| Follow us on Twitter |
While the earnings numbers were fantastic, the company did warn that credit costs remain high. During the earnings conference call, CEO Jamie Dimon cautioned, "While we are seeing some initial signs of consumer credit stability, we are not yet certain that this trend will continue.”
"Despite this near-term uncertainty about the path of the economy, our strong capital position and underlying earnings power will enable us to continue to invest in our businesses, creating a lasting franchise for many years to come," he said.
As had been anticipated, earnings reports this week is driving Wall Street. The market is up strongly this morning, based on this earnings report from JP Morgan, and the fantastic earnings reports by Intel yesterday after the market closed.
JP Morgan Chase alone is up 190% from the lows in March 2009.
Intel is also at a new annual high this year, up 2.2% just this morning. In Intel’s conference call, they indicated that the consumer appears to be strong this year, and is buying higher end computers and other technological devices that use Intel components.
With earnings reports coming in so strongly, is this more fuel for the big investment firms that the record setting bonuses they will be paying are justified?
Written by Shelby Bateson
Posted October 14th, 2009 by Shelby Bateson
