Everyone’s still buzzing about the aftereffects of the JP Morgan’s $2 billion blunder that was announced yesterday. Markets, so far, have been negative, and the banks’ stock is down over 8% in pre-market trading. JP Morgan’s reputation is also taking a battering in every form of media possible.
But Peter Tchir of TF Market Advisors points out something that could be a plus for the bank—
On the bright side, if $jpm wanted to buy back $10 billion worth of shares, today would be a good day to start
— TF Market Advisors (@TFMkts) May 11, 2012
In case you needed reminding, JP Morgan announced in March after it passed its Fed stress tests that it would continue with a $15 billion share buyback plan, of which there was $6 billion left to do. Seems like today might be a good day to go full force on that.