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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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April 9, 2014
07:18 EDTJPMLevy Economics Institute to hold a conference
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06:35 EDTJPMRegulators increase leverage ratio requirement for large banks, NY Times says
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06:27 EDTJPMBig banks must add capital to comply with new rules, WSJ reports
A of January 1, 2018, the U.S.'s eight largest banks -- including Citigroup (C), JPMorgan (JPM) and Goldman Sachs (GS) -- must add up to $68B in extra capital to comply with a new rule intended to help firms weather losses during periods of market stress, the Wall Street Journal. The banks will be required to maintain well above the minimum levels of capital held against assets on their books. Banks must report the new levels next year. Reference Link
April 8, 2014
07:28 EDTJPMSecurity Innovation Network to hold a forum
IT Security Entrepreneurs Forum: ITSEF 2014 is being held in Mountain View, California on April 8-9.
07:26 EDTJPMElsevier Business Intelligence to hold a conference
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April 7, 2014
19:57 EDTJPMFederal Reserve announces extension on some CLOs
The Federal Reserve Board announced that it intends to exercise its authority to give banking entities two additional one-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations, or CLOs, covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as the Volcker rule. Section 619 of the Dodd-Frank Act directed the board to adopt rules for the conformance period and the board previously extended the conformance period for all activities and investments by one year to July 21, 2015. To ensure effective compliance, the board intends to grant banking entities two additional one-year extensions, which together would extend until July 21, 2017, to conform their ownership interests in and sponsorship of CLOs to the statute. Publicly traded companies that may be impacted by the announcement include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
08:56 EDTJPMJPMorgan, U.K.'S DFID, CDC to invest $20M combined in Novastar Ventures
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April 4, 2014
10:02 EDTJPMOn The Fly: Analyst Upgrade Summary
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07:20 EDTJPMJP Morgan April volatility up into Q1 and outlook for capital return
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06:42 EDTJPMJPMorgan selling part of retirement business to Great-West, WSJ reports
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06:36 EDTJPMJPMorgan upgraded to Outperform from Neutral at Macquarie
Macquarie upgraded JPMorgan to Outperform from Neutral based on relative valuation, improving U.S. and European economies, improving business mix and potential for increased buybacks. Price target raised to $68 from $62.
April 3, 2014
18:40 EDTJPMJPMorgan restructures chief investment office, FT says
JPMorgan has restructured its chief investment office, the unit that housed the "London whale," combining its CIO and treasury unit, reports The Financial Times, citing people familiar with the matter. Reference Link
14:01 EDTJPMJPMorgan to sell large-market 401(k) recordkeeping business
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13:13 EDTJPMJPMorgan names Canavari Chief Brand Officer for Chase
JPMorgan Chase announced that Susan Canavari will join the firm as Chief Brand Officer for Chase. In this newly created role, Canavari will lead strategy and development for the consumer brand, including advertising, creative services and social media marketing. Canavari will report to Kristin Lemkau, the firm’s Chief Marketing Officer. Canavari joins Chase from mcgarrybowen, where she was Managing Director and lead on the JPMorgan Chase account.
06:52 EDTJPMJPMorgan eases tension with Russian embassy by processing payment, Reuters says
JPMorgan is processing a payment from Russia's embassy in Kazakhstan to insurance agency Sogaz in an effort to ease tension after Moscow accused the firm of illegally blocking the transaction under the pretext of sanctions, according to Reuters, citing a company statement from the U.S. bank. Reference Link
April 2, 2014
13:53 EDTJPMJPMorgan commodity chief Masters leaves bank, WSJ says
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12:45 EDTJPMJPMorgan's Blythe Masters to leave company, DJ reports
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08:43 EDTJPMNAREIT to hold a conference
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06:56 EDTJPMJPMorgan reprimanded by Russia as bank blocks payment, Bloomberg says
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06:22 EDTJPMBank overdraft fees hitting highs, WSJ reports
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