This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Updated with stock price moves.)
NEW YORK (
JPMorgan Chase(JPM - Get Report) was among the losers of the financial sector Friday, despite an upgrade from a Citigroup analyst.
JPMorgan shares were trading lower despite positive comments from Citigroup analyst Keith Horowitz, who raised his rating on JPMorgan shares to buy from hold. The stock's recent underperformance provides investors with an "excellent entry point," Horowitz wrote in a research note Friday.
JPMorgan was one of several financial companies losing ground in the aftermath of the White House's renewed push for
regulation of the financial industry. On Thursday, President Obama said his administration would work with Congress to ensure that any financial institution that contains a bank does not "own, invest or sponsor" a hedge fund, private equity fund or proprietary trading desk "unrelated to serving customers."
Horowitz said that the proposal to limit proprietary trading "would have a limited 2% impact on normalized earnings-per-share" for JPMorgan. Still, shares were down 4% to $38.93.
JPMorgan wasn't alone in the red Friday, as several other bank stocks fell on regulation fears.
Bank of America(BAC - Get Report) slid 4.5% to $14.77,
Goldman Sachs(GS) lost 4.5% to $153.65, and
Morgan Stanley(MS) declined 6.1% to $27.54.
Citigroup(C - Get Report) shares had bucked the trend earlier in the day, but were down 0.3% to $3.26.
Wells Fargo(WFC) had also traded higher, but were losing 2.8% to $27.21.
Investors were also sifting through earnings from several financial companies. Late Thursday,
American Express(AXP - Get Report) reported fourth-quarter earnings of 60 cents a share, beating Wall Street estimates that called for a profit of 57 cents a share.