While JPMorgan CEO Jamie Dimon was explaining away trading losses and earnings restatements this...
While JPMorgan CEO Jamie Dimon was explaining away trading losses and earnings restatements this morning, last night he was in attendance at the company's co-hosted party for big (real big) credit card spenders designed to stoke up some enthusiasm for lavish spending. Unfortunately for the luxury sector, the link between stock market returns and luxury spending is considered as tight as ever and names such as Tiffany (TIF +2.5%), Coach (COH +3.0%), Saks (SKS -4.6%) and LVMH (MAGOF.PK) are falling out of favor with analysts.
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