Sector Update: Financials

By Staff,

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Financial shares were lower in pre-market trade Friday as JPMorgan Chase kicked off banks' Q1 earnings season with a disappointment.

JP) was down more than 3% after it reported net income for Q1 of $5.3 billion, compared with net income of $6.5 billion in Q1 2013.

Earnings per share were $1.28, compared with $1.59 in Q1 2013. Revenue for the quarter was $23.9 billion, down 8% compared with the prior year.

The firm's return on tangible common equity for Q1 2014 was 13%, compared with 17% in the prior year.

The Street expected earnings of $1.41 per share on revenue of $24.0 billion, according to Capital IQ estimates.

And, in other financials stocks news, E TRADE Financial Corporation ( ETFC ) has been upgraded to an overweight rating from underweight by analysts at Barclays. The firm also raised its price target to $24 from $20 a share, which represents a potential upside of 23% from the stock's current market price.

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
Referenced Stocks: ETFC

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