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Friday, January 13, 2012

Is it Time to Pile into the Banks? JP Morgan Misses

JP Morgan Chase says its income fell 23 percent in the fourth quarter of 2011 after the bank set aside a large sum for litigation reserves and its investment banking income declined.

The largest bank in the nation said Friday it earned $3.7 billion, or 90 cents per share. The results fell short of the 93 cents per share estimated by analysts surveyed by FactSet.

The New York bank set aside $528 million for additional litigation charges related to poorly written mortgages, while an accounting charge led to a $567 million loss. However, as more credit card customers paid on time, the bank was able to take out $730 million from its loan reserves set aside for credit card defaults.

JPMorgan’s stock fell 2.3 percent to $36.01 in pre-market trading.

Today’s Stock Market Club Trading Triangles

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