Business Services Industry
Stock Watch: Profits take a bank holiday; J.P. Morgan Chase shares slump along with investment banking.(Brief Article)(Statistical Data Included)
Crain's New York Business, June, 2001 by Harrington, John
The decline in merger and acquisition activity coupled with the falloff in trading revenues is being felt keenly at J.P. Morgan Chase & Co. Last week, the bank warned that as a result of those factors, investment banking revenues will continue to be depressed in the rest of 2001. Two analysts found that reason enough to slash their ratings for J.P.
Morgan Chase. One of them, Fox-Pitt Kelton's E. Reilly Tierney, downgraded the bank to ``hold'' from ``buy.'' At least three other analysts kept their ratings, but did trim their earnings estimates for the second quarter and the year for the nation's second-largest bank. Investors punished the Dow blue chip, sending its shares to their lowest level in two months. The stock is down 2.7% for the year, making it the...
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