Jpmorgan Chase Stock News

(Kitco News) - U.S. investment bank JP Morgan analyst Nikolaos Panigirtzoglou has calculated Bitcoin’s “fair value” based on its volatility in comparison with gold (roughly four times as volatile as gold).

Bristol Myers Squibb said Wednesday it has entered a $5 billion accelerated share buyback program with Morgan Stanley, Barclays Bank, Citibank and JP Morgan. The deal is part of the drug company''s $15 billion share buyback program and it will have about $10.2 billion remaining in the authorization once the accelerated deal closes. Shares were up 0.7% premarket and have gained 10% in the last 12 months, while the S&P 500 has gained 15.5%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

JPMorgan, the largest bank in the United States, predicts that Bitcoin will reach $150,000 in the long run. Bitcoin is the most valuable cryptocurrency by market capitalization. This is a small increase above the $146,000 goal set last year. In order for Bitcoin to attain the aforementioned goal, th…

Credit Suisse Slashes Bonus Pool Amid Pushback From Swiss Regulator Credit Suisse''s top bankers are about to be extremely disappointed. Following a scandal-plagued 2021, the Swiss banking giant had been planning to hike bonuses for its top bankers (MDs and up) - that is, until Finma, the Swiss banking regulator, stuck its nose in. The agency has asked the megabank to make "significant reductions" to the size of its bonus pool. This led to a cut of 10%. Regulators presumably chafed at the notion that CS would indulge its employees with massive payouts despite the disastrous 2021 it had (among other things, the bank is currently facing a criminal trial in Switzerland related to its role in banking for cocaine traffickers). The Swiss lender was forced to reverse plans to boost variable compensation after financial markets watchdog Finma asked the bank to consider significant reductions to the pool, the people said, asking not to be identified discussing internal matters. The final overall bonus number may still vary slightly and individual pay will depend on the business unit, they said.

One Bank Spots A Signal That Guarantees A Market Bounce From Here - There Is Just One Catch Last week, we discussed the latest Goldman trading desk note according to which "everyone is now hedged for a crash", with the bank indicating that the market was averaging $1 Trillion worth of puts per day, the "largest on record" and adding that there has been several days where put notional set even higher daily records: " Monday for example $2.2 Trillion notional traded in US options market, with 64% puts ($1.4 Trillion) further adding LP hedges and taking the street further short gamma." Why is this important? Well, besides our conclusion that acute downside to stocks is now limited as everyone who wants to be is hedged, overnight Sundial Capital Research picked up on this observation writing that hedging on U.S. stocks has risen to the highest level in almost two years, and reached a point that usually precedes equity gains. The behavior of scrambling for hedges across various products is a new development, Sundials Jason Goepfert wrote in a note on Monday adding that his equity-hedging index climbed above 80% last week for the first time since early April 2020, he said, and this is only the 33rd week in 22 years that its been above that threshold.

The S&P 500 and the Nasdaq declined on Tuesday as disappointing earnings from Pfizer and declines in megacap technology names added to jitters ahead of inflation data this week that could spark bets on quicker interest rate hikes. Pfizer Inc fell 5.3% after the drugmaker''s full-year sales forecast for its COVID-19 vaccine and antiviral pills fell short of Wall Street estimates. Facebook-owner Meta Platforms fell 1.4% after billionaire investor Peter Thiel decided to step down from the company''s board. The stock is down for a fourth session after its bleak forecast wiped out billions of dollars in market value last week. Other high-growth stocks like Google-owner Alphabet Inc and Amazon.com Inc fell 1% each, while big banks like Bank of America Corp and JPMorgan Chase & Co jumped 2.5% each. "We''ve got a rising interest rate environment which we haven''t seen since 2018 and there are a lot of investors in high growth names that continue to see weakness," said Dennis Dick, a trader at Bright Trading LLC in Las Vegas. "You''re going to see money rotate to lower multiple names and more value-oriented market." Seven of the eleven major S&P 500 sectors declined, with energy leading the fall.

"Ditch The Misinformers" - Neil Young Attacks Spotify CEO, Big Banks In Latest Open Letter One day after Spotify CEO Daniel Ek penned a memo to Spotify employees explaining that "silencing Joe Rogan" isn''t the answer, musician Neil Young hit back with another open letter of his own, this one urging Spotify employees to quit over the platform''s spreading of "misinformation" - while also urging Americans to withdraw their money from the biggest US banks over their financing of fossil fuels. Furthermore in his statement, Young criticized Spotify CEO Daniel Ek, insisting that he was the problem. Speaking to Spotify employees, Young said: "I say Daniel Ek is your big problem - not Joe Rogan. Get out of that place before it eats up your soul. The only goals stated by Ek are numbers, not art, not creativity." He also encouraged musicians and other artists to take their content elsewhere, while asking consumers to find something better to support "with their monthly checks." "To the musicians and creators in this world, I say this: You must be able to find a better place than Spotify to be the home of your art." Young pulled his music from Spotify last month, inspiring a handful of other musicians and podcasters to do the same, and setting off a controversy over the "Joe Rogan Experience" podcast that has lurched from COVID misinformation to Rogan''s "language around race". "In our communication age, misinformation is the problem.

Bank Of America Forecasts 7 Rate Hikes In 2022 And Then Pain Last week, gasps of shock were heard around Wall Street trading desks when Bank of America decided to outdo every other economist with its either idiotic or brilliant forecast for seven 25bp rate hikes this year. All else equal, we would say "idiotic" as 7 rates hikes would almost certainly send the market crashing as real yields explode, long before the 7th hike is implemented, and to our surprise, BofA does not completely disagree. Yet as the bank correctly notes, the Fed is caught in a trap, and while markets will certainly crack long before the tightening process is completed, the economy is in desperate need to cooling off after Biden''s ridiculous trillions in stimmies have unleashed a historic inflationary tsunami. Admitting the forecasts from her own bank''s economists "may sound extreme"... ... BofA chief equity strategist Savita Subramanian - who maintains her 4,600 year-end S&P price target for reasons she explains below - writes that "the pivot from super dovish to more hawkish policy underscores that we are at the point of peak liquidity" as the Fed is now more focused on containing the inflationary conflagration that has been sparked by Biden''s out of control spending.

NOV Inc. <> is downgraded to Neutral from Overweight with a $17 price target at J.P

"If You''re Not Scared Here…" - Lagarde Let Europe''s Genie Out Of The ''Unintended-Consequence'' Bottle As we detailed earlier , while most headlines are focused on stock market losses recently, a much more dangerous tidal wave of risk-awareness is spreading to peripheral European sovereign spreads (which are always far more susceptible to panic, and then pain). We noted previously that there is a degree of cognitive dissonance at play (arguably because the market is so used to being precisely guided): Thursday’s statement was basically unchanged, and still included the familiar “present or lower levels” for rates forward guidance and pace of APP run down. For peripheral bonds this isn’t a rates lift-off play (although that’s an inevitable conclusion). This is an ongoing reaction to expectations for an earlier removal of the ECB’s bid -- and one that seems to have legs. And as those legs grow, something very ominous is back on the radar - EUR redenomination risk (the possibility of an exit from the Euro) is on the rise once again in CDS markets...

"Looking For Truth? …In Bonds There Are Fewer Lies" Authored by Bill Blain via MorningPorridge.com, “Believe whatever you want about equities, but in bonds there is truth..” The Stock Market Rollercoaster will continue a while longer, but a decisive divergence point is coming! Corporate debt is likely to crack on rising rates, price distortion, forgotten risk metrics, and rising defaults. It will signal the perilous financial health of some sectors – bursting the current bubble violently. Anyone for the last few choc-ices? Meanwhile, back to the Unreal World, let me introduce you to a new Blain’s market mantra: If you are looking for truth in markets, in bonds there are fewer lies. Aren’t we having fun in the equity market. Up, Down, Shake it all about. Amazon down 15% one day and up 13% the next. Facebook among the most volatile stocks on the block. Around the globe investors wake up wondering if it’s a risk on or off day, wholly uncertain what they believe about equity market uncertainty… The question is why…?

Phil Gresh at JPMorgan previews earnings for Cenovus (CVE) and PBF (PBF) this week, sees upside at Cenovus and in-line results from PBF. Cenovus prints Tuesday, pre-market, and Phil…

Our call of the day from a JPMorgan private banker has more than one bone to pick with bitcoin enthusiasts.

American Dream Megamall Has Just $820 In Its Reserve Account After Making $9.3 Million Interest Payment New Jersey''s massive "American Dream" megamall looks as though it''s officially mega-broke. It has just $820 (numbers not in thousands) in its reserve fund and it''s now "unclear" whether or not the mall''s owners will be able to make their next interest payment on about $290 million of debt, according to CNBC . The mall just made an interest payment of $9.3 million but has another interest payment slated for August of this year. The mall is planning on opening more than 100 new retail, entertain and restaurant shops this year, a spokesperson for the mall said. The complex is about 3 million square feet and sits on about 90 acres. It charges about $115 for day passes to its water park and about $80 for day passes to its indoor ski slope (every mall needs one). But bond servicer Trimont Real Estate Advisors said this week that the mall wasn''t offering mandatory updates on project expenses and performance, the report says.