JPMorgan Chase (JPM) Is Getting Crushed As Investors Worry About Q2 Results
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JPMorgan Chase & Co. (NYSE: JPM) is just getting creamed Thursday as investors are dreading second quarter results due on July 13th.
Trading losses promise to dampen EPS for the quarter and questions are abound about how large the London Whales losses have gotten. First disclosed at $2 billion, losses have grown to $4-$6 billion and maybe even as high a $9 billion.
Although EPS estimates have been ratcheted down 12 percent over the past month, analysts still see the company earning on average of $0.79 per share. This could prove be a high bar to beat considering all the problems.
Piling-on the JPMorgan bandwagon, Meredith Whitney downgraded the stock to Hold on Tuesday.
Shares of JPM last traded down 4 percent, versus a 1.5 percent down move in the Financial Select Sector SPDR (NYSE: XLF).
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Trading losses promise to dampen EPS for the quarter and questions are abound about how large the London Whales losses have gotten. First disclosed at $2 billion, losses have grown to $4-$6 billion and maybe even as high a $9 billion.
Although EPS estimates have been ratcheted down 12 percent over the past month, analysts still see the company earning on average of $0.79 per share. This could prove be a high bar to beat considering all the problems.
Piling-on the JPMorgan bandwagon, Meredith Whitney downgraded the stock to Hold on Tuesday.
Shares of JPM last traded down 4 percent, versus a 1.5 percent down move in the Financial Select Sector SPDR (NYSE: XLF).
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