JPM - JPMorgan Chase & Co - Page 17
Investors are already getting some positive news. CEO Jamie Dimon said on Tuesday that he would like to increase the dividend in the second quarter. That statement helped to give the stock in lift in yesterday's trading.
"On top of likely higher dividends, we continue to think a 10% share buyback announcement in 1Q11 is possible," Deutsche Bank analyst Matt O'Connor says in a recent report. He expects JPMorgan to quadruple its quarterly dividend to 20 cents per share at some point this quarter, up from the current level of 5 cents per share.
Investors have been anticipating such a move for a while now - with some having expected similar dividend raises a year ago, only to be disappointed. Over the past 52 weeks, JPMorgan's stock has moved from roughly $44.25 to below $36 during the summer, only to climb back above $44 in recent sessions in advance of the profit report.
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.
JPMorgan Chase & Co. (NYSE:JPM) opened nicely higher this morning after reporting earnings that beat expectations. While the earnings were solid, the stock could not hold the gains and has fallen sharply, now trading at $46.06, -0.58 (-1.24%). The key to this level is the even number and double bottom shown on the chart below. This could be a solid level for support on JPMorgan for a bounce.