{"id":13126,"date":"2016-04-13T22:24:36","date_gmt":"2016-04-14T02:24:36","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=13126"},"modified":"2016-04-13T22:24:36","modified_gmt":"2016-04-14T02:24:36","slug":"jp-morgan-earnings-dip-but-stock-rallies","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/13\/jp-morgan-earnings-dip-but-stock-rallies\/","title":{"rendered":"JP Morgan earnings dip but stock rallies"},"content":{"rendered":"<p>First of the financial heavyweights to report first-quarter (Q1) earnings this week, JP Morgan (JPM) reported a 7 percent fall in earnings per share ($1.36) compared to the first quarter of last year ($1.46). The fall was largely attributable to a 90 percent increase in provision for credit losses for the quarter, to $1.8 billion, primarily from a sharp increase in net charge-offs in the Consumer division but also exposure to Oil &amp; Gas and Metals &amp; Mining in Investment Banking.<\/p>\n<p>Tier 1 Capital (CET1) improved to 11.8% (Q1 2015: 10.7%) of risk-weighted assets, while Leverage (SLR) improved to 6.6% (Q1 2015: 5.7%).<\/p>\n<p>The dividend was held at 44 cents (Q1 2015: 40 cents), increasing the payout ratio to a modest 32% from 27% in Q1 2015.<\/p>\n<p>The monthly chart shows long-term Momentum is slowing, with JPM forming a broad top above $54. Declining peaks since August 2015 warn of a primary down-trend and breach of $54 would confirm, offering a target of $40*.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" width=\"525\" height=\"363\" title=\"JP Morgan Chase\" alt=\"JP Morgan Chase\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-14-jpm.png?resize=525%2C363&#038;ssl=1\" \/><\/p>\n<p style=\"text-align:right;font-size:.9em;color:#999999;\">* Target calculation: 55 &#8211; ( 70 &#8211; 55 ) = 40<\/p>\n<p>The market responded well to &#8216;positive&#8217; news that JPM beat its earnings estimate, boosting the stock by 4.6%. This is a game we will see a lot more of this year: give really low guidance if you expect a bad quarter. When the result comes out, the gullible will focus on the fact that you beat your estimate rather than that your earnings are falling. This chart from <a href=\"http:\/\/www.zerohedge.com\/news\/2016-04-13\/feeding-monster-complete-bear-case-charts\" target=\"_blank\">Zero Hedge<\/a> shows the rising percentage of companies guiding next quarter earnings below consensus:<br \/>\n<img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" width=\"427\" height=\"309\" title=\"Earnings Guidance\" alt=\"Earnings Guidance\" src=\"https:\/\/northmantrader.files.wordpress.com\/2016\/04\/guidance.jpg?resize=427%2C309\" \/><\/p>\n<p>Don&#8217;t be mis-led by the latest &#8216;froth&#8217;. The reality for the banking sector is net interest margins are near record lows and credit losses are rising. <\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" width=\"525\" height=\"233\" title=\"Major US Banks Net Interest Margins\" alt=\"Major US Banks Net Interest Margins\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-14-netinterest.png?resize=525%2C233&#038;ssl=1\" \/><\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Bullish in 2015: <br \/> &#8211; Rising earnings<br \/> &#8211; Falling oil<br \/> &#8211; Rate hikes<\/p>\n<p>Bullish in 2016: <br \/> &#8211; Falling earnings <br \/> &#8211; Rising oil <br \/> &#8211; No rate hikes<\/p>\n<p>&mdash; Northy (@NorthmanTrader) <a href=\"https:\/\/twitter.com\/NorthmanTrader\/status\/719560003854708736\">April 11, 2016<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>First of the financial heavyweights to report first-quarter (Q1) earnings this week, JP Morgan (JPM) reported a 7 percent fall in earnings per share ($1.36) compared to the first quarter of last year ($1.46). The fall was largely attributable to a 90 percent increase in provision for credit losses for the quarter, to $1.8 billion, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/13\/jp-morgan-earnings-dip-but-stock-rallies\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;JP Morgan earnings dip but stock rallies&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,57,34],"tags":[882,1992,1994,2439],"class_list":["post-13126","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-stock-markets","category-us-canada-countries-regions","tag-credit-losses","tag-jp-morgan","tag-jpm","tag-net-interest-margins"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>JP Morgan earnings dip but stock rallies - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JP Morgan earnings dip but stock rallies - the patient investor\" \/>\n<meta property=\"og:description\" content=\"First of the financial heavyweights to report first-quarter (Q1) earnings this week, JP Morgan (JPM) reported a 7 percent fall in earnings per share ($1.36) compared to the first quarter of last year ($1.46). 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Bank of America (BAC) Bank of America reported a 19 percent fall in earnings per share ($0.21) compared to the first quarter of last year ($0.26). 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Net revenues dropped 21%, primarily to a sharp 43% fall in the Institutional Securities (Trading)\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Morgan Stanley (MS)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-19-ms.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-19-ms.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-19-ms.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":13192,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/20\/goldman-sachs-ends-a-dismal-season\/","url_meta":{"origin":13126,"position":2},"title":"Goldman Sachs ends a dismal season","author":"ColinTwiggs","date":"April 20, 2016","format":false,"excerpt":"Goldman Sachs (GS), last of bank heavyweights to release their first-quarter (Q1) 2016 earnings, reported a 55 percent fall in diluted earnings per share ($2.71) compared to the first quarter of last year ($6.05). Net revenues dropped 40%, primarily due to a sharp 53% fall in Market Making and a\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Morgan Stanley (MS)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-20-gs.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-20-gs.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-20-gs.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":13153,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/16\/citigroup-c-adds-to-banking-woes\/","url_meta":{"origin":13126,"position":3},"title":"Citigroup (C) adds to banking woes","author":"ColinTwiggs","date":"April 16, 2016","format":false,"excerpt":"Citigroup (C) was the last of the bank heavyweights to release their first-quarter (Q1) 2016 earnings this week, reporting a sharp 27 percent fall in diluted earnings per share ($1.10) compared to the first quarter of last year ($1.51). Revenues (net of interest) dropped 11% while non-interest expenses reduced by\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Citigroup (C)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-15-c.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-15-c.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2016\/2016-04-15-c.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":20622,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/05\/30\/sp-500-and-big-tech\/","url_meta":{"origin":13126,"position":4},"title":"S&#038;P 500 and Big Tech","author":"Colin Twiggs","date":"May 30, 2020","format":false,"excerpt":"The S&P 500 broke resistance at 3000, signaling a re-test of its February high at 3400. The Trend Index trough at zero indicates buying pressure. The Nasdaq 100 is already testing its previous high at 9600, with rising Trend Index indicating strong buying pressure. Both have been lifted by performance\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20491,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/05\/09\/sp-500\/","url_meta":{"origin":13126,"position":5},"title":"S&#038;P 500: Watch Money Flow","author":"Colin Twiggs","date":"May 9, 2020","format":false,"excerpt":"The S&P 500 index is headed for a test of resistance at 3000. Volatility remains at extreme levels and chances that this rally will fail are high. Earnings for S&P 500 stocks are forecast to fall by 40% when compared to the March quarter last year and 38% for the\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=13126"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13126\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=13126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=13126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=13126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}