JPMorgan Chase & Co.
 (JPM)

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  • Wed, Feb. 3, 10:25 AM
    • This just in: The financial sector is having a worse go it this year than energy, with the XLF lower by 13.6% YTD vs. the XLE's 9% decline.
    • Leading a big reversal from this morning higher open is the XLF's 2% decline. The S&P 500 is now off 1%, and the XLE "just" 0.85%.
    • Among the issues for the financials are two items: 1) Hopes for a sustained rate hike cycle have been dashed, with the 10-year yield tumbling all the way to 1.82% currently from about 2.30% when the Fed hiked in mid-December. Fed speakers are all-of-a-sudden sounding very dovish (Dudley is the latest), and short-term rate futures are now pricing in just a 50% chance of even one Fed rate increase this year; 2) For lenders specifically, there's worry over their exposure to the crashing energy sector. No doubt better capitalized today than 10 years ago, losses are still losses even if they don't threaten the viability of the bank.
    • JPMorgan (JPM -2.6%), Wells Fargo (WFC -3.6%), Morgan Stanley (MS -3.5%), KeyCorp (KEY -3.1%), PNC Financial (PNC -2%), Comerica (CMA -2.7%), Schwab (SCHW -3.8%), MetLife (MET -2.5%)
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KRU, KBWR, RWW, RYF, PSCF, FINZ, KRS, XLFS
    | Wed, Feb. 3, 10:25 AM | 15 Comments
  • Tue, Jan. 26, 9:58 AM
    • JPMorgan (NYSE:JPM) will pay Ambac Assurance $995M in cash to settle AAC's claims against the bank over certain MBS deals insured by AAC.
    • The deal not only will boost Q4 results, but makes the prospects on Ambac's (AMBC +19.2%) other MBS cases look a lot better.
    • Source: Press Release
    | Tue, Jan. 26, 9:58 AM | 6 Comments
  • Mon, Jan. 25, 7:46 PM
    • J.P. Morgan (JPM -2.3%) is agreeing to pay $1.42B in cash to settle many of the claims in an $8.6B lawsuit by failed investment bank Lehman Brothers.
    • Lehman had charged J.P. Morgan with illegally forcing Lehman to hand over billions of dollars in collateral in the weeks leading up to its failure in September 2008.
    • The payment doesn't settle every claim, but resolves the bulk of the suit, and allows post-bankruptcy Lehman to make another $1.5B distribution to its creditors.
    | Mon, Jan. 25, 7:46 PM | 8 Comments
  • Thu, Jan. 14, 8:20 AM
    • The fourth quarter looks like it marked the time when credit costs stopped being a tailwind and began becoming a headwind for the banks, says Hedgeye's Josh Steiner, noting a reserve build of $0.03 per share. Loan loss provisions nearly doubled in the quarter as net charge offs jumped $100M sequentially (mostly related to energy).
    • Steiner takes note of speedy loan growth - up 10.6% Y/Y and 3.4% sequentially during Q4 - but scratches his head over wisdom of accelerating lending into the end of the credit cycle.
    • As for capital markets, M&A was the only strong area, with advisory revenue up 43% to $622M - a good through for shops like Goldman Sachs (NYSE:GS) and Lazard (NYSE:LAZ). Meanwhile FICC trading revenue fell 3%, equity trading fell 7%, and credit underwriting disappeared. "Flat is the new up in investment bank land," says Steiner's associate Jonathan Casteleyn.
    • JPM is higher by 1.95% as the bank gets into its earnings call.
    • Previously: JPMorgan higher after earnings beat (Jan. 14)
    • Previously: JPMorgan Chase beats by $0.07, beats on revenue (Jan. 14)
    | Thu, Jan. 14, 8:20 AM
  • Thu, Jan. 14, 7:37 AM
    • Consumer & Community Banking net income of $2.4B up 10% Y/Y on revenue of $11.2B up  2%. Noninterest expenses of $6.272B down 2%. Net interest income of $2.6B down 5% as spread compression is only partly offset by higher deposit balances. Mortgage banking net income of $266M down 21%, on revenue of $1.7B down 10%. The bank built $100M of reserves during quarter, including $60M related to oil and gas.
    • Corporate & Investment Banking net income of $1.75B up 80% Y/Y thanks to lower legal expenses. Revenue of $7.1B fell 4%. Markets & Investor Services revenue of $4.3B fell 3%.
    • Commercial Banking net income of $550M down 21% Y/Y on revenue of $1.76B down 1%.
    • Asset Management net income of $507M down 6% Y/Y on revenue of $3.045B down 5%.
    • Conference call at 8 ET
    • Previously: JPMorgan Chase beats by $0.07, beats on revenue (Jan. 14)
    • JPM +1.8% premarket
    | Thu, Jan. 14, 7:37 AM
  • Dec. 16, 2015, 3:04 PM
    | Dec. 16, 2015, 3:04 PM | 48 Comments
  • Dec. 4, 2015, 3:47 PM
    • At issue was KCG's performance during the market panic on Aug. 24, when JPMorgan's (NYSE:JPM) stock price dropped by as much as 20% before recovering.
    • The bank has informed the NYSE of its intention to replace KCG, reports the WSJ, and a number will be interviewed next week. KCG will have the opportunity to reapply for its job.
    • The news today was enough to send KCG lower by nearly 6% at one point, but - like JPMorgan on that day in August - KCG has recovered and is currently flat on the session.
    | Dec. 4, 2015, 3:47 PM
  • Dec. 2, 2015, 10:02 AM
    • The new smaller-dollar loan product from JPMorgan (JPM +0.1%) in partnership with OnDeck Capital (ONDK +33.8%) is for the bank's small business customers, says Jennifer Piepszak, JPMorgan's chief executive for business banking (Source: WSJ).
    • Many details are still being worked on, but the loans will be marketed under the JPMorgan brand and stay on its balance sheet, making OnDeck more technology vendor, rather than lending partner.
    • Large banks have generally retreated from small-business lending as it's not that profitable - an equation maybe the technology (not to mention the high rates) of online lenders could change. For its part, JPMorgan moved Piepszak to her new role earlier this year in hope of capitalizing on the cross-selling opportunities between small-business banking, credit-card, and payment processing services.
    • Lending Club (LC +3.3%)
    | Dec. 2, 2015, 10:02 AM | 5 Comments
  • Dec. 1, 2015, 5:47 PM
    • On Deck Capital (NYSE:ONDK) +27.6% AH after disclosing it is working with JPMorgan Chase (NYSE:JPM) in a strategic partnership for JPM to use its small business lending platform and its OnDeck Score to serve its small business customers.
    • ONDK says it is in the process of building out its integration with JPM and finalizing definitive agreements regarding the partnership, which it expects to begin operations in 2016.
    | Dec. 1, 2015, 5:47 PM
  • Oct. 14, 2015, 8:10 AM
    • "Analyst estimates appear high [for Q4]," said JPMorgan (NYSE:JPM) CFO Marianne Lake on the earnings call last night. She's speaking of markets revenue (which fell 16% in Q3). It's early in Q4, she reminds, but so far things have been pretty quiet.
    • Earnings call transcript
    • On M&A: The pipeline is "constructive" and "pretty good."
    • On equity capital markets: Revenue dropped by double-digits in Q3, but she expects a pick-up this quarter.
    • On debt capital markets: Last year's Q4 was a strong one, so comps will be tough.
    • BAML reiterates its Buy rating on the JPMorgan. Assuming three rate hikes and flat markets revenues, the team still sees the bank posting 14% EPS growth next year.
    • Previously: JPMorgan slips after reporting sluggish quarter (Oct. 13)
    • Previously: JPMorgan Chase misses by $0.05, misses on revenue (Oct. 13)
    • JPM -1.5% premarket
    | Oct. 14, 2015, 8:10 AM
  • Oct. 13, 2015, 5:38 PM
    | Oct. 13, 2015, 5:38 PM | 3 Comments
  • Oct. 2, 2015, 9:08 AM
    | Oct. 2, 2015, 9:08 AM | 22 Comments
  • Sep. 1, 2015, 2:47 PM
    • The dream of higher interest rates is looking a little fuzzier at the moment, as China leads markets lower again, and the Fed's Eric Rosengren suggests the conditions for a rate hike have still yet to be met. If Friday's payroll number disappoints - and there's at least some reason to expect that - a Sept. move looks off the table.
    • The Financial SPDR (NYSEARCA:XLE) is down 3% vs. the S&P 500's 2.3%.
    • Life insurers: MetLife (MET -3.7%), Prudential (PRU -3.9%), Lincoln National (LNC -4.2%)
    • Money-center banks: Citigroup (C -4.4%), JPMorgan (JPM -3.6%), Wells Fargo (WFC -3.8%)
    • Regional banks: U.S. Bancorp (USB -4.3%), Regions Financial (RF -4.1%), KeyCorp (KEY -4.3%), SunTrust (STI -4.2%), M&T Bank (MTB -4.2%)
    • Online brokerage: E*Trade (ETFC -4.8%), Schwab (SCHW -3.8%), Ameritrade (AMTD -3.4%)
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, QABA, FINU, KBWR, KRU, RWW, RYF, FINZ, KRS
    | Sep. 1, 2015, 2:47 PM | 14 Comments
  • Aug. 25, 2015, 11:23 AM
    • "Like the basketball player LeBron James, [JPMorgan Chase] is good at both offense and defense,” CLSA analysts Mike Mayo and Chris Spahr write as they upgrade JPM shares to Buy from Outperform with a $78 price target.
    • For defense, JPMorgan (JPM +4.3%) has "a balance sheet that is the most resilient since it has been in its current form, the most stable earnings of U.S. global banks for the past decade, and a dividend level vs. the 10-year that implies stock outperformance 85% of the time," CLSA says.
    • For offense, JPM "is a unique self-help story given tailwinds from expense savings" and has "historically gained market share in tougher environments."
    • Banking shares are broadly higher but the upgrade seems to be giving JPM an extra boost; three analyst upgrades appear to be helping Bank of America (BAC +5.2%) in similar fashion.
    | Aug. 25, 2015, 11:23 AM | 9 Comments
  • Jul. 31, 2015, 7:52 AM
    • According to Reuters, the value of merger and acquisition deals through July 30 was $436.4B, including 14 deals worth over $5B apiece. Although down from June's torrid pace of $546.8B, it still ranks as the seventh busiest month on record. Leading the pack was Teva's $40.5B purchase of Allergan's generic drugs business.
    • The top investment bank in terms of the total value of transactions was Goldman Sachs (NYSE:GS), involved in 35 deals worth $148.8B, including half of the top ten. JP Morgan (NYSE:JPM) was second with 30 deals worth $116.1B while Morgan Stanley (NYSE:MS) was third with 33 deals valued at $95.9B.
    • Global M&A so far this year is $2.64T, up 41% from last year. The action in the U.S. is up 66%.
    • Energy and healthcare are the leading sectors. There have been 1,557 deals in energy worth $407B. Healthcare is close behind with 1,577 deals worth $395B.
    • ETFs: UNG, USO, OIL, UGAZ, UCO, DGAZ, UWTI, BIB, SCO, BNO, BOIL, GAZ, DBO, DWTI, DTO, UGA, KOLD, USL, GRX, UNL, IRY, BIS, IXJ, DNO, BME, UHN, DBE, OLO, SZO, DCNG, GRN, RJN, FUE, OLEM, JJE, ONG, UBN
    | Jul. 31, 2015, 7:52 AM | 1 Comment
  • Jun. 5, 2015, 10:27 AM
    | Jun. 5, 2015, 10:27 AM | 34 Comments
Company Description
JPMorgan Chase & Co is a financial services firm and a banking institution. its segments are Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset Management.
Sector: Financial
Country: United States