JP Morgan Chase & Co (JPM) reportedly extended its rented office space in Germanys financial centre, Frankfurt, in a response to Britains exit from the EU.
JP Morgan Chase shares closed lower for a third consecutive trading session on Friday. The stock edged down 0.32% ($0.32) to $98.32, after touching an intraday low at $98.26, or a price level not seen since November 20th ($97.76).
In the week ended on November 26th the shares of the financial group added 0.18% to their market value compared to a week ago, which marked a second consecutive period of gains.
However, the stock has extended its loss to 2.28% so far during the current month, following a 5.34% surge in October. The latter has been a second consecutive monthly gain and also the largest one since June.
For the entire past year, the shares of the NYSE-listed financial holding company rose 30.68%. The stock has gained another 13.94% so far in 2017.
According to Reuters, citing a source with knowledge of the situation, the investment bank rented sufficient office space in the Taunusturm to accommodate 200 employees, while being able to fit additional staff in its existing offices in the 40-storey building.
An earlier report by the Frankfurter Allgemeine newspaper said that the new rented space in the Taunusturm would be enough for up to 300 employees, as the bank had already located 450 staff in the 170-metre skyscraper.
According to the source, JP Morgan intends to establish hubs in Frankfurt, Luxembourg and Dublin, but however, it still remains a matter of debate precisely which functions will be hosted at which of the cities.
JP Morgan is the latest big bank to attempt to shift its operations to more than one hub, which only suggests how large the scale of London’s financial district is.
According to CNN Money, the 26 analysts, offering 12-month forecasts regarding JP Morgan Chase & Co’s stock price, have a median target of $102.50, with a high estimate of $115.00 and a low estimate of $84.50. The median estimate is a 4.25% surge compared to the closing price of $98.32 on November 24th.
The same media also reported that 14 out of 29 surveyed investment analysts had rated JP Morgan Chase & Co’s stock as “Hold”, while 11 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the JP Morgan Chase stock are presented as follows:
R1 – $98.38
R2 – $98.44
R3 (Range Resistance – Sell) – $98.50
R4 (Long Breakout) – $98.67
R5 (Breakout Target 1) – $98.88
R6 (Breakout Target 2) – $98.96
S1 – $98.26
S2 – $98.20
S3 (Range Support – Buy) – $98.14
S4 (Short Breakout) – $97.97
S5 (Breakout Target 1) – $97.76
S6 (Breakout Target 2) – $97.68
By using the traditional method of calculation, the weekly levels of importance for JP Morgan Chase & Co (JPM) are presented as follows:
Central Pivot Point – $98.54
R1 – $99.33
R2 – $100.33
R3 – $101.12
R4 – $101.90
S1 – $97.54
S2 – $96.75
S3 – $95.75
S4 – $94.74