herald)
Wells Fargo & Co (NYSE:WFC) is a top bank in the United States offering several options for home refinancing. The bank takes in loans with conforming balances, larger amounts, and jumbo balances. It also offers loans that are insured by the FHA (Federal Housing Administration) for borrowers with low credit scores. The 30-year fixed rate home refinance mortgage for conforming loan balances carries a mortgage rate of 3.5% and an APR (annual percentage rate) of 3.663%, unchanged from Friday’s rates. The 30-year fixed rate FHA-backed loan for conforming amounts is quoted at an interest rate of 3.25% and a corresponding APR of 4.324%, same as the previous quotes.

NY attorney general says JPMorgan wrong in claiming case was filed too late (Thomson Reuters News & Insight)
New York Attorney General Eric Schneiderman defended his $22.5 billion lawsuit against JPMorgan Chase & Co. (NYSE:JPM) in the face of the bank’s claims that the mortgage-backed securities case was brought too late and and was too vague to go forward. In a filing late Friday in New York state Supreme Court in Manhattan, Schneiderman said the nation’s largest bank was wrong when it argued the case was defective and should be dismissed because it was filed after a three-year statute of limitations. Schneiderman said New York law gives the attorney general six years to file investor fraud claims under the Martin Act, a securities fraud statute. He also said the complaint included the necessary particulars to pursue the claims.