This Day On The Street
Continue to site
ADVERTISEMENT
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

JP Morgan Upgraded as Banking System Heals

As time went on our banking regulators allowed Wall Street to develop all sorts or mortgage loan products and to package them carte blanche into derivative securities, which eventually choked investors around the world who did not understand the trumped up stories Wall Street presented. The problems first surfaced with subprime mortgages and soon after that other type of derivatives imploded and the Great Credit Crunch began.

Today I am profiling the four 'too-big-to-fail' money center banks to show how they are thriving thanks to the free money given to them since mid-December 2008.

On July 22 I wrote, Big Banks Are Beating Earnings Estimates and showed that three of the four big banks were bigger in terms of assets in the first quarter of 2013 vs. the end of 2010. Here are the profiles that incorporate second quarter data from the FDIC.

Bank of America (BAC - Get Report) ($14.36 vs. $14.75 on July 19) set a multi-year high at $15.03 on July 23 and maintains a hold rating, and is trading just above its 50-day simple moving average at $14.20. My semiannual value level is $10.09 with a monthly pivot at $14.26 and annual risky level at $17.07.

Bank of America increased assets in the second quarter by $21.2 billion to $1.658 trillion, which is 11.5% of the total assets in the banking system.

Citigroup (C - Get Report) ($49.22 vs. $52.35 on July 19) set a multi-year high at $53.56 on May 30 then traded as low as $45.06 on June 24. This hold rated bank is below its 50-day SMA at $50.55 with a semiannual value level at $47.14 and a monthly risky level at $54.62. My annual value level lags at $33.19.

Citigroup increased assets in the second quarter by $7.147 billion to $1.315 trillion, which is 9.1% of the total assets in the banking system.

JP Morgan (JPM - Get Report) ($52.56 vs. $56.16 on July 19) and ended August at $50.53 after setting a multi-year high at $56.93 on July 24. September began with JP Morgan upgraded to buy from hold according to www.ValuEngine.com. JP Morgan is trading between its 200-day SMA at $49.57 and its 50-day SMA at $54.00. My semiannual value level is $50.37 held at the end of August. Lower annual value levels are $44.04 and $42.87 with this month's risky level is $57.50.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
BAC $16.22 -0.76%
C $52.75 -1.10%
JPM $63.83 -0.89%
WFC $54.78 -1.00%
AAPL $124.28 -1.20%

Markets

DOW 17,843.62 -84.58 -0.47%
S&P 500 2,082.00 -7.46 -0.36%
NASDAQ 4,923.6680 -15.6590 -0.32%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs