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Jamie Dimon Visits "Mornings With Maria"
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JPMorgan drops after cutting full-year net interest income outlook

The bank had just upped its guidance for net interest income in late February.

Luke Kawa

Shares of JPMorgan are dipping in premarket trading, off as much as 3% before paring losses, after America’s biggest bank lowered its projection for net interest income generated this year while delivering its Q1 results.

JPM now sees net interest income (the spread between what it makes off loans vs. what it pays for deposits, aka NII) of $103 billion this year, down from prior guidance of “about $104.5 billion.”

The move reverses what the bank had just done to its NII view in late February, when it was bumped up to $104.5 billion from $103 billion.

JPM’s guidance for adjusted expenses remains unchanged at around $105 billion.

In the press release, CEO Jamie Dimon noted that “there is an increasingly complex set of risks — such as geopolitical tensions and wars, energy price volatility, trade uncertainty, large global fiscal deficits and elevated asset prices.”

The Q1 results themselves look pretty solid, with revenues of $50.54 billion besting estimates for $49.26 billion, buoyed by record results in its trading division.

Goldman Sachs, for its part, slumped on Monday after its FICC trading results disappointed.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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