Canaccord Genuity Morning Coffee on JP Morgan Chase (JPM): Double Trouble
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Price: $52.29 --0%
Rating Summary:
13 Buy, 6 Hold, 1 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 10 | Down: 17 | New: 15
Rating Summary:
13 Buy, 6 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 17 | New: 15
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Canaccord Genuity Morning Coffee on JP Morgan Chase (NYSE: JPM): Double trouble.
Bloomberg reported Tuesday that JP Morgan’s second-quarter trading loss in its chief investment office may top $4.2 billion, more than double the initial prediction of $2.0 billion. CEO Jamie Dimon stated that losses could grow and it might take the rest of the year to liquidate trades. A Wall Street analyst predicted pre-tax loss would help cut Q2 earnings to $0.65 a share, a 30% decline from an earlier estimate of $0.93. But he highlighted that some of the bank’s core businesses continue to deliver and expects strong mortgage-banking revenue in the quarter combined with realized security gains and a debt valuation gain, will amount to about $2 billion in revenue to offset the trading loss. Excluding the trading losses, DVA and securities gains, he estimates second-quarter operating earnings per share of $0.82.
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Bloomberg reported Tuesday that JP Morgan’s second-quarter trading loss in its chief investment office may top $4.2 billion, more than double the initial prediction of $2.0 billion. CEO Jamie Dimon stated that losses could grow and it might take the rest of the year to liquidate trades. A Wall Street analyst predicted pre-tax loss would help cut Q2 earnings to $0.65 a share, a 30% decline from an earlier estimate of $0.93. But he highlighted that some of the bank’s core businesses continue to deliver and expects strong mortgage-banking revenue in the quarter combined with realized security gains and a debt valuation gain, will amount to about $2 billion in revenue to offset the trading loss. Excluding the trading losses, DVA and securities gains, he estimates second-quarter operating earnings per share of $0.82.
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