Why JPMorgan Chase's Stock Is Rising After a Wall Street Upgrade
Shares of JPMorgan Chase (NYSE: JPM), the largest bank in the U.S. by assets, traded nearly 5% higher as of 12:52 p.m. ET today after a Wall Street analyst upgraded the stock this morning.
On Friday, JPMorgan Chase reported $3.12 of earnings per share on managed revenue of $33.5 billion for the third quarter of the year, both numbers that topped expectations.
Credit quality among consumers still looked quite healthy in the quarter, and the bank was buoyed by surging net interest income (NII), the profit the bank makes on loans and bonds after funding those assets. Furthermore, management raised its full-year guidance for NII due to the higher-interest-rate environment, which boosts the yields on many of JPMorgan's loans and bonds.
Source Fool.com
