| As of Thursday, November 12th: |
As of October 1st, the earnings growth rate was at -24.7%.Of the 458 S&P 500 companies who have reported Q3, 80% beat estimates, 6% were in-line, and 14% were below estimates. The blended earnings growth rate for the S&P 500 for Q3 2009 is currently at -13.9%. (Data provided by Thomson Reuters)
LATEST EARNINGS RESULTS
- Job Market Politics to Keep Interest Rates Low
- AIG, Symbol of Crisis, Watches Its Stock Zoom Back
- Disney Profit, Sales Top Street Forecasts; Shares Jump
- Cities With the Most Home Price Reductions
- Cramer: The Real Reason Stocks Fell Thursday
- Is Euphoric Market Ignoring Warning Signs?
- Video Game Sales Plunge, but Have They Hit Bottom?
- Despite Rhetoric, Obama Has Few Options to Boost Jobs
- US Debating What to Do With Billions of TARP Money Left
- Gold Is a Bad Inflation Hedge—Like Oil: Stock Picker
- Intel's Andy Bryant Offers An Explanation
- US 'Actively Working' on Weaker Dollar: Fund Manager
- Options Boil on Biotech Buyout Rumors
- Warren Buffett's $100,000 Offer and $500,000 Advice for Columbia Business School Students
- Activision Blizzard's "Modern Warfare 2" Sales Break Records
- 5-Star Manager's 5 Stocks for Changing Markets
- What's The Forecast from Retailers? Proceed With Caution
- Disney's CFO-Theme Park Chairman Executive Swap
MOST SHARED
- Warren Buffett and Bill Gates Share Their 'Optimism' With Eager Columbia Business Students
- Meet The Leaders of the New Retail Revolution
- Cities With the Most Home Price Reductions
- Disney Profit, Sales Top Street Forecasts; Shares Jump
- Warren Buffett's $100,000 Offer and $500,000 Advice for Columbia Business School Students
- Disney CFO and Parks Chief to Swap Roles
- Is Euphoric Market Ignoring Warning Signs?
- Despite Rhetoric, Obama Has Limited Options To Boost Jobs
- Housing Recovery 'Still In Uncharted Territory': HUD Secretary
Text Size 
 |
The bank quadrupled to $1.1 billion the provision it needs to cover continued problems on home equity and subprime mortgage loans. It also said credit card spending slowed in December, a sign the U.S. economy could suffer as cash-strapped consumers face rising food and heating costs while the value of their homes slide.
"We remain extremely cautious as we enter 2008," JPMorgan Chief Executive Jamie Dimon said in a statement. He said a worsening U.S. economy would boost consumer credit losses beyond current levels.
The company's stock was up 48 cents at $39.65 before regular trading began. While the bank's profits were down, JPMorgan is doing much better than some rivals such as Citigroup Inc which posted huge losses in the fourth quarter.
JPMorgan [JPM
Loading...
()
] reported fourth-quarter income from continuing operations of $2.97 billion, or 86 cents a share, down from $3.91 billion, or $1.09 a share, in the year-earlier quarter.
Analysts, on average, had looked for JPMorgan to earn 91 cents a share, according to Reuters Estimates.
Total net revenue rose 7 percent to $17.4 billion.
Credit Suisse analyst Susan Roth Katzke said JPMorgan experienced a broad-based deterioration in credit quality.
"Despite all of this, revenue growth was better than expected" in several divisions, including commercial banking and asset management, she said.
"Credit is the concern that drives our estimate cut this morning," she said. Credit Suisse now expects the bank to earn $4.20 a share this year, down from its previous estimate of $4.45 a share.
Profit at JPMorgan's investment banking operations dwindled to $124 million from $1 billion in the year-ago period. The bank reduced the value of subprime positions by $1.3 billion while debt underwriting fees declined 39 percent because of less activity on bonds and loan syndications.
In the retail segment, the provision for credit losses was $1.1 billion, up from $262 million in the prior year. Losses on home-equity loans continued to hurt performance amid slumping U.S. housing prices. Net charge-offs on home equity loans were $248 million, compared to $51 million in the year-ago period.
Net income at the bank's credit card services fell 15 percent to $609 million on a higher loss rate.
Bright spots for the bank were treasury services and asset management. The segments saw profit rise 65 percent and 29 percent, respectively.
Print
Email
- Nordstrom Earnings Miss Forecasts; Shares Take Hit
Nordstrom reported earnings that missed analysts expectations by a penny but beat on revenue, causing the company's shares to fall in after-hours trading.
- Wal-Mart Holiday Forecast Light, Profit Beats
Wal-Mart Stores posted a higher-than-expected quarterly profit, but forecast earnings during the key holiday quarter that could miss Wall Street estimates as its customers face rising unemployment.
- Kohl's Profit Beats Street, But Outlook Falls Short
Department store operator Kohl's Corp reported a larger-than-expected quarterly profit Thursday, but gave an outlook below Wall Street estimates for the period that includes the key holiday season.
- Nordstrom Earnings Miss Forecasts; Shares Take Hit
- Vivendi Profit Up More Than 5%, Keeps 2009 Goals
Europe's largest entertainment group Vivendi delivered a better than expected 5.1 percent rise in its third-quarter underlying profit on Thursday, and said it was sticking to its 2009 forecast.
- Vivendi Profit Up More Than 5%, Keeps 2009 Goals
- Cost Cuts Help BT to Raise Full-Year Guidance
- Applied Materials Profit, Sales Top Wall Street Forecasts
- Macy's Loss Beats Estimates, But Shares Fall on Outlook
- Vodafone Extends Cost-Cutting Scheme, Hits Targets
- Tyco International Profit Falls Less Than Expected
- EA Profit Beats Street, Announces Job Cuts
- Priceline Crushes Profit Forecasts; Shares Jump
- Berkshire Hathaway Says Net Income Tripled
- Sun Micro Sales Fall as Oracle Deal Remains Delayed
- AIG in the Black Again, Operating Profit Tops View
- Starbucks Profit Beats Forecasts; Shares Rise
- Fannie Mae Seeks $15 Billion in Aid After Posting Loss
- Nvidia Profit, Sales Top Wall Street's Forecast
- CBS Beats Expectations on Improved Ad Market
- Cisco CEO: Tech Sector Hit Bottom, Recovery Under Way
Data is a real-time snapshot *Data is delayed at least 15 minutes