Friday, April 13, 2012

DOW – 136 = 12,849SPX – 17 = 1370NAS – 44 = 301110 YR YLD -.05 = 2.00%OIL – .81 = 102.83GOLD – 16.80 – 1659.50SILV – .88 = 31.60PLAT – 20.00 = 1581.00 The S&P 500 is now down 3.4 percent from this year’s closing high, after falling 2.7 percent over the past two weeks. Wells Fargo and JP Morgan reported first quarter results; both beat expectations. JP Morgan came in with EPS of $1.31 on $26.7b in revenues; topping estimates of EPS $1.18 and revenues of $24.6b. Wells Fargo posted EPS of $0.75 on $21.6b in revenues, beating estimates of $0.73 and $20.4b. JP Morgan made a big chunk of earnings by lowering their reserves for loan losses by $2 billion. In the last 2 years, JP Morgan has generated $12.3 billion in non-earning earnings, even as non-performing loans increased by $600 million in the last quarter. Or as CNBS said, they “blew expectations out of the water.” Blowing smoke is more like it. WFC – 3.4% JPM -3.6% BAC -5.3% GS -4.4% C -3.5%. Jamie Dimon, the CEO of JP Morgan said he would fight buyback demands or repurchase claims on mortgage securities that turned sour. Bank of America has already lost a few of these multi-billion dollar battles. JP Morgan is in the same business as Bank of America. Jamie Dimon briefly responded to questions about the Chief Investment Office, or CIO; that’s the proprietary trading division. According to JP Morgan the CIO division uses approximately …

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