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This Says Our Favorite Biotech Is Off to the Races

Shares of a promising biotech we recommended back in February 2013 – jumped as much as 27% to a three-month high of $14.20 yesterday after the company said a new cancer drug met its main goal in a midstage clinical trial.

Its shares backtracked a bit as the day progressed but still closed 17.6% higher for the session. These shares have advanced 361% since we first told you about them. The stock has generated a peak gain of 456%, making it one of the 31 recommendations we’ve made to you that have doubled or better since we launched Private Briefing in August 2011. (More on that later…)

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    JPMorgan Chase (NYSE: JPM) Earnings: 34% Profit Gain Thanks to this Business

    JPMorgan Chase (NYSE: JPM) reported third-quarter earnings today (Friday) of $1.40 a share, beating increased estimates of $1.21 a share.

    JPM, the largest U.S. bank by assets, earned a record $5.7 billion in the quarter, 34% higher than the $4.3 billion or $1.02 reported for the same period a year ago. The strong revenue results also easily topped forecasts.

    The impressive numbers were thanks to the bank's robust and growing mortgage and credit business. Mortgage volume was up 29%, and core loan growth grew 10%.

    The notable uptick in both segments bodes well for the housing market and U.S. economy, suggesting the real estate market is staging a recovery and consumers are getting more comfortable spending.

    "Importantly, we believe the housing market has turned the corner," CEO Jamie Dimon said in a statement.

    As a result of improved mortgage and credit conditions, JPM reduced its reserves (cushion) for loan losses by $900 million.

    "All in, we think it's a good quarter for JP Morgan Chase, and other banks should see some of the same benefits," Glenn Schoor, an analyst at Nomura Securities told the Financial Times.

    Here's a closer look into the third quarter.

    JPM Earnings: London Whale Trade Still a Big Deal

    Still under scrutiny from the dicey derivative bets made in the bank's London Chief Investment Office, the bank's losses from the failed hedge strategy grew in the third quarter by $449 million.

    Since the trade, dubbed the London Whale, was uncovered in the second quarter, losses have cost JPM some $6 billion. Under the worst case scenario, the bank said the losses could widen by $1.7 billion.

    CEO Dimon said in a conference call that the bank doesn't anticipate further losses of that enormity and added that the bank has appreciatively reduced the scope of risks in the underlying portfolio.

    Anxious to put the matter to rest and behind him, Dimon called renewed focus on the losses a "sideshow" in an otherwise stellar quarter.

    "Hopefully we're not going to be talking about it anymore," he said in a statement.

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