Friday, January 13, 2012
Is it Time to Pile into the Banks? JP Morgan Misses
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