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- J.P. Morgan Chase & Co. (JPM) shares fell 9.3% Friday in a high-volume selloff, a day after Chief Executive James Dimon announced a massive, surprise $2 billion trading loss on credit derivativesThe stock’s tra mkhamiltonbagsding volume was more than seven times the recent 30-day average. The $3.78 decline to $36.96 accounted for 83% of the 34.44-point decline of the Dow Jones Industrial Average, as the bank is among the average’s 30 components.The news deducted $14.4 billion from J.P. Morgan’s Cheap coach online store market value, as nearly 2.2 million shares changed hands, the most in a single day since at least 1984, according to FactSet Research Systems.In another blow to the bank delivered after Friday’s market close, Fitch Ratings downgraded J.P. Morgan’s rating by a notch to A-plus from Cheap karen millen dress double-A-minus, placing it four notches below a top-grade triple-A rating. The company was put on watch for further potential downgrades. In after-market trading, J.P. Morgan dropped 0.5% further to $36.79.Fitch said that while the size of the trading loss is manageable, its magnitude and the ongoing nature of the bank’s positions ”implies a lack of liquidity” and raises questions about the bank’s risk management.The bank said in a regulatory filing late Thursday that a one-notch downgrade will require it to post $971 million lunettes ray ban pas cher in additional collateral, and $1.1 billion to settle contracts with termination triggers due to a downgrade.Another ratings agency, Moody’s Investor Service, is currently taking a broad look at banks with capital markets operations and placed J.P. Morgan, along with 16 others, on review for a potential downgrade.J.P. Morgan’s trading loss spurred widespread reaction from analysts, with some lowering their earnings estimates and share-price targets, and a few downgrading their investment recommendations.Citigroup Inc. immediately moved to lower itsLouis vuitton outlet J.P. Morgan earnings estimates for the full year and the next two years, and now targets the bank’s share price to reach $45, 13% less than its previous estimate. Gucci outlet CLSA’s high-profile banking analyst Mike Mayo also cut his price target for J.P. Morgan by 10% to $38.”We view this as a failure of basic asset-liability management,” Mayo wrote, adding that he expects J.P. Morgan’s losses could end up being $1 billion more than the announced $2 billion.In the announcement, Dimon disclosed losses from bets the bank’s Chief Investment Office took on the Chanel Outlet values of corporate bonds. The trades, while still profitable at the end of the first quarter, went sour when prices moved against them last month.Many analysts expressed concern that what Dimon described as an ”egregious, self-inflicted” mistake might occur at J.P. Morgan’s peers. Bernstein Research said the incident ”will likely reinforce investor concerns about the opacity of big bank balance sheets, the predictability of their earnings and the ability of the industry to deliver consistent reCheap Tory Burch turns.”CLSA’s Mayo took the opportunity to reiterate his call for investors to sell holdings in global banks. Bank stocks overall were dragged lower, eroding strong gains in the finance sector logged since the begiCoach outlet nning of the year.The Standard & Poor’s 500 financial sub-index lost 1.2%. Goldman Sachs Group (GS) was 3.9% lower at $102.13, Morgan Stanley (MS) lost 4.2% to $14.95, and Citigroup (C) shed 4.2% to $29.35.-By Amy Or, Dow Jones Newswires, +1 212 416 3142, amy.or@dowjones.com–Christian Berthelsen, Daisy Maxey and Kevin Kingsbury contributed to this article.Obama Returns to Topic of Economic RecoveryAfter unexpectedly endorsing same-sex marriage and injecting a volatile social issue into the 2012 race, President OLouis vuitton Sales bama returned to the topic of the economy Friday, promoting his proposals to allow more Americans to get low-interest mortgage refinancing. His venue once again was Nevada, the state hardest hit by the housing bust four years ago, and also a swing state whose support he needs to win re-election. Last October, Mr. Obama chose Las Vegas to announce changes to an administration program that had produced disappointing results in three years; like then, he appeared here with homeowners who have be · Vedi
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