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Sector Update: Financial Shares Weighed as JP Morgan Q1 Results Miss Street View
By: MT Newswires
Top Financial Shares:
Financial shares were lower in pre-market trade Thursday as JPMorgan Chase( JPM ) kicked off banks' Q1 earnings season with a disappointment.
JPM was down more than 3% after it reported Q1 earnings short of the Street view and revenue just short of estimates.
JPMorgan Chase & Co. reported net income for Q1 2014 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.