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Stock Market & Financial Investment News

News Breaks
January 15, 2013
13:31 EDTJPMEarnings Preview: Outlook mixed into JPMorgan's Q4 results
JPMorgan (JPM) is scheduled to report Q4 earnings before the open on Wednesday, January 16, with a conference call scheduled for 9:00 am ET. JPMorgan is a bank that engages in investment and commercial banking, as well as other financial services. EXPECTATIONS: Analysts are looking for EPS of $1.16 on revenue of $24.42B, according to First Call. The consensus range for EPS is 98c-$1.29 on revenue of $23.05B-$26.55B. LAST QUARTER: JPMorgan reported Q3 EPS of $1.40 against estimates for $1.21, on revenue of $25.15B against estimates for $24.53B. Last quarter the bank reported that the credit metrics of its mortgage banking business had improved modestly, enabling it to lower its related loan loss reserves by $900M. However, JPMorgan added that it expected to see high default related expenses for awhile longer. The credit trends in the bank’s credit card portfolio continued to improve, and its capital reserves increased. Investment banking fees jumped 38% compared with the same period in 2011, but fixed income and equity markets revenue was flat. On November 8, the bank announced that it had received permission from the Fed to buy back up to $3B of its stock in 1Q13. On the legal front, the bank agreed on November 16 to pay $297M to settle charges by the SEC that the bank and its Bear Stearns subsidiary had misled investors in mortgage-backed securities that they issued. On December 4, JPMorgan CFO Marianne Lake said the bank’s mortgage business was benefiting from low interest rates, while it could offset the pressure on its net interest margin through net interest income. It also said its Q4 mortgage banking origination levels would be at or above Q3 levels, while its total quarterly net charge-offs would come in below $600M. On January 9, the bank said that it expected to take a $700M pre-tax charge for Q4 related to the settlement of improper foreclosure charges. STREET RESEARCH: On January 3, Sterne Agee upgraded the bank’s stock to Buy from Neutral, due to improved unit performance in large corporate/middle market lending and mortgage banking, improving credit quality, respectable loan growth, and its dominant market share position. Conversely, on January 4, Goldman Sachs lowered its rating on JPMorgan to Buy from Conviction Buy, citing what it sees as a lack of earnings catalysts, and relative valuation. Goldman had a $52 price target on the stock. PRICE ACTION: Over the last three months, JPMorgan’s stock has risen almost 9% to above $46, after reaching a trough of ~$39 in mid-November.
News For JPM From The Last 14 Days
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August 21, 2014
08:31 EDTJPMMorgan Stanley, JP Morgan selected by Shake Shack to lead IPO, Reuters says
JP Morgan (JPM) and Morgan Stanley (MS) have been picked by Shake Shack to lead the fast-food restaurant chain's IPO, sources tell Reuters. The offering could come as early as this year. Reference Link
06:43 EDTJPMRegulators up bank warning efforts for poor risk assessment, Reuters says
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August 20, 2014
18:29 EDTJPMBofA, JPMorgan weigh plans to raise salaries for junior bankers, Bloomberg says
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August 15, 2014
07:35 EDTJPMJPMorgan reports July net credit losses 2.59% vs. 2.83% last month
Reports July delinquency rate 1.32% vs. 1.33% last month.
August 14, 2014
17:27 EDTJPMAppaloosa gives quarterly update on stakes
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August 13, 2014
06:19 EDTJPMBanks pressing Federal Reserve to delay rule on investments, WSJ says
Banks are pushing U.S. policy makers for a delay of a rule that requires them to sell investments in private-equity and venture-capital funds, reports the Wall Street Journal. According to people familiar with the effort, bank officials, trade groups and lawmakers are lobbying the Federal Reserve to delay the rule for up to seven years that limits banks' investments. Reference Link
August 12, 2014
07:48 EDTJPMBanks posted second-highest profit in 23 years in second quarter, WSJ says
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August 11, 2014
16:27 EDTJPMJPMorgan to sell 50% of portfolio companies held by One Equity Partners
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14:58 EDTJPMJPMorgan to sell about half of One Equity Partners pe unit, DJ says
JPMorgan plans to sell about $2B in portfolio companies of One Equity and retain ownership of roughly half of portfolio companies, said Dow Jones, citing sources.
August 8, 2014
12:38 EDTJPMSEC probing JPMorgan over potential conflicts of interest, WSJ says
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07:23 EDTJPMLevin probe of Goldman, JPMorgan commodity trading nears end, Reuters says
Senator Carl Levin's investigators have met with representatives from Goldman Sachs (GS) and JPMorgan (JPM) in recent weeks as his office wraps up its probe of the bank's commodity trading businesses, which could potentially reveal abuses in energy and metals markets, according to Reuters, citing sources familiar with the matter. Executives from the banks may appear at a hearing as early as September, the report added. Reference Link
07:18 EDTJPMRegulators direct banks to steer mortgage aid to hard-hit areas, FT says
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06:30 EDTJPMCitigroup, Accenture employ tech workers in Argentina, Bloomberg says
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August 7, 2014
08:23 EDTJPML.A. suit against JPMorgan over mortgage lending dismissed, Reuters reports
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