According to the NY Times’ Dealbook JPMorgan Chase’s bad
trades may be costing the bank billions of dollars, but investors seem to be
taking the news in stride. On Friday,
the company’s stock opened higher and helped propel the broader market. At the
end of the day, JPMorgan shares closed at $36.07, up 6 percent. Before markets
opened, the company said its losses on a bad trade had topped $5.8 billion and could
go higher.
The bottom line was that, despite the trading loss,
JPMorgan’s second quarter earnings exceeded Wall Street’s low expectations. The
bank reported earnings of $1.21 a share, which was well above the 70 cents a
share that Citigroup had estimated….
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