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Why Investors Should Avoid JPMorgan Despite Earnings Beat

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Let's talk about JPMorgan Chase  (JPM) - Get JPMorgan Chase & Co. (JPM) Report

The bank posted earnings on January 14.

TheStreet's Jacob Sonenshine and GraniteShares CEO Will Rhind joined TheStreet to talk about the big bank.  

JPMorgan posted stronger-than-expected earnings, thanks in part to a surge in fixed income trading, and said the U.S. consumer continues to be in a strong position heading into 2020.

JPMorgan said earnings for the three months ending in December came in at $2.57 per share, up 29.8% from the same period last year and well ahead of the Street consensus forecast of $2.35 per share. Group managed revenues, JPMorgan said, rose 9% to $29.2 billion, against topping analysts' forecasts of a $27.96 billion tally.

 “JPMorgan Chase produced strong results in the fourth quarter of 2019, capping off a solid year for the Firm where we achieved many records, including record revenue and net income," said CEO Jamie Dimon. "While we face a continued high level of complex geopolitical issues, global growth stabilized, albeit at a lower level, and resolution of some trade issues helped support client and market activity towards the end of the year."

But, despite these earnings, Rhind says that the model that picks and chooses the stocks in the XOUT  (XOUT) - Get GraniteShares XOUT US Large Cap ETF Report fund has removed JPMorgan.

Watch the full video for Rhind's explanation. 

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