1. After listening to the JP Morgan conference call I concluded:
My gut feel - and for what it is worth they remain fairly optimistic about the US economy - a fall below a US$60 share price is a potential level to start accumulating the share. The risks with the company - consistent with most banks - is macro and JPM is fairly well advanced on the self-help game. I can find European names (Barclays, RBS etc.) that have more natural self-help capabilities but for the first time in a while am building towards buying some JPM shares.
Just awaiting that clear fall below US$60/share.
2. What US businesses worry about - always taxes but not sales so much now...
...in larger companies it is certainly the US dollar so far this third quarter earnings season:
3. I write up the latest ASML numbers noting that:
4. A big financials day...thoughts on Wells Fargo, Bank of America and this on Blackrock:
A final financial to look at today: Blackrock. Back in July I observed that 'from an active perspective note the improvement in the active equity performance and the deterioration in active fixed income performance. The first sign of a long-awaited improvement?' and looking at this quarter's updated statistics...this trend continues. As I tweeted out a little while ago:
Good see higher % active fundamental equity $BLK funds over 1 yr o/perf b'marks. Start re-rise active vs passive?
(actually I strongly believe it - correlations recently too high / Q3 earnings season to show the value of differentiated company insights/capabilities).
5. Finally...what a day for Wal-Mart on which I give a few thoughts on (link here).
- Shares of $WMT gyrate after comments from shareholders meeting; CFO says expects flat sales in FY16
- $WMT saying FY17 EPS will fall 6-12% driven by increased spending on wages
- Wal-Mart CFO: Sales now expected to be flat in fiscal 2016.
- Wal-Mart CEO says investments in tech and people will continue to pressure earnings next year