JP MORGAN CEO CALLS UNEXPECTED LOSS EGREGIOUS
JP Morgan (JPM) recommendation is being withdrawn.
JP Morgan reports unexpected big investment loss in the range of $800 million to $2 billion.
JP Morgan’s CEO calls the loss egregious and self-inflicted. JP Morgan now sees more portfolio risk than they recently disclosed in their earnings call.
This appears to be a two quarter problem.
The conference call with JPM is in progress. The stock is trading at $38 down about $2.70 at the time of this writing. This information was disclosed by JP Morgan after the close.
Fund flows are extremely negative. Very light Smart Money buying is taking place right around $38.… Please click here or the title below to read more.
May 10, 2012