J.P.Morgan Drops On Revenue Miss; Futures Slide

[Stocks-to-Watch]

Friday the 13th is already looking unlucky for investors. J.P. Morgan (JPM) shares were falling 3.4% in pre-market trading following the bank’s fourth quarter earnings report that disappointed on revenue.

J.P. Morgan reported a profit of $3.73 billion, or 90 cents a share, compared with $1.12 a share a year earlier. The latest period included charges of 6 cents a share related to debit valuation adjustments, litigation reserves and benefits from reduced loan loss reserves.*Revenue fell 17% to $22.2 billion. While the EPS was in line with analysts’ estimates, the Street was expecting the firm to earn $23 billion in revenue.

Financials slid following the results, with both Bank of America (BAC) and Citigroup (C) off close to 3%, as many investors think the miss signals a difficult earnings season ahead for banks.

Stock futures slipped as well, pointing to a lower open for the broader market.



Original Article Source by Barrons.com

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