JP Morgan posted an earnings beat, but the bank’s stock falls on lowered interest forecast. $JPM
posted earnings that exceeded analysts' expectations, aided by an income tax benefit that boosted results by $768 million.
J.P. Morgan said that the presumably one-time tax boost came from the resolution of "certain tax audits" that lifted the company's per share earnings by 23 cents. "With these money-center banks, the yield curve does matter," said Marty Mosby of Vining Sparks, who confirmed on CNBC's "Squawk Box" that net interest income forecast was pressuring J.P. Morgan's stock early Tuesday., when higher interest rates helped it beat profit and revenue expectations.
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