JP Morgan Chase Earnings Pulling Down These DJIA Finance Stocks

The Dow Jones Industrial Average (NYSEARCA:DIA) is down today 0.97% and stands at 12,350. Financials are getting smacked today, and these are stocks that are among the worst performers today.

JPMorgan Chase & Co. (NYSE:JPM): Shares of big U.S. banks were lower pre-market on the heels of JPMorgan’s Q4 report showing a 23% drop in earnings. JPMorgan’s Q4 prompts analysts to predict shares will move sideways after popping higher to open the New Year. At the moment things aren’t dire at JPM, but given the 11% run-up in the stock YTD, no-term relief in the sight for issues in Europe, and the big mortgage overhang, JPM and other financials may take a breather in the near term. Quote of the day from Jamie Dimon: There’s no one in charge of the global financial system…It’s crazy.” JPM shares recently traded at $35.56, down $1.29, or 3.5%. They have traded in a 52-week range of $27.85 to $48.36. Volume today was 42,607,540 shares versus a 3-month average volume of 41,185,400 shares. The company’s trailing P/E is 7.58, while trailing earnings are $4.69 per share.

Investing Insights: JP Morgan Earnings Fell 23 Percent in Q4.

Bank of America Corporation (NYSE:BAC): Shares of Bank of America Corporation fell hard to start the trading day as a report that it may pull out of some U.S. states and JPM’s Q4 report weighed on investors. BAC has reportedly told U.S. regulators that it’s willing to withdraw for some areas of the country if its financial problems worsen. BAC shares recently traded at $6.61, down $0.18, or 2.65%. They have traded in a 52-week range of $4.92 to $15.31. Volume today was 257,234,486 shares versus a 3-month average volume of 266,374,000 shares. The company’s trailing earnings are $-0.31 per share.

An American Express Company (NYSE:AXP) poll found 56% claiming they’ll spend more or the same in 2012. In what could be a positive for the travel/hospitality industry, 61% of respondents said that they plan to increase their travel spending. However, only 35% claim to be optimistic about their finances in the upcoming year. AXP shares recently traded at $49.55, down $0.1, or 0.2%. They have traded in a 52-week range of $41.30 to $53.80. Volume today was 3,029,282 shares versus a 3-month average volume of 7,087,810 shares. The company’s trailing P/E is 12.42, while trailing earnings are $3.99 per share.

Investing Insights: The Bank of New York Mellon Corp Fourth Quarter Earnings Sneak Peek.

To contact the reporter on this story: Scott Gillette at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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