Tag Archive : JPMorgan

/ JPMorgan

  • Top brass from JPMorgan and BlackRock, among the firms to kick off earnings season with their results, said Tuesday that they expect more consolidation in the wealth- and asset-management industries.
  • Pressures on money managers have fueled a flurry of acquisitions in those areas this year, and analysts questioned executives about their own deal ambitions, albeit coming from different corners of the market. 
  • JPMorgan boss Jamie Dimon said the bank would be “very interested” in deals in that space, and BlackRock finance chief Gary Shedlin said the firm was focused on targets that could expand its technology, global distribution, and private markets capabilities.
  • Last week, Morgan Stanley said it would buy investment manager Eaton Vance in a deal valued at $7 billion just days after it closed on its E-Trade acquisition. 
  • Visit Business Insider’s homepage for more stories.

Top brass at the world’s largest asset manager and largest US bank told

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Here are five things you must know for Tuesday, Oct. 13:

1. — Stock Futures Waver After J&J Vaccine Trial Pause

Stock futures fluctuated Tuesday following a setback in a coronavirus vaccine trial being conducted by Johnson & Johnson  (JNJ) – Get Report and as Wall Street prepared for the start of earnings season.

Contracts linked to the Dow Jones Industrial Average fell 106 points, S&P 500 futures slipped 9 points and Nasdaq futures rose 29 points.

Johnson & Johnson paused its trial of a vaccine for Covid-19, the disease caused by the coronavirus, following an unexplained illness in a patient.

The healthcare giant said the trial participant’s illness was being reviewed and evaluated.

“We are committed to providing transparent updates throughout the clinical development process of our vaccine candidate, in compliance with regulatory standards and our own high ethical and scientific principles,” J&J said in a statement.

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Third-quarter earnings season gets underway in the week ahead with results from big banks and healthcare companies among the heavy hitters on tap.

Here’s a look at some of the more notable results expected beginning on Tuesday.

JPMorgan

JPMorgan Chase & Co.  (JPM) – Get Report is expected to report adjusted net income of $6.9 billion, or $2.23 a share, on sales of $28.2 billion before the market opens on Tuesday, based on a FactSet survey of 23 analysts.

In the same period a year ago, the company posted earnings of $2.68 a share on sales of $30.1 billion. It reported net income of $9.6 billion.

The stock has risen 3.6% since the company last reported earnings on July 14.

In the upcoming quarter, analysts are forecasting adjusted net income of $6.1 billion, or $1.91 a share, on sales of $26.8 billion.

For the year, analysts project revenue

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(Bloomberg) — Safe-haven assets seen as traditional hedges aren’t panning out as they once did, according to JPMorgan Chase & Co.

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Easy-money policies may actually be keeping investors in cash and away from other traditional buffers, strategists led by John Normand wrote in a note Friday. That’s because such policies create a zero-yield environment where cyclical assets might be too difficult to hedge, they said.

This kind of conservative mindset may not become popular enough to affect the direction of risky markets, but it could discourage investors from deploying their cash into other asset classes, the strategists said.

“Defensive assets are delivering their weakest performance and therefore worst hedge protection of any equity sell-off in at least a decade,” Normand said. “The wall of cash some hypothesize will inevitably flow into equity, credit and EM may remain very high indefinitely.”

The S&P 500 index is down about 8%

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