JPMorgan Chase stock rises after upbeat revenue outlook

Investing.com -- JPMorgan Chase (NYSE: JPM) shares rose 1% on Tuesday after the bank provided an upbeat revenue outlook at a Barclays conference, reversing earlier losses in the trading session.

JPMorgan Co-President Doug Petno said the bank expects third-quarter investment banking fees and markets revenue to be up by mid-to-high teens. The forecast represents a sharp contrast to Bank of America’s warning earlier this week that its trading revenue would be relatively flat compared to a year ago.

Petno said the firm is seeing broad-based strength across all products and geographies. He noted that management sees a strong investment banking pipeline continuing into the quarter.

"We started the year with a strong pipeline. We started this quarter with a strong pipeline that continues," Petno said at the conference.

The co-president added that the expected third-quarter revenues would reflect a seasonal sequential decline relative to the second quarter, which was a record quarter for the bank. However, he characterized the outlook as nevertheless a very strong quarter for both markets and banking.

"And there again we would expect third-quarter revenues to be up mid to high teens. And that would reflect an expected seasonal sequential decline relative to Q2, which was a record quarter for us, but nevertheless, a very strong quarter is expected for markets as well as banking," Petno said.

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