FBN's Gasparino Sees JPMorgan's (JPM) CIO Loss at 'Low End' of $4-$5B Range
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Investors and analysts are bracing themselves ahead of JPMorgan's (NYSE: JPM) second-quarter results Friday morning, a report which will include more details into the bank's highly-criticized CIO loss. Deutsche Bank is expecting a loss for the unit of about $4 billion and Wells Fargo is looking for the loss to be around $5 billion. FOX Business Network's (FBN) Charlie Gasparino is the latest to weigh in.
Gasparino, citing recent "trading desk chatter," believes JPMorgan's loss will be near the low end of this $4-$5 billion range. Gasparino said the loss will likely be not as bad as feared due to "muni bonds in that portfolio that they were able to sell at a premium."
Shares of JPMorgan closed down 1.6 percent to $34.04 Thursday, and are getting a slight boost in the after-hours session. The stock is now trading around $34.21.
Stay tuned to StreetInsider's Earnings category to get a breakdown of the results within seconds of the bank's press release.
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Gasparino, citing recent "trading desk chatter," believes JPMorgan's loss will be near the low end of this $4-$5 billion range. Gasparino said the loss will likely be not as bad as feared due to "muni bonds in that portfolio that they were able to sell at a premium."
Shares of JPMorgan closed down 1.6 percent to $34.04 Thursday, and are getting a slight boost in the after-hours session. The stock is now trading around $34.21.
Stay tuned to StreetInsider's Earnings category to get a breakdown of the results within seconds of the bank's press release.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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