The United States’ largest bank by assets, JP Morgan Chase & Co. (NYSE: JPM) said on Friday that it swung in to fiscal third quarter loss as heavy litigation expenses hurt the bottom line. Adjusted earnings beat analysts’ consensus estimate but revenue missed the forecast. For the latest period, the company took a charge of $9.2 billion linked to litigation expenses, resulting in a net loss of $380 million compared to a net profit of $5.7 billion, in the same quarter of last year. On adjusted basis, the bank earned $1.42 a share while analysts polled by Thomson Reuters had forecasted earnings of $1.17 a share. Revenue declined 8% to $23.9 billion.
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Major Gainers on March 7; UPL, KEY, AFCE, JPM, AAPL
Shares of Ultra Petroleum Corp. (NYSE: UPL), an independent oil and gas company, are rallying in trading today. At last check, UPL shares were trading 8.42% higher at $18.41 on above average volume of 4.99 million. The stock hit an intra-day high of $18.44 earlier today. UPL shares have gained more than 13% in the last three trading sessions.
Continue reading Major Gainers on March 7; UPL, KEY, AFCE, JPM, AAPL
JPMorgan Chase Reports Q3 Results (JPM)
New York based, largest U.S. bank by assets, JP Morgan Chase & Co. (NYSE: JPM) reported results for the third quarter of 2012 ending Sep 30, 2012.