Tackle Today: JPMorgan Earnings Slump
July 14, 2022
«Buybacks suspended.»
Traders,
Earnings season is beginning, and banks are first at bat. Stock values have already been shaved, but no one knows if they’ve fully priced in the imminent economic slowdown. Better-than-expected reports will bring a reason for buyers to return. And poor results could spark a new down leg to the aging bear market.
Unfortunately, JPMorgan just struck out, and equities are reeling this morning. JPM stock is down nearly 5% after the banking giant earned $2.76 per share, missing estimates for $2.88 per share. The bank announced a temporary suspension of its share buyback program to shore up its balance sheet and prepare for wicked winds. It also allowed its reserves for bad loans to increase by $428 million. CEO Jamie Dimon summed up the environment as follows: “But geopolitical tension, high inflation, waning consumer confidence, the uncertainty about how high rates have to go and the never-before-seen quantitative tightening and their effects on global liquidity, combined with the war in Ukraine and its harmful effect on global energy and food prices are very likely to have negative consequences on the global economy sometime down the road.”
Video Of The Day: Thinkorswim (TOS) Tutorial: How to place a Short Strangle order in TOS
In this video tutorial, Coach Noah Davidson teaches how to place a short strangle order in ThinkorSwim.
Chart of the Day: JPMorgan Chase ($JPM)
$JPM stock fell to a 52-week low today.
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