NEW YORK (Reuters) ? JPMorgan Chase & Co (JPM.N) reported lower fourth-quarter profit as the European debt crisis continued to weigh on trading and corporate deal-making.
The first major U.S. bank to announce results for the period, JPMorgan said net income was $3.72 billion, or 90 cents a share, compared with $4.83 billion, or $1.12 a share, a year earlier.
Below are comments from analysts and investors:
ANTHONY POLINI, EQUITY ANALYST, RAYMOND JAMES & ASSOCIATES:
"JPMorgan results bode well for the rest of the industry despite a decline in market-related income."
RICK MECKLER, PRESIDENT OF INVESTMENT FIRM LIBERTYVIEW CAPITAL MANAGEMENT IN NEW YORK:
"Because bank stocks have run up tremendously since early this year and heading into this earnings season, some were expecting something better, but overall, the results are in line with the broad expectation. Their results show that there are major headwinds against the banking industry and it requires a strong management team to battle the headwinds."
"I don't think Europe was such a big issue, especially for a bank this big. The bigger negatives tends to be the housing and mortgage situation and investors questioning, have we really hit bottom in this sector or is this just a blackhole?"
GARY TOWNSEND, CEO, HILL-TOWNSEND CAPITAL, CHEVY CHASE, MARYLAND:
"Investment banking was weak as expected and mortgage continues to hold them back. On the other hand, commercial banking was up. They probably have benefited from the situation in Europe by taking away customers.
"The better way to evaluate JPMorgan is looking forward. We all knew the fourth quarter would be difficult. But the overall economic outlook has been improving from an economic standpoint starting in December. Bank stocks have been improving since the beginning of October."
MIKE HOLLAND, FOUNDER, HOLLAND & CO LLC:
"I think the earnings show how well JPMorgan can be managed in one of the roughest times. They were lagging in revenues but they were able to manage through that. Investment banking was predictably lousy. Trading was predictably lousy. But they were able to pull off a meet-or-beat quarter."
PETER CARDILLO, CHIEF MARKET ECONOMIST AT ROCKWELL GLOBAL CAPITAL, NEW YORK:
"JPMorgan results are certainly closely eyed as they set the tone for the financial sector earnings. This time, they didn't have any market surprises so investors will be focused more on other things today like the move in the euro and the result of bond auctions in Spain which the yields came down but saw somewhat of a tepid demand."
(Reporting by Angela Moon and Rick Rothacker; Compiled by Paritosh Bansal)
college board pasco county rooney mara solstice x factor results x factor results the hobbit movie trailer
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.