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JPMorgan/Goldman Sachs Profit Mirage
It takes more than two to make a trend.
JPMorgan Chase & Co. (NYSE: JPM) yesterday (Thursday) became the second major U.S. investment bank – following Goldman Sachs Group Inc. (NYSE: GS) – to this week report windfall profits for the second-quarter. That’s helped fuel a four-day advance in U.S. stocks that’s seen the Dow Jones Industrial Average surge 7%.
Unfortunately, these two decidedly positive developments don’t necessarily indicate that better days have arrived for the U.S. banking sector.
To the contrary, many analysts – including Money Morning Investment Director Keith Fitz-Gerald – say these profits are merely a mirage created by an obscure accounting…
17Jul2009 | Money Morning | 0 comments | ContinuedJPMorgan (JPM) Beats Q1 Estimates
JPMorgan Chase & Co (JPM) beat first-quarter estimates, and its Chief Executive said it has the money to repay the $25 billion the bank borrowed from the U.S. government.
After dividends, the second-largest U.S. bank reported net income of $1.52 billion, or 40 cents a share, on $25 billion in revenue.
Investors have been cautiously cheering the performance of the financial sector, whose enormous losses led the stock market into decline. JPMorgan’s quarterly earnings report – like that of Goldman Sachs Group Inc. (GS) and rosy estimates from Bank of America Corp. (BAC) – serves as another psychological prop to jaded…
17Apr2009 | Money Morning | 0 comments | ContinuedGlobal Investing News
Consumer Confidence Hits Record Low; JPMorgan Slashes Dividend; Bernanke Urges Strong Action for 2010 Recovery; Target Profit Tumbles; Oil Pushing Back to $40; Home Depot Beats Estimates
- U.S. consumer confidence fell to a record low in February, according to the Conference Board index. “Just when you think confidence can’t go any lower, the bottom falls out of it, and you can be sure the rest of the economy is not far behind,” Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, told Bloomberg.
- JPMorgan Chase & Co. (JPM) slashed its common-stock dividend by 87% Monday, a move that…
Successful Shorts in FNM and JPM
How Oxbury Could Have Made You Money From Simple Chart Studies
Generally speaking, the purpose of these Charts of the Week articles is to teach you to objectively review a given chart and make a sensible decision as to whether it’s going up or down … or whether more time must pass before you can make an informed decision.
Hopefully you’ve learned about the numerous indicators we’ve highlighted, and found our efforts to cover various market sectors helpful. We’ve consistently used examples from standard websites such as Stockcharts and Bigcharts so that you could apply your newfound knowledge to the stocks you…
11Sep2008 | Oxbury Research | 1 comment | Continued
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