JPMorgan Earnings Chase Banks Down — Thursday’s IP Market Recap

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tdp2664 InvestorPlace JPMorgan Chase (NYSE: JPM ) took a spanking Thursday as a reminder beating earnings isn't always all it's cracked up to be — and the rest of the financial sector felt the paddle, too. JPMorgan reported earnings Thursday of $1.02 per share — 10 cents better than analysts' prediction — however, JPM suffered losses in fees from investment banking, debt underwriting and stock underwriting, as well as a $347 million loss in its private equity business. JPMorgan also was hampered by lawsuits over bad mortgages, and the company also said it was going to lose about $300 million in debit card fees in the fourth quarter thanks to a new Federal rule capping transaction charges. All that cheery news led to an almost 5% haircut from JPM shares, or about a $1.60 drop to $31.60. It also set the market to work fleecing other financial stocks. Among the banking powerhouses eating big losses were Bank of America (NYSE: BAC ), down 5.47% to $6.22, Citigroup (NYSE: C , -5.34%, $27.64), Royal Bank of Scotland (NYSE: RBS , -6.08%, $7.73) and Barclays Plc (NYSE: BCS , -5.38%, $11.09). JPMorgan's disappointing numbers set a gloomy tone for next week's lineup of financial earnings reports, including Citigroup, Bank of America, Wells Fargo (NYSE: WFC ) and Goldman Sachs (NYSE: GS ). Thursday also marked the end of a three-day global service outage affecting millions of BlackBerry that prompted an apology from Research In Motion ( NASDAQ : RIMM ) founder and co-CEO Mike Lazaridis. The problem, which started with a hardware error, was exacerbated when a backup system "did not work the way we intended," Lazaridis told CNNMoney . Users' outrage apparently wasn't taken out on RIMM stock, which lost just less than 2% since the start of the outage Tuesday, closing Thursday's trading at $23.61. Three Up Sina Corp. ( NASDAQ : SINA ): Down 18.35% ($14.40) to $92.88. Range Resources Corp. (NYSE: RRC ): Up 8.77% ($5.52) to $68.44. Nvidia ( NASDAQ : NVDA ): Up 5.82% (85 cents) to $15.46. Three Down Blackstone Group (NYSE: BX ): Down 5.44% (78 cents) to $13.55. Silver Wheaton Corp. (NYSE: SLW ): Down 4.79% ($1.57) to $31.21. Discover Financial (NYSE: DFS ): Down 4.68% ($1.19) to $24.24. As of this writing, Kyle Woodley did not own a position in any of the aforementioned stocks.