Diamonds and Dogs
JP Morgan Chase (JPM) remains a port in the storm. JP Morgan is up a percent following earnings. The earnings were not spectacular as loan losses increase, but thanks to their fortress balance sheet and earnings power, JP Morgan can absorb even more credit reserves if needed while still paying their dividend.
Wells Fargo (WFC) not doing as well as JP Morgan Chase. Wells Fargo is down 6% after reporting a much bigger than expected loss as management said the length and severity of the economic downturn has deteriorated considerably from the assumptions used last quarter. Wells Fargo also cut their dividend from 51 cents to just 10 cents to preserve cash.
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.