JPMorgan Beats Estimates

JPMorgan Chase & Co. (NYSE: JPM) posted lower profits of 68 cents per share compared with $1.34 per share in the year ago period, but the results beat expectations. The bank also set aside $5.1 billion as reserves and charges against loan losses. Analysts believed that the bank remains healthy enough to absorb the Bear Stearns (NYSE: BSC). Shares of JPMorgan climbed $1.65 to $43.76 while Bear Stearn stock edged up 2 cents to $10.00.

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