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Stock market news today January 10


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JPMorgan Chase released the results from its fourth quarter on
Friday, beating analyst earnings expectations on an adjusted
basis with $1.76 a share.
Wall Street analysts had been expecting $1.69 a share
.

But in an already wonky quarter, JPMorgan reported an unusual
loss not related to the new tax law: Its equities team took a
$143 million loss from a single client. JPMorgan confirmed the
loss was connected to the South African retailer Steinhoff
International, which is embroiled
in an accounting scandal
.

“It is by far and away the largest loss in that business we’ve
seen since the crisis,” CFO Marianne Lake said in an analyst
call.

Elsewhere in bank news, Wells Fargo’s profit jumped
after a one-time boost from tax reform
. And Morgan Stanley
just announced
its 2018 managing director promotions
.

In hedge fund news, the only female investment partner at

$20 billion hedge fund Canyon has left
. And skeptics are
betting against Wingstop —
the CEO told us why they don’t get the
company
. Legendary investor
T. Boone Pickens is shutting down his energy-focused hedge
fund
.

In markets news, a key metric shows the stock market is at
“extreme” levels
that are the most stretched in 20 years
.

In crypto news, a Wall Street consultancy eviscerated crypto in a
massive report —
and it should strike fear into the heart of every bitcoin
bull
. There will soon be a
new way to bet on the technology behind bitcoin
. And the CEO
of a cryptocurrency platform
offering 100x leverage told us why he turns down investor
cash
.

In deal news, Dropbox needs to find
a new “ethos” and
more business customers for an IPO home run
. And b
ig
pharma’s getting ready
to spend tax reform dollars on big deals
.


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