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JPM

|Includes: JPMorgan Chase & Co. (JPM), XLF

JPM slides are out ahead of their presentation at 12:25...few quick takeaways
    
    1) Q4 IB revs "essentially flat" (C said flat, BAC said up)
    2) Total Euro exposure to euro 5 $27B
    3) Capital return mixed message:
    
    On one hand they are saying they want to be 9%+ Basel 3 by 2012 (implying
    little capital return) but also said depending on earnings they may see modest
    div/buyback increase.
    
    Dimon says they can buy back $1B more in common stock, but says they "may or
    may not" buy back more stock...
    
    Initial reaction post headlines was to sell. ..now we're seeing buyers.