BMO Capital Cuts Price Target on JPMorgan (JPM) Following 2Q Report

Wells Fargo management prodded on expenses after profit decline

July 15, 2016 8:18 AM EDT

By Dan Freed and Nikhil Subba

(Reuters) - Top Wells Fargo & Co (NYSE: WFC) executives were grilled by analysts on Friday about whether they're doing enough to control expenses after the bank reported a drop in second-quarter profit.

Like its big bank peers, Wells Fargo has been challenged by a prolonged period of historically low interest rates, which only fell further in the second quarter.

Even as the San Francisco-based lender extended more loans, its profits fell 3.5 percent because it has started setting aside more money for possible losses in the... More

Citi beats expectations, bets on consumers amid low rates

July 15, 2016 8:06 AM EDT

By David Henry and Sweta Singh

(Reuters) - Citigroup is betting on U.S. consumers and multi-national corporate clients to navigate lower interest rates after a rebound in trading helped it beat Wall Street's subdued expectations for the second quarter.

A burst in client demand for currencies and bonds in the wake of Britain's vote to leave the European Union, along with a drop in the amount of money set aside to cover soured loans, meant Citi reported a 14 percent fall in net profit, far less than the 25 percent slide Chief Executive Officer Michael Corbat had... More

Nomura Securities Cuts Price Target on JPMorgan (JPM) to $66 Following 2Q Report

July 15, 2016 7:11 AM EDT

Nomura Securities reiterated a Neutral rating on JPMorgan (NYSE: JPM), and cut the price target to $66.00 (from $67.00), following the company's 2Q earnings report. JPM reported EPS of $1.55, primarily driven by better results in CIB. JPM reiterated its guidance for 2016, with management incrementally more constructive on NII.... More

Pre-Open Stock Movers 07/14: (SUNW) (CREE) (YUM) (JPM) Higher; (ACHN) (LXU) (SUM) Lower (more...)

July 14, 2016 9:27 AM EDT

Today's Pre-Open Stock Mover:

Sunworks, Inc. (NASDAQ: SUNW) 16.5% HIGHER; announced today that Amazon has contracted with Sunworks to oversee the rooftop solar installations of 1 Megawatt mounted projects in both Reno, Nevada and Windsor, Connecticut. Sunworks was selected based on its history, experience and reputation as a quality solar provider.

Cree, Inc. (Nasdaq: CREE) 9.4% HIGHER; announced execution of a definitive agreement to sell its Wolfspeed... More

JPMorgan (JPM): Consensus Too Aggressive Despite Beat, Reiterate Neutral - Nomra

July 14, 2016 9:06 AM EDT

Nomura Securities analyst Steven Chubak, noted that JPMorgan (NYSE: JPM) reported 2Q16 EPS of $1.55 ($1.51 excluding ~$200mn Visa Europe gain, with tax / litigation specials largely equal and offsetting), which exceeded both Nomura's $1.40 and cons. of $1.42. The beat was primarily driven by better results in FICC / DCM (+$0.04), which more than offset weakness in... More

Wall Street sets another record as JPMorgan leads banks higher

July 14, 2016 7:25 AM EDT

By Rodrigo Campos

NEW YORK (Reuters) - Financial stocks led the S&P 500 and the Dow industrials to record highs on Thursday after JPMorgan's strong quarterly results, while upbeat economic data cemented bets that the current rally on Wall Street can chug along.

JPMorgan (NYSE: JPM), the biggest U.S. bank by assets and the first among its peers to issue results this earnings season, reported a much better-than-expected rise in quarterly revenue.

The bank's shares rose 1.5 percent to $64.12, while the S&P financial index rose 0.89 percent.

... More

Option expected to be active

July 14, 2016 7:10 AM EDT

Stocks and options expected to be active: JPM C PNC WFC VIAB GOOG GOOGL CY CREE DAL MON YUM

... More

Mired in low rates, JPMorgan buoys itself with loan growth

July 14, 2016 6:49 AM EDT

By David Henry and Sweta Singh

(Reuters) - JPMorgan Chase & Co (NYSE: JPM) is lending more and keeping a lid on expenses to combat the scourge of low interest rates, allowing management to stick to financial goals for the year.

JPMorgan, the largest U.S. bank by assets, beat subdued expectations, reporting a 1 percent slide in second-quarter earnings on Thursday, in the face of historically low rates, volatile markets and questions about its future in one of Europe's biggest economies.

Chief Financial Officer Marianne Lake struck a resilient tone when... More

JPMorgan (JPM) Posts Q2 EPS of $1.55

July 14, 2016 6:38 AM EDT

(Updated - July 14, 2016 6:45 AM EDT)

JPMorgan (NYSE: JPM) reported Q2 EPS of $1.55, $0.11 better than the analyst estimate of $1.44. Revenue was $24.4 billion, versus consensus estimates of $24.07 billion.

Firmwide Metrics

Reported revenue of $24.4 billion; managed revenue of $25.2 billionAverage core loans up 16% YoY and 3% QoQ

CCB - 2Q16 ROE 20%

Average core loans1 up 23%; record growth in average deposits, up $54 billion, or 10%Nearly 25 million active mobile customers, up... More

JP Morgan ready to lend seven billion euros for Monte dei Paschi bad-loan deal: paper

July 14, 2016 3:30 AM EDT

MILAN (Reuters) - U.S. bank JP Morgan (NYSE: JPM) is willing to provide 7 billion euros ($7.8 billion) in a bridging loan to a vehicle that would buy bad loans from Italy's third-largest lender, Monte dei Paschi di Siena , an Italian daily said on Thursday.

In an unsourced report, Il Messaggero... More

Trading Radar for 7/14: JPMogan (JPM), BlackRock (BLK), Delta Air (DAL), Progressive (PRU), Omnicom (OMC) Report

July 13, 2016 2:43 PM EDT

The Trading Radar highlights key earnings and economic announcements for the next trading session:

Before Markets Open:
Economics:
8:30am EDT

Initial Claims - Street sees 265kContinuing Claims - no Street consensusPPI - 0.3%Core PPI -... More

JPMorgan (JPM) July volatility bid up into Q2 and outlook

July 13, 2016 2:07 PM EDT

JPMorgan (NYSE: JPM) July call option implied volatility is at 43, August is at 22; compared to its 52-week range of 14 to 43 into the expected release of Q2 on July 14.

... More

Berenberg Starts JPMorgan (JPM) at Sell

July 13, 2016 7:33 AM EDT

Berenberg initiates coverage on JPMorgan (NYSE: JPM) with a Sell rating and a price target of $52.00.

Analyst James Chappell commented, "We struggle to understand why JPM trades at a premium to peers, when historical and forecast losses imply it underperforms them. We... More