Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, July 15, 2022

Article Excerpt

J.P. MORGAN CHASE & CO., $112.95, New York symbol JPM, remains a buy. The stock lets investors tap the largest banking firm in the U.S., with total assets of $3.84 trillion as of June 30, 2022. Due to rising fears of a recession, triggered by higher interest rates and inflation, Morgan set aside $1.10 billion to cover potential loan losses in the quarter ended June 30, 2022, compared to a net credit of $2.29 billion a year earlier. As a result, Morgan’s earnings in the quarter fell 27.0%, to $2.76 a share (or a total of $8.65 billion) from $3.78 a share (or $11.95 billion) a year earlier. That missed the consensus estimate of $2.88 a share. Revenue improved 0.7%, to $31.63 billion from $31.40 billion, but that also fell short of the consensus forecast of $31.95 billion. The uptick in revenue was mainly because higher interest rates offset lower consumer demand for new mortgages and car loans. As well, the current stock market…

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