Diamonds and Dogs
A good day for the banks. JPMorgan Chase (JPM) is leading the financials and the broader markets higher today on better than expected earnings. Earnings came in at $1.35 per share or 9 cents better than consensus of $1.26 a share. Revenue fell 3.7% year/year to $23.2 billion. Tangible book value rose to $48.96, up 8%. Average core loans were up 17% year over year and up 3% quarter over quarter. As the largest bank in America, JP Morgan might be showing a positive outlook for the rest of the big banks.
Did your dog take a selfie and put it on social media, if so I would look on today's dog's website. Facebook (FB), website where everyone is an open book, is one of the few stocks trading lower today on fears of slowing ad spending. The stock declined 2% after the company, AdParlor mentioned in a conference call they would cut Facebook advertising by 18% quarter-over-quarter. We'll see how significant this is in the coming weeks.