JP Morgan fourth quarter results disappointed as profit came in at $1.98, missing analysts’ expectations of $2.20, the first miss in 15 quarters. Just like Citigroup, FICC sales and trading revenue were down sharply, a sign that the rest of the financials may see similar results. JP Morgan’s outlook was also not too bright. They see first quarter Net Interest Income flat quarter over quarter and expense to be up mid-single digits year over year.
JP Morgan stock was down over 2.6% in premarket trade but has recovered half of its losses at the open. The Dow is also off the session lows and currently trades higher by 0.3%. The dollar is mixed in early trade, slightly higher against both the euro and cable, but lower against the commodity currencies.
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