Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Suresh who wrote (18764)	12/9/1998 5:06:00 PM
From: Clint E.	Read Replies (1) \| Respond to of 69207

Hi Suresh. I just checked the news. Looks like JPM warned this afternoon. Still not too bad of reaction. Held support around 103, for now. Later; Clint ============================== Wednesday December 9, 1:08 pm Eastern Time CORRECTED - JP Morgan says Q4 oper earns to fall below Q3 In NEW YORK story, please read in second paragraph ''First Call expected the company to earn $1.03 per share in the fourth quarter'' instead of ''$1.03 in the fourth quarter'' (Adds missing words ''per share'') A corrected version follows. NEW YORK, Dec 9 (Reuters) - J.P. Morgan & Co Inc.(NYSE:JPM - news). said on Wednesday it will take a $100 million pre-tax charge in the fourth quarter, and it expects its fourth-quarter operating earnings to be lower than third-quarter earnings. First Call expected the company to earn $1.03 per share in the fourth quarter. In the third quarter, it posted operating earnings of $0.58 per diluted share. It posted net income of $156 million, or $0.75 per diluted share. The nation's fourth-largest bank attributed the lower expectations to weak results in proprietary activities that were partially offset by a recent pickup in client activity. The fourth quarter charge was related to cost reduction programs. In November, the bank said it would cut about 5 percent of its work force by the end of the year. The bank said in a statement that its board also said it raised its regular quarterly dividend to 99 cents per share from 95 cents per share on the company's common stock. The dividend will be payable January 15, 1999 to stockholders of record December 21. The board also approved the purchase of up to $750 million of J.P. Morgan common stock, subject to market conditions and other factors. To date in 1998, the firm has purchased $755 million of its shares. Its stock was last trading at $103.88, down $2.69 on the day. The bank has 176.56 million shares outstanding. The company said these capital actions reflect confidence in the outlook for the bank's global business, notwithstanding the lower earnings forecast. =================================