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Stock Trading Update before the Bell JP Morgan (NYSE: JPM) Reports Earnings

Submitted by Andy Emerson on Thu, 2010-07-15 07:43.

This morning JP Morgan reported earnings reports that topped analyst consensus estimates. The company stated that its second quarter net income rose 77% over last year thanks to fewer losses from failed loans and fewer write-offs on mortgage securities than occurred last year.

However, they had a tough quarter when it came to revenue from trading and investment banking. JP Morgan CEO Jamie Dimon said that he is a bit worried about possible “unintended consequences” that could hurt the banking industry from Congress’s pending financial overhaul legislation.

Analysts were expecting the company to earn 67 cents a share in the second quarter. It managed to make $1.09 a share so most analysts have been taken by surprise by the strong top of the line results announced today by JP Morgan.

This news has helped put a bid on the S&P 500 futures market ahead of the opening trading bell at 9:30 AM. DOW futures are currently up 20 points while S&P 500 futures are up over 3 points this morning.

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