Stocks/ETFs that traded to new 52 week highs/lows this session – New highs (232) outpacing new lows (114)
Stocks that traded to 52 week highs: AAN, AAP, ABCD, ABCO, ABG, ACGL, ACHC, ACN, ADMS, ADPT, AEC, AEO, AFG, AHL, AIZ, ALGT, ALK, AMCX, AMSF, AMZN, ANAC, ANSS, APPF, ASBI, ASGN, AWH, AYI, BKS, BMRN, BNCN, BOOT, BRO, BYD, CASH, CASS, CBM, CBRL, CBU, CBZ, CCL, CENT, CFI, CFNL, CHCO, CHDN, CHE, CHKE, CLFD, CLGX, CMCSA, CMCSK, CMN, CMRX, COKE, CPRX, CUBI, CUK, CVS, DBVT, DCM, DENN, DEPO, DG, DIS, DKL, DNKN, DPLO, DPZ, DST, DVAX, DXCM, EA, EBAY, EBS, EEFT, EFSC, EGBN, ELLI, EME, ENH, EPAM, ERI, EROS, ESNT, ESXB, EURN, EVI, EW, FAF, FB, FISV, FIT, FL, FNF, FNLC, FOLD, FRME, GAIN, GD, GIII, GKNT, GME, GNCMA, GRBK, GSBC, GTN, GTT, HALO, HAWK, HCA, HF, HIG, HIHO, HMN, HMPR, HQH, HQL, HZNP, IACI, ICCC, ITCI, ITRN, JAH, JLL, JNP, LBAI, LEG, LEN, LEN.B, LGND, LKFN, LLY, LXFT, MAN, MANH, MCI, MCO, MD, MDC, MGNX, MHK, MHLD, MKL, MKTX, MORN, MPC, MRH, MSCI, MTG, MTN, MYCC, NAT, NBIX, NBTB, NCLH, NFLX, NGHC, NKE, NTRI, NVLS, NVO, NWBO, NWL, OMCL, ONFC, ORLY, PBH, PENN, PETS, PGR, PLMT, POWR, PRAH, PSCF, PSMT, PULB, PZN, PZZA, Q, QABA, QGEN, RARE, RE, REMY, RLH, RUTH, SBUX, SEE, SFBS, SHOO, SKX, SNA, SPNS, SQBG, SRCE, SREV, SRNE, STBA, STFC, STNG, SUBK, SUPN, SYBT, TAST, TBNK, THG, TISI, TLMR, TOWN, TPX, TREC, TSO, TSYS, TTPH, TWX, TXRH, TYL, UA, UFCS, ULTA, VASC, VGR, VLO, WABC, WBA, WD, WING, WOOF, WRB, WSM, XNCR, ZGNX
Stocks that traded to 52 week lows: AAU, ABX, ACI, AGI, AIXG, AKS, AP, APA, AQXP, AR, ARCW, ARL, ARP, ASA, ASTI, ATLS, AUY, BBEP, BCEI, BEP, BFO, BOX, BOXC, BRS, BTZ, CAMT, CC, CMLS, CNX, CPG, CRK, CTRL, CVE, DDC, DLB, DNN, DNR, DSCO, ECA, ECT, EGO, EGY, EIP, ELTK, EOX, ETRM, EVA, EXFO, FLS, FTEK, GDF, GGB, GMCR, GRVY, GULTU, HH, HMY, HOV, I, JMT, LINE, LNCO, MBSD, MDSY, MGH, MUR, MUX, NBD, NBL, NFG, NRG, NTN, NVG, OII, OIS, ORC, PAAS, PCH, PGH, POWI, PSAU, PTXP, PVA, QEP, ROYL, S, SA, SAFM, SFY, SGI, SID, SLW, SMT, SMTC, SNDK, SPW, STRI, STX, SVM, SWSH, SXC, TC, TGD, TLR, TMST, ULTR, UNXL, UPL, USAP, VCIT, VCLT, VET, WDC, WIN
ETFs that traded to 52 week highs: PPH, XLY
ETFs that traded to 52 week lows: COW, ENZL, FXA, GDX, LQD
J.P. Morgan (JPM) is set to report Q2 earnings tomorrow before the open with a conference call to follow at 8:30am. JPM reports results at 7am. Current Capital IQ consensus stands at EPS of $1.44 on revenues of $24.3 bln.
JPM is coming off a strong Q1 report in which it was able to beat EPS by 5 cents, despite a 13 cent headwind from legal charges, and grow revenue by 4% to top consensus estimates. A better than expected performance in the trading business led to the beat. But there are concerns Q2 failed to live up to the Q1 performance.
Shares of JPM are trading in the $66-67 area ahead of tomorrow’s earnings. This is approx 10% higher from where it was trading ahead of its Q1 report. The stock is currently sitting on its 20 sma ($67.39) and is hovering above its 50 sma ($66.83). JPM hit a fresh multi-year high of $69.82 on June 23.
One of the primary drivers for JPM was expectations of a rate hike by the Fed. The recent overseas activity (Greece, China) has curtailed those expectations. But another strong quarter and hawkish comments by Fed Chair Janet Yellen at her Wednesday testimony should have JPM back testing those highs.
Key Metrics-
· RoE- Came in at 11% in Q1 which was up 200 bps from 9% in Q4. 2Q14 was 11%. JPM expects to return to a 15% RoE down the road.
· Total Revenue (Reported basis)- $24.06 bln in Q1 which was up 4% y/y and 6% q/q. 2Q14 revenues were $24.67 bln.
· Net Income- Q1 net income came in at $5.91 bln which was up an impressive 20% q/q and 12% y/y. 2Q14 represents some difficult comps at $5.98 bln.
· Book Value Per Share- BVPS was $57.77 up 1% q/q and 7% y/y.
· Return on Assets- RoA came in at 0.94% compared to 0.78% in Q4. 2Q14 was 0.9%.
· Tier 1 Capital- Capital was a comfortable 12.1% which compared to 11.6% in Q4.
· Loans- Total Loans were $764 bln which was up 1% q/q and 5% y/y. 2Q14 loans were $746 bln. JPM has said it will grow core loan growth by approx 10% in 2015.
· Firmwide Legal Expense- Net Income impact was ($487 mln) which was $0.13 per share. JPM announced on May 20 a $892 mln settlement over FX activities. Legal fees are included in the Capital IQ consensus of $1.44.
Corporate and Investment Bank
· Q1 Banking revenue was $3.1 billion, up 12% from the prior year, on strong performance in investment banking fees across products. Treasury Services revenue was $1.0 billion, down 2% compared with the prior year, driven by lower net interest income and lower trade finance revenue. Lending revenue was $353 million, up 9% from the prior year, largely reflecting higher gains on securities received from restructurings.
· Markets & Investor Services revenue was $6.5 billion, up 7% from the prior year, despite the impact of business simplification, driven by higher Markets revenue. Excluding the revenue decline related to business simplification, Total Markets and Fixed Income Markets would each have been up 20%.
· Equity Markets revenue was up 22%.
· Net income of $2.5B on revenue of $9.6B
· ROE of 16%.
· IB fees of $1.8B, up 22% YoY, with strength across products.
· Fixed Income Markets of $4.1B, up 5% YoY; ex-business simplification, up 20% , primarily driven by higher revenues in Currencies & Emerging Markets and Rates.
· Equity Markets of $1.6B, up 22% YoY, showing strength across derivatives and cash.
· Expense of $5.7B, up 1% YoY, driven by higher legal expense and performance-based compensation, largely offset by business simplification.
Consumer & Community Banking
· JPM and WFC will provide us with a read on the health of the housing markets. Mortgage Originations were a bright spot during Q1 as originations increased 45% y/y and 7% q/q to $24.7 bln.
JPMorgan Chase- Outlook from Presentation Slides
· Firmwide Outlook
o Expect FY2015 core loan growth of 10%+/-
o Expect FY2015 NCOs to remain low at $4B+
o Expect FY2015 adjusted expense of $57B+/-
o Expect Basel III Fully Phased-in CET1 ratio of 11%+/- by year-end 2015.
· Consumer & Community Banking Outlook
o Expect Mortgage Banking noninterest revenue for FY2015 to be down ~$1B YoY on lower servicing revenue as well as lower repurchase benefits
o Expect Card Services revenue rate in 2015 to remain at the low end of the target range of 12-12.5%
o Expect Card Services FY2015 NCO rate to be slightly less than 2.5%.
· Corporate & Investment Banking Outlook
o For 2Q15, expect business simplification to generate YoY negative variance in Markets revenue of ~$300mm, or 6%, with an associated ~$300mm reduction in expense
o Expect Securities Services revenue to be $950mm — $1B in each of the remaining quarters of 2015, depending on seasonality.
· Commercial Banking Outlook
o Expect expense to be relatively stable as compared to 1Q15 run-rate, as the build-out of the control environment is completed.
· Asset Management Outlook
o Expect FY2015 pretax margin and ROE to be at the low end of TTC targets
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