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Stock Market & Financial Investment News

News Breaks
April 10, 2014
13:33 EDTJPMEarnings Preview: Analysts mixed on JPMorgan into Q1 results
JPMorgan (JPM), a financial holding company, is scheduled to report first quarter earnings before the open on Friday, April 11, with a conference call scheduled for 8:30 am ET. EXPECTATIONS: Analysts are looking for earnings per share of $1.40 on revenue of $24.53B, according to First Call. The consensus range for EPS is $1.28-$1.54 on revenue of $23.19B-$25.42B. LAST QUARTER: JPMorgan reported higher than expected Q4 earnings, excluding certain items, and slightly lower than expected revenue. The bank’s provision for credit losses tumbled $552M versus the same period a year earlier to $104M, but its mortgage application volumes sank 52% to $31.3B. The net income generated by JPMorgan’s Card, Merchant Services & Auto jumped 23%, year-over-year, and its net income from its mortgage banking unit surged 34%. Its real estate portfolios generated net income of $1.2B, up from $410M. The company’s mortgage production unit generated a $274M loss, and net revenue from its corporate and investment bank dropped to $6.02B from $7.6B in the year-ago period. The bank predicted that its net interest income and net interest margin would be relatively stable in the near-term. On March 26, the bank announced that the Fed had approved its plan to increase its dividend to 40c from 38c and repurchase $6.5B of its own stock. STREET RESEARCH: On April 9, RBC Capital cut its estimates for JPMorgan, but noted that JPMorgan has strong earnings power and a best-in-class management team, and kept a $67 price target and Outperform rating on the shares. More upbeat on JPMorgan was Macquarie, which upgraded the stock to Outperform from Market Perform in a note to investors on April 4. JPMorgan is one of the cheapest ways for investors to benefit from improving U.S. and European economies and increasing short-term interest rates, the firm contended. Additionally, JPMorgan’s asset management business should generate a higher share of the company’s core earnings going forward, Macquarie predicted. This change should be positive for the stock, as asset management companies tend to get high valuations, the firm reported. The firm raised its price target on the shares to $68 from $62. PRICE ACTION: JPMorgan’s stock is little changed this year, but down about 3% in trading this afternoon ahead of tomorrow's earnings report.
News For JPM From The Last 14 Days
Check below for free stories on JPM the last two weeks.
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August 29, 2014
06:49 EDTJPMJPMorgan cyber attack said to occur over months, Bloomberg says
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August 28, 2014
08:12 EDTJPMJPMorgan says not seeing 'unusual fraud,' safeguarding information, WSJ reports
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05:55 EDTJPMHackers targeted JPMorgan Chase, 'at least' four other banks, NY Times reports
According to four sources, JPMorgan Chase and "at least" four others were targeted by hackers in a series of attacks this month, the New York Times reports. Hackers infiltrated the computer networks of some banks and stole checking and savings account information from clients, two separate sources say. Security experts and government officials say it is unclear whether Russian hackers are to blame for the attacks. Reference Link
August 27, 2014
15:37 EDTJPMFBI investigating whether Russia involved with JPMorgan hacking, Bloomberg says
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15:20 EDTJPMHackers stole data from JPMorgan, another U.S. bank this month, Bloomberg says
08:00 EDTJPMSEC seen completing rules on MBS detail disclosures, WSJ says
The Securities and Exchange Commission is expected to complete rules requiring banks and other financial institutions to give investors greater detail about the quality of mortgages and other loans pooled into bonds known as asset-backed securities, reported The Wall Street Journal. Publicly traded big U.S banks 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
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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