JPMorgan Chase (JPM)

[iam802]

JP Morgan has brought forward its Earning Release to this Thursday, Jan 15.

http://www.gurufocus.com/news.php?id=44548

[millionairemind]

JPMorgan Profit Drops 76 Percent, Less Than Analysts Estimated
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By Elizabeth Hester

Jan. 15 (Bloomberg) -- JPMorgan Chase & Co., the second- largest U.S. bank by assets, said profit fell 76 percent, beating analysts’ estimates, as the company navigates the credit crisis with more success than most of its peers.

Fourth-quarter net income was $702 million, or 7 cents a share, compared with $2.97 billion, or 86 cents, a year earlier, the New York-based bank said today in a statement. Fourteen analysts surveyed by Bloomberg had an average earnings estimate of 1 cent a share.

JPMorgan’s $20.5 billion of writedowns, losses and credit provisions through the third quarter were less than a third of those at Citigroup Inc., which was forced to sell control of its Smith Barney brokerage to Morgan Stanley for $2.7 billion this week. Chief Executive Officer Jamie Dimon has used JPMorgan’s relative strength to acquire troubled rivals, including Bear Stearns Cos. in March and Washington Mutual Inc. in September.

[kennynah]

sui liao lah...... premarket up a little bit...yesterday closed 25.91....now at ~26.50

[kennynah]

why leh? too much money, duno what to do with it ?

JPMorgan CEO Jamie Dimon buys 500,000 shares - Update
1/21/2009 11:02 PM ET

(RTTNews) - Financial giant JPMorgan Chase & Co. (JPM: News ) revealed in a form 4 filing with the U. S. Securities and Exchange Commission on Wednesday that it's Chairman and Chief Executive Officer Jamie Dimon increased his stake in the company by purchasing 500,000 common shares last week. The purchase reflects a sign of shoring up shareholder confidence and the long-term confidence in the bank's outlook, even as the financial sector is fighting soaring credit losses and a deep recession.

Dimon bought 500,000 common shares of the company on January 16 at $22.93 per share for total of $11.47 million. Following the purchase, Dimon's directly-owned stake in the bank was boosted by 16% to 3,545,503 shares worth about $80.2 million. This was a day after the company reported a 76% drop in fourth quarter profit.

A separate form 4 filing with the SEC on the same day showed that Heidi Miller, executive vice president of JPMorgan as well as the chief executive officer of its treasury and securities services unit, bought 1,800 shares for $22.45 and another 1,800 shares for $22.44 for a total value of $80,802.

The New York-based JPMorgan reported over 76% decline in its fourth-quarter profit, principally due to higher loan loss reserves. The company's net income for the quarter was $702 million, sharply lower than $2.971 billion reported a year ago. Earnings per share dropped to $0.07 from $0.86 last year. JPMorgan also warned that if the economic environment worsens further in 2009, it is reasonable to expect additional negative impact on its market-related businesses.
Since financial firms have been the hardest hit by the subprime collapse and the resultant credit crunch, JPMorgan's results reflect the current economic sentiment. It is supported by stronger management and less international presence. This is despite the bank being one of the most resilient and among the healthiest companies in the sector.


JPM closed Wednesday's regular trading session at $22.63, up $4.54 or 25.10% on a volume of 136.50 million shares, sharply higher than the three-month average volume of 66.46 million shares.

[millionairemind]

January 29, 2009, 6.49 pm (Singapore time)

JP Morgan says it has 'plenty of capital'

DAVOS, Switzerland - JPMorgan Chase & Co has 'plenty of capital' and wants governments to stop talking about nationalising banks, its CEO said on Thursday.

'JPMorgan would be fine if we stopped talking about (the) nationalisation of banks ... we've got plenty of capital,' Jamie Dimon said at the annual meeting of the World Economic Forum in Davos, Switzerland.

On January 15, JP Morgan reported a 76-per cent fall in fourth-quarter profit as it wrote down bad loans, signalling that even the bank that has avoided the worst of the credit crunch is struggling with the recession.

At the time, Mr Dimon called the results 'very disappointing'.

Underlining the bank's confidence, Mr Dimon said JP Morgan had lent US$150 billion in the last 90 days including US$50 billion in the interbank market, also to European and British banks, but added: 'It's scary because at the end of the day you have to survive.'

'I'm hoping by the end of the year we're coming out of the crisis,' he told journalists.

He said more acquisitions were unlikely as JP Morgan was busy absorbing recent buys.

He admitted bankers had done 'some really stupid things' but he also hit out at policy makers and regulators, adding that the Basel II capital rules has flaws and needed to be adjusted.

'I haven't yet seen people get all the right people in a room, close the door and come out with a solution,' he said.

The US and other countries are considering setting up a so-called 'bad bank' to mop up the toxic assets of stricken lenders. It would take billions of dollars of the worst assets off banks' balance sheets.

Mr Dimon welcomed the idea: 'It's all in the execution. If it's executed well, set up properly, it would be good.'

He also supported creating a clearing house for credit default swaps - insurance-like protection against defaults or restructuring - although he disputed the view that a lack of regulation of the CDS market caused the financial crisis.

Mr Dimon questioned China's tendency to blame the US policy of running a large current account deficit.

'It was an imbalance that both benefited from and both are losing from. It's kind of immature and childish to act like one was to blame. One was the other side of the coin,' he said. -- REUTERS

[iam802]

DAVOS, Switzerland - JPMorgan Chase & Co has 'plenty of capital' and wants governments to stop talking about nationalising banks, its CEO said on Thursday.

.....

At the time, Mr Dimon called the results 'very disappointing'.

.....

He admitted bankers had done 'some really stupid things' but [b]he also hit out at policy makers and regulators, adding that the Basel II capital rules has flaws and needed to be adjusted.

....

I am trying to figure out why this Dimon felt that Basel II is flawed. I am not from the financial industry and know nuts about such controls or guidelines.

But, it seems to me that his remarks got to do with allocating enough funds to support whatever assets/risks that they are holding.

If this is the case, I can only see more downside to JPM.

Though, the 'Bad Bank' proposal may have an impact of the downside.

[winston]

Jim Rogers: Short JP Morgan Chase By: Dan Weil

Most bank analysts say JP Morgan Chase is the strongest U.S. financial institution left standing.

Investment guru Jim Rogers disagrees completely.

“I’m short JP Morgan,” he tells Bloomberg TV.

“They have a gigantic derivatives position. Their off-balance-sheet derivative positions are among the top three in the world,” if not the largest, he said.

Rogers said earlier this year he was short Fannie Mae and Freddie Mac and a host of other big financials via an exchange-trade fund. We all know how that turned out.

The bank’s credit-card loans also are a disaster waiting to happen, Rogers says.

“There are plenty of reasons to short JP Morgan, but that doesn’t mean it can’t rally for a while, and it probably will.”

As for the U.S. bank industry in general, “I don’t think it’s in good shape,” Rogers says. “They should have a good rally after their huge declines. But are they sound again? Absolutely not.”

He sees the recent run-up in stock prices as a bear market rally.

“I don’t see how there can be much more,” Rogers says. “The world is in serious trouble. There are more bankruptcies and failures to come.”

That doesn’t mean the rally is over, he says. It could last a few days, weeks, or even months.

“But this problem isn’t over yet, and the American government is making it worse by spending obscene amounts of money on the wrong thing,” Rogers warns.

Others see the bear market rally of which Rogers so clearly warns.

“There is nothing new here, every serious bear market has rallies like this,” James Melcher, president of hedge fund Balestra Capital, told The New York Times.

© 2009 Newsmax.

[kennynah]

630pm +8GMT 16Jul09

JPM announced earnings of EPS 0.28 vs 0.53 last year...

indexes futures immediate reaction positive.../YM rose some 30 points

**********
JPMorgan Chase Q2 Profit Rises - Quick Facts
7/16/2009 6:40 AM ET

(RTTNews) - JPMorgan Chase & Co. (JPM: News ) reported second-quarter net income of $2.72 billion, compared with $2.0 billion in the prior year. Earnings per share were $0.28, compared with $0.53 in the second quarter of 2008. The company said that the current-quarter earnings per share reflected a one-time, non-cash reduction in net income applicable to common stockholders of $1.1 billion, or $0.27 per share, resulting from repayment of TARP preferred capital.

On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.04 per share. Analysts' estimates typically exclude special items.

Total net revenue grew to $25.62 billion from $18.4 billion in the comparable period a year ago. Eleven analysts had a consensus revenue estimate of $25.89 billion.
****************

and then, perhaps reality set in....futures reversed its gains from the earlier pop due to this initial announcement

[millionairemind]

July 16, 2009
JP Morgan profits hit $2.7bn but bad debts rise
JPMorgan Chase today reported record revenue of $27.7 billion after soaring ahead of struggling bank rivals in global debt, equity and investment banking business.

Profit at the bank rose 36 per cent to $2.7 billion despite taking a $1.1 billion hit from repaying the bank's $25 billion Troubled Asset Relief Program loan last month.

JPMorgan Chase put aside another $2 billion against bad debts, taking its credit reserves to $30 billion, as customers continued to default on their loans and credit card debts.

Jamie Dimon, chairman and chief executive of JPMorgan Chase, said that he was pleased with the strong performance in investment banking but warned that the level of souring consumer loans would "remain elevated for the foreseeable future".
The bank took advantage of competitors' weakness to snap up investment banking business, pushing its earnings in the division to $1.5 billion, up from $1.1 billion last year.

Fees were a record $2 billion as JPMorgan Chase advised on more high value mergers and acquisitions and underwriting debt and equity issues than any other bank.

As seen at Goldman Sachs on Tuesday, the fixed income business also made record gains on all products.

However, the bank's portfolio of credit products made a loss of $575 million after it marked down the value of hedges that it had taken out against some of its loans.

[kennynah]

JPM Q3 EPS surges to $0.82 from $0.09 last year

this just added fuel to the already burning hot index futures..../ES +ve 16 upon release of this JPM earnings