JPMorgan Chase (JPM Quote) posted first-quarter earnings of $3.08 billion, or 86 cents a share, compared with $2.3 billion, or 63 cents a share, in the year-ago period. Net revenue rose 12% to $15.2 billion. Earnings in the year-ago quarter included a charge of $558 million, or 15 cents a share, stemming from JPMorgan's settlement payout in the WorldCom litigation.
Analysts surveyed by Thomson Financial were looking for a profit of 83 cents a share and revenue of $15.2 billion. Shares of JPMorgan closed up 2 cents to $42.62.
Piper Jaffray (PJC Quote) rose after the company beat Wall Street's first-quarter earnings expectations. Piper reported net income of $23.9 million, or $1.25 a share, compared with $7.3 million, or 38 cents a share, a year ago. ...
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