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JPM, PLUG - Market Watch Courtesy Of DrStockPick.com!

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JPMorgan Chase & Co. (NYSE: JPM) reported fourth-quarter 2010 net income of $4.8 billion, an increase of 47% compared with $3.3 billion for the fourth quarter of 2009. Earnings per share were $1.12, compared with $0.74 for the fourth quarter of 2009. Full-year 2010 net income was $17.4 billion, an increase of 48% compared with $11.7 billion for the prior year. Earnings per share were $3.96, compared with $2.26 for 2009.

Jamie Dimon, Chairman and Chief Executive Officer, commented: “Solid performance in the quarter and for the year reflected good results across most of our businesses, which benefited from strong client relationships and continued investments for growth. Credit trends in our credit card and wholesale businesses continued to improve. In our mortgage business, while charge-offs and delinquencies have improved, credit costs still remain at abnormally high levels and continue to be a significant drag on our returns.”

Regarding the Firm’s balance sheet, Dimon said: “We continued to strengthen our fortress balance sheet, ending the year with a strong Tier 1 Common ratio of 9.8%. By 2019, banks will be expected to maintain a Tier 1 Common ratio of 7% under Basel III – we estimate that our ratio is approximately 7% this quarter. Our total firmwide credit reserves declined to $33.0 billion, resulting in a firmwide coverage ratio of 4.5% of total loans1. We are confident that we have the earnings power to generate substantial capital, well beyond what we will need to prudently grow our business.”

JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.1 trillion and operations in more than 60 countries. The Firm is a leader in investment banking, financial services for consumers, small-business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands.

JPMorgan Chase & Co. will host a conference call today at 9:00 a.m. (Eastern Time) to review fourth-quarter financial results. The general public can access the call by dialing (866) 541-2724 or (877) 368-8360 in the U.S. and Canada, or (706) 634-7246 for international participants. The live audio webcast and presentation slides will be available at the Firm’s website.

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http://www.plugpower.com/Images/logo.jpg

Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, is using tremendous momentum from its 2010 success to welcome in the new year. During the year ending December 31, 2010, Plug Power sold over 500 of its GenDrive fuel cell units and manufactured and shipped over 650 units.

In the fourth quarter alone, the Company closed deals equating to over 400 GenDrive units. Some first-time customers include CVS, Coca-Cola and Winco Foods. At the same time, Plug Power received follow-on orders from repeat customers like BMW, Central Grocers and Walmart Canada. Concluding the successful quarter, Plug Power received letters of commitment from customers for another 250-plus GenDrive power units.

Plug Power manufactured and shipped a record number of units for the full year ending December 31, 2010, meeting its milestone of at least 650 unit shipments for the year. During the fourth quarter alone, over 280 units were distributed to customers across North America. These GenDrive customers include Central Grocers, Walmart Canada, Kimberly Clark and Coca-Cola. The Company's Latham, NY manufacturing facility is capable of producing over 10,000 units each year.

All of the deals closed in 2010 were without previously required major government subsidies from the Departments of Energy and/or Defense. This is evidence that customers are realizing the value of alternative energy solutions for their material handling businesses today.

Plug Power will discuss overall financial metrics during its regularly scheduled 2010 year-end conference call.

The architects of modern fuel cell technology, Plug Power revolutionized the industry with cost-effective power solutions that increase productivity, lower operating costs and reduce carbon footprints. Long-standing relationships with industry leaders forged the path for our key accounts, including Walmart Canada, BMW, and FedEx Freight. With more than 1,000 units in the field and over 2 million hours of runtime, Plug Power manufactures tomorrow's incumbent power solutions today.

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