Big Bank Stocks in Trouble: JPMorgan Chase (JPM)
JPMorgan Chase & Co. (NYSE:JPM) shares are down 1%, after falling as much as 2.7% at the open, falling out of a three-week topping pattern near resistance from its early March high around $93. A violation of its 20-day moving average near $90 would break a three-month uptrend and set up a test of the late May lows near $82, an 11% decline from here.
The decline in JPM came despite a top- and bottom-line beat: Earnings of $1.82 per share beat estimates by 23 cents on a 4.6% rise in revenues. Core loans increased 8% from the year-ago period. Credit costs declined slightly, thanks in part to a loan loss reserve release. But pressure was seen in the mortgage business, where revenue fell 26% on higher funding costs and lower production margins.
Also, on the post-earnings calls, CEO Jamie Dimon went a bit crazy and roared about how embarrassing it is, as an American, to listen to “this stupid **** we have to deal with” out of Washington D.C with a few audible pounds on the table for effect.