
JPMorgan Posts Record $21.2 Billion Quarter as Dealing Booms
The largest U.S. bank reported its biggest quarterly profit ever on July 14, powered by a 27 percent surge in investment banking revenue.
Quarterly results read closely: segment margins, working capital, guidance changes, and the questions management declined to answer on the call.

The largest U.S. bank reported its biggest quarterly profit ever on July 14, powered by a 27 percent surge in investment banking revenue.

Banks first, tech last, and a flood in between: the season is a schedule as much as an event, and the schedule carries information.

Repurchases shrank the S&P 500's share count by roughly two percent a year for a decade — arithmetic that lifts EPS while net income stands still.

With 97 percent of the S&P 500 reported, the season delivered roughly double the growth markets entered it expecting.

Stocks trade on the future being revised, not the past being reported — the mechanics of why a beat can sell off and a miss can rally.