JPMorgan earnings beat forecasts
On a knee-jerk reaction to the report, shares jumped over 2%
Stocks impacted: JPMorgan Chase & Co. (JPM)
The banking giant reported a second-quarter profit that fell, but exceeded expectations. Net income fell to $4.69 billion, or $1.38 a share, from $9.65 billion, or $2.82 a share, in the year-ago period. Revenue of $33 billion exceeded the $30.3 billion estimate. Net interest income fell 4% to $13.85 billion versus $13.96 billion expected. Meanwhile, fixed income markets revenue nearly doubled to $7.3 billion, while equity markets revenue grew 38% to $2.4 billion. The bank’s stock that has dropped 30.0% year to date, rose just 0.57% overnight. On a knee-jerk reaction to the report, shares jumped over 2%.
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