JPMorgan earnings, big upside surprise

For the second day in a row, a big bank has confirmed how hard it is to predict bank earnings right now. JPMorgan posted a .28 per share profit vs. expectations of about .04 a share. This despites some big hits--one related to TARP repayment, the other related to the FDIC's special assessment. Investment banking powered earnings. That swamped a hike in credit-loss provisions, which were $9.7 billion, more than double a year earlier. That follows an increase of $10 billion in the previous quarter. You might be tempted to think earnings will come in higher than expected across the board, but that is probably not warranted. 

For more:
- here's an AP article

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