Diamonds and Dogs

7/14/20

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.

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