Diamonds and Dogs
Johnson & Johnson (JNJ) beats on earnings while raising their dividend. J&J is up 4% not far from all-time highs after beating earnings by 30 cents and raised their dividend 6%. Johnson & Johnson made a statement saying they are built for times like this, adding they are leveraging their scientific expertise, operational scale and financial strength in the effort to advance the work on a COVID-19 vaccine candidate.
The big banks are lower. JP Morgan (JPM) is down 3% while Wells Fargo (WFC) is down 4% on sobering news of the current business environment. Both JPMorgan Chase & Co. and Wells Fargo & Co. posted their highest loan-loss provisions in a decade, setting aside more than $12 billion to cover defaults across the economy, but especially from credit-card borrowers and oil companies. JPMorgan's profit fell 69% to the lowest in more than six years, even as the firm's traders seized on record volatility to deliver their best quarter ever. Wells Fargo posted earnings of 1 cent per share, down from $1.20 a year earlier.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.