Financial Stocks Adding To Earlier Gains; JPMorgan Said Q3 Trading Volume Could Decline From Year-Ago Levels


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Financial stocks are extending their gains in afternoon trade with the NYSE Financial Sector Index now climbing 1.1% and the S&P Financial 100 Index advancing nearly 1.0%.

In company news, JPMorgan Chase & Co. ( JPM ) is holding on to a 0.3% rise to $52.72 a share in late trade after saying it expects its Q3 revenue from stock and bond trading to be unchanged to down as much as 5% from year-ago levels.

Speaking today at an investor conference, JPM Chief Financial Officer Marianne Lake said while trading revenue this quarter is "tracking well versus the third quarter of last year," last September was a particular strong period for the company - one JPM is unlikely to replicate in 2013.

JPM also is facing a slew of government investigations and potential lawsuits and Lake said the money it will set aside for legal expenses will "more than offset" any benefit it may receive from the release of extra reserves it had taken for mortgage losses.

The company, she said, is expecting to lose money on its mortgage production business in Q3 and Q4 due to a drop-off in loan-refinancing volumes as interest rates have risen in recent months.

In other sector news,

(+) NYX, Buys undisclosed minority stake in ACE, a transaction management platform for private placements of equity, debt and other securities.

(-) BOFI, Completes acquisition of about $173 million in deposits from Principal Bank, including $31 million in time deposit accounts.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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