JPMorgan Shares Tumble After COO Throws Cold Water On Analyst Outlook
Portfolio Pulse from Michael Juliano
JPMorgan's stock fell 7.5% after COO Daniel Pinto downplayed analyst forecasts on expenses and net interest income. Goldman Sachs and Ally Financial also saw declines due to negative outlooks. The KBW Bank Index dropped 3.5%, and several financial ETFs experienced slight declines.
September 10, 2024 | 8:27 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Ally Financial's stock plummeted over 17.6% due to higher-than-expected auto delinquencies and net charge-offs.
The confirmation of higher auto delinquencies and net charge-offs led to a sharp decline in Ally's stock.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 85
NEGATIVE IMPACT
Goldman Sachs' stock fell over 4.3% after CEO David Solomon announced a 10% drop in trading revenue for Q3.
The CEO's announcement of a significant drop in trading revenue negatively impacted the stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
iShares U.S. Financials ETF slid 1.13% as financial stocks, including banks, saw declines.
The ETF's decline is consistent with the overall negative sentiment in the financial sector.
CONFIDENCE 85
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
iShares U.S. Financial Services ETF slipped 1.21% amid broader declines in financial stocks.
The ETF's decline reflects the overall negative sentiment in the financial sector.
CONFIDENCE 85
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
JPMorgan's stock fell 7.5% after COO Daniel Pinto indicated that analyst forecasts for next year's expenses and net interest income are too optimistic.
The COO's comments directly contradicted analyst expectations, leading to a significant drop in JPMorgan's stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Financial Select Sector SPDR Fund fell 1.06% as financial stocks, including major banks, faced declines.
The ETF's performance is tied to the broader financial sector, which is experiencing declines.
CONFIDENCE 85
IMPORTANCE 50
RELEVANCE 60