The Day Ahead: Earnings, Inflation, Manufacturing, Jobless Claims
ByPosted To: MBS Commentary
Stocks have gained more than 7% over the past five trading days, but yesterday the Dow inched up just 0.04% while the S&P 500 fell 0.02%. After a mixed session on Wednesday, equity futures have responded positively to JP Morgan earnings that beat analyst expectations. JPMorgan Chase & Co. reported second-quarter 2010 earnings of $4.8 billion, compared with $2.7 billion in the second quarter of 2009. Earnings per share were $1.09, compared with $0.28 in the second quarter of 2009. Consensus estimates called for $0.67 earnings per share. Nonperforming loans were $2.3 billion, down by $1.3 billion from the prior year and $481 million from the prior quarter. Jamie Dimon, Chairman and Chief Executive Officer, commented on the quarter: "Our net income increased to $4.8 billion, including…(read more)