July 14th, 2022 Daily Report

Tom Gentile

Posted in
Daily Report

By: Tom Gentile
July 14th, 2022

2 mins read

JP Morgan Chase & Co. Earnings Didn’t Help the Markets, but The Markets Still Fought Back

Q2 earnings season for banks kicked off today with both JP Morgan Chase & Co (NYSE: JPM) and Morgan Stanley (NYSE: MS) both reporting.

Most of the attention was on JPM as its CEO, Jamie Dimon had much to say about the banks numbers and about stress tests and the economy.

It was a kid of yin and yang type batch of commentary where he pointed out some good and some bad perspective of his which I encourage you all to search up articles to gain the full story of what he said.

JPM’s numbers came in with earnings of $2.76 per share on revenue of $34.2 billion. The consensus eps estimate was $2.85 per share on revenue of $32.0 billion.

MS’s numbers came in with  earnings of $1.44 per share on revenue of $14.5 billion. The consensus earnings estimate was $1.55 per share on revenue of $279.7 billion.

JPM Put Option Contract Makes the Unusually High Put Option Volume List

There was a put option contract of JPM that made the Unusually high Put Option Volume list. It is the JPM October 21, 2022, $90 Put.

July 14th, 2022 Unusually High Put Option Volume

This is a further out option, so It seems options traders are not expecting things to get too much better for the stock going in to the next earnings period for it as well.

Notice Wells Fargo  & Company (NYSE: WFC) is also on this list. The put option for WFC is the January 20, 2022, $35 Put.

Apparently the option traders are playing the long game on the banks recovery, in that they aren’t seeing it happening any time soon.

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