I see Kass is selling most of his trading longs into this afternoon's ramp - interesting. The ramp seems to have been caused by positive rumors on AAPL; no recall, GS and BP. It sure doesn't seem likely AAPL recalling anything; otherwise they would have been pulling them from shelves, etc. - which it does not appear they are doing. In fact, unscientifically, the AAPL store in the Country Club Plaza was absolutely packed today at 3:30.
Kass is adding to LNC today; I need to get back into that one....
Without alot of studying yet of JPM's quarter - first impression of it is that it was just OK, a little less than meets the eye.
* Trading results were not as bad as feared.
* Non-performers came down nicely.
* Pretax improvement was materially from cost-cutting.
* Deposit growth was disappointing.
* Lower loan-loss provisions aided EPS by 36 cents (nonrecurring) against that nonrecurring charge of 14 cents for the U.K. bonus tax.
* Bottom line: I estimate recurring earnings were better at around 83 cents a share vs. Street expectations of 71 cents a share.