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Financial Stocks Fade From Open



April 13, 2011 – Comments (1)

This morning the street was raving about the J.P.Morgan Chase & Co.(NYSE:JPM) earnings. The stock was trading higher in the pre-market by 0.85 cents to $47.56 a share. Since the opening bell rang at the New York Stock Exchange the stock has declined sharply lower trading negative briefly before bouncing off of an intra-day support level. The stock is now trading higher by 0.15 cents to $46.78 a share as of 9:55 am EST. Financial stocks could be in play for most of the day.

Other leading financial stocks that are trading on the weak side include Wells Fargo & Co.(NYSE:WFC), and Bank of America Corp.(NYSE:BAC). These two leading financial stocks have also faded sharply from a gap higher open to now trading slightly negative on the session. WFC will have intra-day support around the $30.55 level. BAC will intra-day support around the $13.35 area.

Nicholas Santiago

1 Comments – Post Your Own

#1) On April 13, 2011 at 10:52 AM, davejh23 (< 20) wrote:

Now lower by 0.5%+...I would expect it to go much lower (maybe ~$38) as the earnings report was terrible.  Revenues fell almost 10% YoY.  Exclude the addition to EPS that was contributed by their raiding of loss reserves, and earnings come closer to $0.99...nearly 15% below estimates...which makes more sense considering revenues were down as much as they were.  Also, Dimon acknowledges that foreclosure related losses will continue to be an issue for the foreseeable future...this stock will not be a "buy" unless there is a huge drop.

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