CNBC Investing Club

What Cramer is watching Wednesday — JPMorgan misses, Delta forecasts profit, Bed Bath disappoints

JP Morgan CEO Jamie Dimon looks on during the inauguration of the new French headquarters of US' JP Morgan bank on June 29, 2021 in Paris.
Michel Euler | AFP | Getty Images

What I am looking at April 13, 2022

  • JPMorgan Chase (JPM) said first-quarter profit fell sharply from a year earlier. Earnings came in at $2.62 a share, while Street estimate was $2.69. Drop attributable in part to bad loans and market upheaval caused by Russia's invasion of Ukraine ($524 million hit). Announced new $30 billion share buyback program. Strong lending, with average loans up 5% (jibes with my theme of the strong consumer). Credit costs of $1.5 billion, includes new reserves (worrisome?) ... usual geopolitical risks. Revenue fell more modest 5% to $31.59 billion, exceeding analysts' estimate.
  • Shanghai lockdown and Chinese imports down huge.
  • Presidents of Poland, Latvia, Lithuania and Estonia are headed to Kyiv meeting Ukrainian President Volodymyr Zelensky, while President Biden says Russian leader Vladimir Putin is committing "genocide."
  • Maxar Technologies (MAXR) shows satellite pics of Russian troops gathering in eastern Ukraine.

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