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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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December 1, 2015
17:15 EDTJPMOn Deck Capital confirms working with JPMorgan on strategic partnership
On Deck Capital (ONDK) confirms that it is working with JP Morgan Chase Bank (JPM) in connection with a strategic partnership whereby JPM will use the company's small business lending platform and the OnDeck Score to serve its small business customers. The company is in the process of building out its integration with JPM and finalizing definitive agreements regarding the Strategic Partnership. The company expects the Strategic Partnership to commence operations in 2016. The Strategic Partnership is the latest example of both the company's platform-as-a-service technology and its strategy of partnering with major financial institutions to serve more small business customers.
16:01 EDTJPMOptions Update; December 1, 2015
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10:43 EDTJPMJPMorgan CEO: Bank planning venture with peer-to-peer lender, Bloomberg says
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09:30 EDTJPMPerion Network receives equity investment from JPMorgan Asset Management
Perion Network Ltd. (PERI) announced it has completed an equity private placement of approximately $10M from an advisory client of J.P. Morgan Asset Management (JPM). This investment is in addition to an existing J.P. Morgan client investment in the company. Proceeds from the investment will go toward general corporate purposes. Additionally, the company secured a credit facility of approximately $20M from LeumiTech, the technology banking arm of Bank Leumi le-Israel B.M.
November 30, 2015
14:41 EDTJPMJPMorgan hired friends, family members of China IPO clients, WSJ says
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November 27, 2015
08:40 EDTJPMLarge Banks reduce number of loans to small businesses, WSJ says
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November 25, 2015
12:46 EDTJPMFederal Reserve approves final rule for capital plan and stress test regulations
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November 24, 2015
15:05 EDTJPMFed to provide means for banks examiners to express divergent views
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10:20 EDTJPMJPMorgan asks users of Quicken to verify data, WSJ reports
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November 23, 2015
09:00 EDTJPMChase Visa cardholders can now use Samsung Pay
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November 18, 2015
08:55 EDTJPMMorgan Stanley exec sees Q4 not much better than Q3 for banks, DJ reports
Morgan Stanley (MS) Institutional Securities President Colm Kelleher cautioned that fixed-income markets "still seem subdued," according to Dow Jones, citing his comments at an investment conference. Morgan Stanley was among the banks that reported lower revenue from fixed-income, currency and commodities trading during the third quarter and Kelleher said he doesn't think "the fourth quarter is going to be much better," the report noted. Large bank peers to Morgan Stanley include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
November 17, 2015
18:34 EDTJPMU.S. pursuing criminal charges against JPMorgan, RBS executives, WSJ says
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07:50 EDTJPMClearing House to hold a conference
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07:48 EDTJPMBofa/Merrill to hold a conference
Banking & Financial Services Conference 2015 is being held in New York on November 17-18.

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