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The Chart Master turns his attention to a big move in a big bank stock: JPMorgan Chase. Following earnings, share prices slipped to 2-month lows.
Morgan Stanley's wealth unit was already known to be facing a federal investigation, but the stock fell after a Wall Street Journal report revealed the scope of the probe -- just ahead of next week's earnings release, Bloomberg's Sally Bakewell says. She spoke with Sonali Basak on the same day that JPMorgan Chase & Co. slumped because of disappointing earnings results.
JPMorgan beat earnings expectations on both the top and bottom lines today. Revenue grew 9% year over year, and earnings were up 8%.
Consumers are still spending, but JPMorgan CEO Jamie Dimon, in remarks accompanying the banking giant's latest earnings Friday (April 12), detailed concerns over inflation's impact. And “persistent inflation pressures,” as he termed them, among other factors, will be unpredictable.
JPMorgan, the nation's largest bank, earned a profit of $13.42 billion. Wells Fargo and Citigroup earnings declined.
CNBC's Leslie Picker reports on news from JPMorgan's earnings call.
JPMorgan Chase & Co (NYSE:JPM) broke the seal of another earnings season today. The bank name surpassed first-quarter earnings and revenue expectations, but noted net interest income could miss analysts' estimates for 2024. Shares are down 5% to trade at $185.68 at last check, making now an excellent opportunity for investors to buy the dip.
Although the revenue and EPS for JPMorgan Chase & Co. (JPM) give a sense of how its business performed in the quarter ended March 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Bank stocks to check out in the stock market now.
High rates, robust loan balance, the FRC deal, an increase in mortgage banking income and solid IB business aid JPMorgan's (JPM) Q1 earnings. High credit costs and weakness in the trading business are headwinds.