According to a report by Reuters on Monday, citing sources with knowledge of the matter, JP Morgan Chase has appointed Reginald Lang to a role within its entertainment industries group, which represents part of the lenders commercial banking arm and provides funding to TV and film studios.
Lang currently serves as managing director of Wells Fargos media investment banking group in New York.
JP Morgan Chase shares closed higher for the sixth time in the past seven trading sessions on Monday. The stock inched up 0.04% ($0.04) to $113.90, with the intraday high and the intraday low being at $114.69 and $113.75 respectively.
In the week ended on May 13th the shares of the banking group added 5.01% to their market value compared to a week ago, which marked the first gain out of three weeks. It has also been the best performance since the week ended on December 3rd 2017.
The stock has extended its advance to 4.71% so far during the current month, following a 1.08% drop in April. The latter has been a third straight month of losses.
For the entire past year, the shares of the NYSE-listed financial holding company rose 23.93%, following another 30.68% surge in 2016.
According to the sources, who requested to remain anonymous, Lang is expected to move to Los Angeles and report to David Shaheen, who heads JP Morgan’s entertainment industries group.
Reuters reminded that the appointment marked a return to JP Morgan for Lang, after he parted ways with the Wall Street bank in 2006 and became part of Wachovias team. Later, Wachovia was acquired by Wells Fargo.
JP Morgan has a leading position (over 90% market share) in providing debt financing to entertainment production companies, while its corporate client base includes Metro-Goldwyn-Mayer Studios Inc, Lions Gate Entertainment Corp, Entertainment One Ltd, Village Roadshow Ltd among others.
According to CNN Money, the 29 analysts, offering 12-month forecasts regarding JP Morgan Chase & Co’s stock price, have a median target of $122.00, with a high estimate of $135.00 and a low estimate of $85.00. The median estimate is a 7.11% surge compared to the closing price of $113.90 on May 14th.
The same media also reported that 14 out of 31 surveyed investment analysts had rated JP Morgan Chase & Co’s stock as “Hold”, while 12 – 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 – $113.99
R2 – $114.07
R3 (Range Resistance – Sell) – $114.16
R4 (Long Breakout) – $114.42
R5 (Breakout Target 1) – $114.72
R6 (Breakout Target 2) – $114.84
S1 – $113.81
S2 – $113.73
S3 (Range Support – Buy) – $113.64
S4 (Short Breakout) – $113.38
S5 (Breakout Target 1) – $113.08
S6 (Breakout Target 2) – $112.96
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 – $112.32
R1 – $116.27
R2 – $118.69
R3 – $122.64
R4 – $126.60
S1 – $109.90
S2 – $105.95
S3 – $103.53
S4 – $101.12
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