Diamonds and Dogs

5/23/22

Banks are higher this afternoon JP Morgan Chase (JPM) lifts earnings guidance. JPMorgan (JPM) is up 7%, its best day in nearly two years after lifting 2022 net-interest-income guidance to $56 billion, up from a previously forecast $53 billion. JPMorgan said it expects to benefit from high single-digit loan growth and rising interest rates. JPMorgan also said it expects its return on tangible common equity—a measure of profitability—to hit 17% this year, something it was unsure of earlier this year.

Autodesk (ADSK) hit with a downgrade. The manufacturing software maker is down 3% on a downgrade. The analyst expected the company to guide lower due in part to the impact from Russia and other economic uncertainty that could push out contract renewals.

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