Unfortunately things didn't exactly pan out that way.
J.P. Morgan’s late Friday disclosure that it expects its markets revenue slump to steepen appears to have caught Wall Street off guard.
The largest U.S. bank by assets said in a regulatory filing it expects its markets revenue, which includes fixed-income and equities trading, to decline 20% in the quarter, sharper than the 17% drop it posted in the first quarter. The stock was down 2.3% Monday morning, and the news prompted several analysts to slash their estimates for the bank….
Furthermore, J.P. Morgan expects a production related pre-tax loss of $100 million to $150 million in the current quarter, which is sharply higher than the $58 million loss it reported for the first quarter. “Higher levels of mortgage interest rates are expected to continue to have a negative impact on volumes,” said the bank in the filing.
J.P. Morgan’s Late-Friday Filing Catches Wall Street Off Guard [WSJ MoneyBeat blog]