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Why does the wealth manager from $JEDT looks like Louis Litt? 🤣 #suits

getquin Daily Summary 31.08.2022

Hello getquin,

Today we have again exciting topics for you from the search at J.P. Morgan in Frankfurt to layoffs and crazy market movements at Snapchat.

Europe🌍:

1. investigators search US major bank J.P. Morgan in Frankfurt

JP Morgan wants to cooperate. The background is the Cum-Ex scandal. There are said to be more than 20 defendants, including managers and employees from the compliance department. The term Cum-Ex stands for trading in large blocks of shares with (cum) and without (ex) dividends, which comes from Latin. Those involved had capital gains taxes refunded to them that they had not paid at all. JP Morgan is said to have been involved in classic cum-ex transactions and later also used corresponding models for tax evasion.

Read more: https://bit.ly/3CHK2oj

🟥 $JEDT €114.16 (🔽 -0.24%)

Americas🌏:

2nd Snapchat announces 20% employee layoffs

Snapchat will lay off 20% of its more than 6,000 employees and discontinue several projects, including its Pixy photo drone and Snap Originals premium shows. The company promoted Jerry Hunter, senior vice president of engineering, to chief operating officer. Snapchat recently reported disappointing second-quarter results and said it would not provide guidance for the current quarter.

Read more: https://cnb.cx/3pWFaDY

🟩 $SNAP (-1,92%) €11.14 (🔼 +11.14%)

Asia🌏:

3rd top Softbank executive resigns

Rajeev Misra, a top SoftBank executive and a key ally of CEO Masayoshi Son, has stepped down from his roles as corporate officer and executive vice president of SoftBank Group. He remains CEO of SoftBank Investment Advisers, the company responsible for the $100 billion Vision Fund, which has made high-profile bets on companies such as Uber. SoftBank's investment strategy has come under fire after a series of bad investments such as WeWork, and the recent slide in tech stocks has hurt the fund's performance. SoftBank's Vision Fund posted a record loss of 3.5 trillion Japanese yen for the fiscal year ended March 31.

Read more: https://cnb.cx/3AE1yH9

🟩 $SFTBY (-1,39%) €20,01 (🔼 +1,65 %)

Welt🗺️:

4th BYD plunges after Buffett reduces his stake

Hong Kong-listed shares of BYD plunged Wednesday after Warren Buffett's Berkshire Hathaway cut its stake in the Chinese electric carmaker. One fund manager said this could be a warning sign of further developments.

The conglomerate slightly reduced its stake to 19.92% from 20.04%, according to a filing on the Hong Kong Stock Exchange. Berkshire sold 1.33 million BYD shares for about $47 million - the group now owns 218.7 million shares, according to the report. EV maker BYD falls more than 12%, dragging down the Hang Seng Index on Wednesday.

Read more: https://cnb.cx/3KynUym

🟥 $BYDDY (-3,66%) €30,90(🔼 +3,89 %)

Special:🎤

5. Bed Bath & Beyond shares plummet after memestock submits share offer for undisclosed amount

Shares of Bed Bath & Beyond fell after the meme-stock-turned-retailer said in a filing that it would sell shares for an undisclosed amount. The company also announced $500 million in new financing and plans for layoffs. The stock fell 24% when the market opened Wednesday. The announcement came just hours before Bed Bath & Beyond unveiled a turnaround plan Wednesday to regain the trust of customers, investors and suppliers. Some investors had called for the retailer to capitalize on its meme status by issuing stock to raise much-needed cash.

Read more: https://cnb.cx/3dYe3Wr

🟥 $BBBY €9,51 (🔼 -23,35%)

Quarterly figures:

🚖 Crowdstrike $CRWD (+0,55%)

EPS: 🟩 $28 cents expected vs $36 cents published

Revenue: 🟩 $516 million expected vs $516 million published

🚖 Hewlett Packard $HPQ (-0,4%)

EPS: 🟥 $1.05 cents expected vs $0.94 cents published

Revenue: 🟥 $14.9 billion million expected vs $14.7 billion million published

🟥 $EUNL (+0,72%) €73.62 (🔽 -0.25%)

🟥 $TSLA (+9,97%) €274.83 (🔽 -1.26%)

🟥 $SP500TR 3.985,56 (🔽 -0,010 %)

🟥 $GDAXI 12.929,62 (🔽 -0,23 %)

🟩 $BTC (+0,68%) ₿, €19.986,32 (🔼 +0,63%)

Time: 17:30 CEST

Joke of the day:

'I won $3 million on the lottery this weekend so I decided to donate a quarter of it to charity. Now I have $2,999,999.75.'

#marketnews
#marketnewsupdate

JPMorgan quarterly results: Earnings expectation missed, revenue forecast exceeded in Q1

JPMorgan reported its numbers this Wednesday, missing earnings expectations. The company was able to beat its revenue forecast.

The company reported earnings per share of $2.63. Revenue came in at $30.72B. Economists surveyed by Investing.com polled economists had expected earnings per share of $2.7 ahead of the quarterly results, while revenue was estimated at $30.63B.

For the year, JPMorgan's stock is down 16%, underperforming the S&P 500, which is down 7%.

Source: Investing.com

With a 3.2% dividend yield, is the financial giant worth buying?

For the most part, the numbers have always been above expectations recently.

From a chart perspective, however, the next support is at $115.

Do you have JPMorgan in your portfolio or would you currently buy?