The stock finished its last four post-earnings sessions lower
JPMorgan Chase & Co (NYSE:JPM) is scheduled to report second-quarter earnings before the open on Tuesday, July 14, kicking off earnings season alongside several other major banks. According to Zacks Research, analysts expect earnings of $5.49 per share on revenue of $48.71 billion, representing year-over-year growth of 10.7% and 8.5%, respectively.
Options traders are pricing in a relatively modest post-earnings reaction. The options market implies a next-day move of 4.7%, though that is nearly double JPM's average post-earnings move of 2.4% over the last eight quarters. The bank has closed lower after each of its last four earnings reports, including a 4.2% drop in January.
JPMorgan stock is bucking today's broad-market weakness as chip stocks pressure the major indexes, though it has pared earlier gains, last seen up 0.2% at $338.31. The shares are on track for a fourth straight gain and are moving back toward their June 25 record high of $343.34. Longer term, there is notable support at the 320-day moving average. Year to date, the equity is up 4.9%.
Analyst sentiment could leave room for upgrades. Of the 26 brokerages covering JPMorgan, 12 carry a "buy" or "strong buy" rating, while 14 maintain "hold" recommendations, with no "sell" ratings on the books. With the shares trading just below record territory, investors will be looking to see if the bank's results and outlook can support another run at fresh highs.