Diamonds and Dogs
JP Morgan (JPM) rose 2% as the blue chip bank is taking over regional firm, First Republic after going into receivership this weekend. JP Morgan will over $174 billion in loans, $30 billion in securities and 492 billion in deposits from the defunct regional bank. CEO, Jamie Dimon for JP Morgan is now optimistic, this part of the banking crisis is over. Other regional banks still traded lower today.
SoFi Technologies (SOFI) lower even though they beat earnings estimates and guided second quarter and full year estimates higher. The online lender is suing the Biden administration for its student-loan repayment pause, reported a small loss for the quarter expecting profitability by year end. Sofi initially traded higher on earnings and stronger deposits due to the banking turmoil but dropped 12% by the end of the day.
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