JP Morgan Chase Kickstarts Banking Earnings Season With Upbeat Data
Shares of JP Morgan Chase & Co rose to as high as $69.03 per share after the largest U.S bank by assets reported third-quarter results that beat market’s estimates.
JP Morgan announced a profit of $6.29 billion, or $1.58 a share for three-month period through September. Last quarter profit fell 7.6% compared to that in the same period of 2015 as the bank continues to operate in a low-interest-rate environment. However, the readings still crushed expectations of earnings of $1.39 a share.
The bank’s revenue registered at $25.51 billion, also topping analysts’ forecast of $24 billion.
JPMorgan was the first big U.S. bank to report third-quarter earnings and its better-than-expected performance gave Wall Street certain confidence.
Buy Stop at 68.10, take profit at 68.50, stop loss at 67.70