12:05 PM · 13 October 2020

JPMorgan extends buyback suspension until year's end

JPMorgan published Q3 results ahead of the Wall Street session start today. US bank generated revenue of $29.94 billion against expected $28.39 billion. EPS came in at $2.92, much better than expected $2.35. Company also reported much smaller than expected provisions for bad loans - $611 million (exp. $2.38 billion). Results look solid on the face of it but release still triggered downward move on the US futures. Why? JPMorgan decided to extend buyback suspension until the end of the fourth quarter of the year.

JPMorgan finished yesterday's trading slightly below resistance zone at $105.00, that is also marked with a 200-session moving average (purple line). Decision to extend buyback suspension may weigh on share price during today's trading. Source: xStation5

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