Market overview: JPMorgan falls in pre-market after Q1 earnings miss


LONDON (ShareCast) - 1215: JPMorgan Chase & Co (NYSE: JPM - news) shares are falling in pre-market trade in the States after the company reported a steep drop in EPS to 128 cents in the first quarter, from 159 cents the previous year and well under the consensus forecast of 139 cents. Revenues fell eight per cent to 23.9bn dollars. Stock futures on Wall Street are pointing to losses of around 0.2-0.4 per cent across the three major indices.

1012:UK construction output declined in February, as poor weather held back work, according to the Office for National Statistics.Construction output fell 2.8 per cent on the month in February following a 2.1 per cent rise in January, revealed. It marked the biggest drop since November last year.
Year-on-year, output increased 2.8 per cent in February, compared with 5.7 per cent gain in January.

0948: Sales at Waitrose jumped by 20.6 per cent year-on-year in the week to April 5th, "although this performance was boosted by the fact that Easter is occurring later this year," Dr Howard Archer at IHS Global Insight writes. "The robust John Lewis figures suggests that consumers have started off the second quarter on an upbeat note," he adds.

0927: Tech stocks ARM Holdings (LSE: ARM.L - news) and Imagination Technologies (Other OTC: IGNMF - news) , software firm Sage Group (LSE: SGE.L - news) and online fashion retailer N Brown (LSE: BWNG.L - news) are falling sharply as the tech rout continues. Global technology investment trust Polar Capital Technology Trust is also a heavy faller today, along with biotech-focused Worldwide Healthcare Trust and tech-focused Herald Investment Trust.

0912: The latest quarterly results from JP Morgan (Other OTC: JPYYL - news) and Wells Fargo (Berlin: NWT.BE - news) , due out this afternoon, are also keenly awaited by investors. There are worries that the US corporate results season will be rather poor. In that same vein, UBS (Xetra: UB0BL6 - news) writes today that there is a 'dark side' to the anticipated 'boom' in capital expenditures in the US. "It impacts the cost structure of companies, hence margins, as well as cash flow." FTSE 100 down 67 to 6,574.

0833: UK stocks have started the day lower, weighed down by overnight losses on Wall Street. Most market commentary is concentrating on the fact that the earnings season Stateside is expected to be poor. Hence, valuations are overstretched, the thinking goes - particularly in the technology arena. Even if only in a mechanistic way, that would seem to account for the fact that ARM Holdings and Sage are amongst this morning's worst performers. Fresnillo (Other OTC: FNLPF - news) is higher. JP Morgan has raised its price target on the stock to 1,030p from 965p beforehand. Credit Suisse (NYSE: CS - news) has done the same with recruitment outfit Hays (LSE: HAS.L - news) . Acting as a backdrop, traders are watching the rise in the euro in the aftermath of Wednesday's dovish Fed minutes. FTSE 100 down 42 to 6,600.

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