J.P. Morgan profit rises

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J.P. Morgan announced an stronger earning then the Wall Street expected. Despite the turnoil in the credit market. Can they still do that with all the problems in the background?

Quote"J.P. Morgan Chase & Co. reported a rise in quarterly profit Wednesday, even as its investment banking business was hurt by turmoil in the global credit markets.

The bank said its net income edged higher to a record $3.4 billion, or 97 cents a share, from $3.3 billion, or 92 cents a share, in the year-earlier period. Net managed revenue rose 4 percent to $17 billion in the quarter ended in September.

The bank did better than Wall Street thought it would. Analysts had expected J.P. Morgan to post earnings of 90 cents a share on revenue of $16.6 billion, according to estimates from earnings tracker Thomson First Call."

Via CNN Money

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