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Stacey Vanek-Smith: Some good news from the banking industry. JP Morgan Chase announced its profits jumped 36 percent last quarter — the first increase in nearly two years. Mitchell Hartman reports on that and other highlights of the quarterly earnings parade.
Mitchell Hartman: A few quarters ago, the nation’s biggest banks and investment firms were on the ropes, taking government bailout money.
JP Morgan’s results show that’s all in the past — sort of. The company’s still losing money on credit cards and mortgage foreclosures. That’s from the sinking economy and job losses. But JP Morgan is making boatloads on trading and investment banking. It earns fees when companies issue stock to raise cash.
Citigroup and Bank of America report earnings tomorrow, and analysts don’t think they’ll be quite as stellar as their rivals. Unlike JP Morgan and Goldman Sachs, they haven’t paid back their TARP loans yet.
And finally, from banks to hogs. Harley Davidson reported earnings this morning, and they’re not exactly tearing off down the road. Profit was down 91 percent. Blame it on the general slow-down in consumer spending. Harley says it’s trying to broaden its appeal to more young and female riders.
I’m Mitchell Hartman for Marketplace.
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