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JPMorgan Chase & Co. (JPM)

  • Fri, Oct. 2, 9:08 AM
    | Fri, Oct. 2, 9:08 AM | 22 Comments
  • Tue, Sep. 1, 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%)
    | Tue, Sep. 1, 2:47 PM | 14 Comments
  • Tue, Aug. 25, 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.
    | Tue, Aug. 25, 11:23 AM | 9 Comments
  • Fri, Jul. 31, 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.
    | Fri, Jul. 31, 7:52 AM | 1 Comment
  • Fri, Jun. 5, 10:27 AM
    | Fri, Jun. 5, 10:27 AM | 34 Comments
  • Tue, May 26, 8:37 PM
    • With attention already starting to shift to regulatory approval, Charter Communications (CHTR +2.5%) CEO Tom Rutledge says his company's $55B acquisition of Time Warner Cable (TWC +7.3%) will do better with the FCC than Comcast's: Think small.
    • "If you look at the ecosystem, who we're playing with in terms of other competitors, they're very large, and we'll still be a relatively small company compared to the large phone companies, compared to Comcast, compared to the wireless companies," he told CNBC.
    • Charter's simultaneous deal for Bright House Networks may pump up its own leverage, but it was critical to the TWC bid, says analyst Craig Moffett: Virtually debt-free Bright House and its borrowing capacity likely added as much as $18/share to Charter's $195.71/share offer. Moffett says TWC's handling of Altice's (OTC:ATCEY) counter-play was masterful.
    • About that debt: TWC bondholders are still nervous about the combined load (While the firm's 30-year bonds rose 11.7% today, they're still down about 16% from last month). Moody's is likely to push TWC into junk rating territory as debt-to-EBITDA rises from TWC's 2.97 to about 4.79 for the combination. But again, Bright House's addition and "conservative voice on the board" may be mitigating the effects.
    • And MoneyBeat's deal tally: Aside from big winner TWC, winners include Goldman Sachs (NYSE:GS), (eventually) rewarded for backing Charter, and UBS, working as sole adviser to Bright House; Losers include Comcast backer JPMorgan Chase (NYSE:JPM), and Deutsche Bank (DB -3.4%) -- a Charter backer back when, but unseen in the new deal.
    • Previously: Charter to merge with Time Warner Cable, buy Bright House (May. 26 2015)
    | Tue, May 26, 8:37 PM | Comment!
  • Wed, May 20, 10:10 AM
    • Those facing criminal charges from the DOJ are UBS (already reported, the stock is up 3.4% today), Barclays (BCS +2.5%), Citigroup (C -0.5%), JPMorgan (JPM -0.4%), and RBS (RBS +1.6%).
    • Bank of America (BAC -0.4%) faces a $205M fine by the Fed, but no criminal charges. Fines by the Fed for the other banks range from $274M-$342M.
    • There are fines from other regulators as well, with the total for all the banks summing to $5.8B. Barclays looks to be hit the hardest on that front, with total monetary penalties of $2.4B.
    | Wed, May 20, 10:10 AM | 34 Comments
  • Tue, Apr. 14, 9:14 AM
    • "Dialog with the Fed is getting better, but I don't think it is now or will ever be a transparent process," says JPMorgan (NYSE:JPM) CFO Marianne Lake on the earnings call. "Maybe by design," she adds.
    • Presentation slides
    • Asked if the bank has any interest on buying any of the assets of GE Capital, Lake demurs, telling listeners JPMorgan is happy to advise GE on the sales, but won't comment on what it might buy.
    • Speaking to reporters before the call, Lake is optimistic this quarter's strong trading business results is the start of a trend, though while Q2 activity is looking strong so far, it will be slightly than the first quarter.
    • Shares +1.3% premarket.
    • Previously: JPMorgan Chase beats by $0.18, beats on revenue (April 14)
    • Previously: "Robust" activity in FICC leads strong quarter at JPMorgan (April 14)
    | Tue, Apr. 14, 9:14 AM | 2 Comments
  • Tue, Apr. 7, 7:35 AM
    • Bernstein upgrades JPMorgan (NYSE:JPM) to Outperform from Market Perform.
    • The stock's higher by 1% in premarket action.
    | Tue, Apr. 7, 7:35 AM | Comment!
  • Mon, Mar. 30, 7:55 AM
    • JPMorgan (NYSE:JPM) chief Jamie Dimon made this weekend's Barron's cover, with the accompanying article by Andrew Bary suggesting a 30% rise could be in the cards this year.
    • The stock's higher by 1.25% prermarket.
    • Previously: Barron's: JPMorgan could rise more than 30% (March 28)
    | Mon, Mar. 30, 7:55 AM | Comment!
  • Tue, Mar. 17, 11:10 AM
    • A possible harbinger of things to come next month when the big banks report Q1 earnings, profits at Jefferies plunged in FQ1 (ended Feb. 28), with FICC, capital markets, and investment banking particularly weak.
    • Previously: Poor results at Jefferies sinks Leucadia (March 17)
    • Jefferies parent Leucadia is lower by 3.7%. Goldman Sachs (GS -1.1%), Morgan Stanley (MS -0.9%), JPMorgan (JPM -1.2%), Citigroup (C -0.1%), Bank of America (BAC -0.8%).
    | Tue, Mar. 17, 11:10 AM | 2 Comments
  • Thu, Mar. 12, 12:47 PM
    • Citigroup's (C +2.7%) $7.8B in buybacks was 10% higher than estimated by MKM analyst David Trone. Combined with the nickel dividend, that's total shareholder returns of $8.4B vs. his $7B expectation.
    • Bank of America (BAC -1%) - though given just conditional approval - is set for $4B in buybacks and a nickel dividend. That's a total return of $6.1B vs. Trone's $3.1B estimate. Trone notes the bank can proceed with its buyback prior to resubmitting plans.
    • JPMorgan's (JPM +1%) $6.4B buyback was shy of Trone's $7B estimate, but the 10% dividend increase was better than forecast. The total capital return of $12.9B vs. his $13.2B forecast is a "marginal negative."
    • The dividend hike to $0.65 at Goldman (GS +2.1%) beat Trone's expectation of $0.62. As for the buyback, Goldman's policy of not disclosing the amount remains in place.
    • Morgan Stanley's (MS +4.5%) capital return of $4.3B is more than double Trone's $1.9B estimate.
    • Source: Benzinga
    | Thu, Mar. 12, 12:47 PM | 4 Comments
  • Wed, Mar. 11, 5:07 PM
    • After passing the CCAR with its resubmitted capital plan (the first submission ended up too close to the 5% minimum capital threshold), JPMorgan (NYSE:JPM) announces its intention to boost the quarterly dividend to $0.44 per share from $0.40, effective Q2. The buyback will be for up to $6.4B of stock between through the end of 2016 Q2.
    • Source: Press Release
    • Shares -0.6% after hours
    • Previously: More CCAR: Goldman, Morgan Stanley, and JPMorgan pass after resubmissions (March 11)
    | Wed, Mar. 11, 5:07 PM | 3 Comments
  • Wed, Mar. 11, 4:44 PM
    • Goldman's Sachs' (NYSE:GS) first score of 5.8% was only marginally ahead of the 5% threshold, but the resubmitted capital plan came in at 6.4%
    • Morgan Stanley (NYSE:MS) was 5.9% on both tests, so one wonders what changed. The company has announced a $3.1B buyback through the end of 2016 Q2 as well as a boost in the quarterly dividend to $0.15 per share from $0.10.
    • JPMorgan (NYSE:JPM) lifted its score from a barely scraping by 5% to 5.5%.
    • There's no word yet on the details of Goldman's or JPMorgan's plans.
    • GS +0.9%, MS +1.8%, JPM +0.1% after hours.
    • Previously: BofA must resubmit capital plan; Deutsche and Santander rejected (March 11)
    • CCAR results
    | Wed, Mar. 11, 4:44 PM | 4 Comments
  • Tue, Feb. 24, 3:50 PM
    • No Goldman analyst is going to force JPMorgan (JPM +2.7%) out of investment banking, says Jamie Dimon, wrapping up his bank's investor day. Dimon is referring to a report from Goldman Sachs earlier this year which suggested JPMorgan is trading at a 20% "conglomerate discount," a spread which could be narrowed by breaking the bank up into two or four parts.
    • JPMorgan's management's unwavering view that bigger is better has been a recurring theme throughout today's presentations. JPMorgan may be big, says Dimon, but it's no conglomerate.
    • Dimon does however acknowledge the regulatory headwinds to getting bigger, and any growth will surely be organic.
    • "P/E ratio has always been wrong, just like the cost of equity has always been wrong, and the market is always wrong," says Dimon, not too worried about his bank's supposed premium valuation compared to the other TBTFs.
    • "I know it's only 3:30, but you are welcome to start drinking," he says in conclusion.
    • Investor day webcast and presentations
    | Tue, Feb. 24, 3:50 PM | 11 Comments
  • Tue, Feb. 24, 12:55 PM
    • JPMorgan's (JPM +2.6%) corporate & Investment bank is set to post year-over-year gains in trading revenue, says unit CEO Daniel Pinto, presenting at the bank's investor day.
    • Webcast and presentations
    • The forecast is particularly notable because investment bankers for nearly the last year have been using such stages to lower expectations for FICC revenue. Either things are getting better or banks now are beginning to go up against really easy comparisons.
    • Earlier this month, Goldman CEO Lloyd Blankfein expressed similar optimism about his bank's Q1 results.
    • Previously: JPMorgan investor day: Bigger is better (Feb. 24)
    | Tue, Feb. 24, 12:55 PM | 1 Comment
JPM vs. ETF Alternatives
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