Issue link: https://www.epageflip.net/i/52720
Saturday, January 14, 2012 – Daily News NEW YORK (AP) — A rare disappointing earnings report from JPMorgan Chase battered bank stocks on Friday and helped push the rest of the market lower. Rumors of imminent downgrades for the credit ratings of European gov- ernments drove the euro down and sent investors streaming into U.S. debt. The Dow Jones industrial average fell 48.96 points to close at 12,422.06, a drop of 0.4 percent. Markets were little changed late in the day after France's finance minister con- firmed that Standard & Poor's had stripped the country of its AAA credit rating. Before the market opened, JPMorgan said quarterly profit declined 23 percent from a year earlier, slightly worse than what analysts expected. The bank's stock lost 2 percent, and other large banks fol- lowed. Morgan Stanley fell 3 percent and Gold- man Sachs 2 percent. It was the first time JPMorgan missed Wall Street expectations since the final quarter of 2007, a period that includes the financial crisis of 2008 and 2009. JPMor- gan is widely considered one of the best-managed big banks. Traders fig- ured that if JPMorgan had trouble as 2011 came to a close, the rest of the industry probably did, too. ''JPMorgan is the gold standard,'' said Phil Orlando, chief equity strategist at Fed- erated Investors. ''So what happens to the banks that aren't quite as strong and aren't quite as well-man- aged?'' sis. 5B JPMorgan disappoints; banks lead stocks lower Wall Street The dollar and U.S. On trading desks, it's called the ''cockroach theory,'' Orlando said. ''You never see just one cockroach. If you see one, you know there's bound to be a lot more.'' The euro slipped to its lowest level in 17 months after reports surfaced that S&P would downgrade Euro- pean governments. After the markets closed in New York, S&P announced cuts for France, Austria, Italy and Spain. The euro dropped 1.1 percent against the dol- lar to $1.27. Borrowing costs jumped for France, Italy and Spain, countries at the center of the region's debt cri- Treasury prices rose as investors moved money into lower-risk assets. The yield on the 10-year U.S. Treasury note fell to 1.86 percent from 1.93 percent late Thurs- day. S&P warned Dec. 5 that 15 countries that use the euro were at risk of downgrades, citing higher borrowing costs for top-rated govern- ments and disagree- ments among European leaders. A cut to France's credit rating may fail to push rates up for France because bond traders were prepared for it, said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott. The danger is to the European rescue fund. France is the second- largest contributor to the fund behind Ger- many. Bond traders could respond to the French downgrade by raising borrowing costs for the rescue fund, in the expectation that its rating will be cut next. ''The knock-on effects are far more sig- nificant than the impact on France itself,'' LeBas said. JPMorgan's results opened the earnings sea- son for banks on a sour note. Though an increasing pace of earn- ings reports may help steer the markets over the coming days, Europe's debt crisis is likely to remain the focus. In other trading, the S&P 500 index fell 6.41, or 0.5 percent to 1,289.09. The Nasdaq composite index fell 14.03, or 0.5 percent, to 2,710.67. Even with Fri- day's fall, all three indexes posted gains for the second straight week. The S&P 500 index is up 2.5 percent to start the year. Tehama Country This Week Real Estate First Time Home Buyer 50% Grant Money Available Call Access Mortgage & Real Estate Buyers Agent: Tim Arrowsmith 530-200-2929 Tim Arrowsmith NMLS# 502254 MLS# 01220716 AMAZING RANCH. 643 acres located west of Red Bluff. Includes multiple water supplies, 3 holding tanks, sulfur spring irrigation, solar power, 2 homes, bunk house and a 1,600sf 2- story garage, large old barn, perimeter fencing. Lots of wildlife. Just listed at .........................................................................$875,000 WESTERN REAL ESTATE MINCH PROPERTY MANAGEMENT 760 Main St. • 530-527-5514 Commercial Properties For Sale: • 455 S. Main St. SALE PENDING • 840 Main St. • 1870 Montgomery • Flores Ave/I-5 ( • 13545 Saint Marys Ave. • 1156 Monroe St. Major Price Reduction! Major Price Reduction! 2.67 Acres 11,400 sq/ft 2 Acres SALE PENDING . . . . . . . . . . . . 24, 53 or 62 Acres 40,000 sq/ft 6,580 sq/ft Commercial Properties For Lease: • 22680 Antelope Blvd. 5,600 sq/ft • 460 Antelope Blvd. • 731-741 Main St. • 225 Walnut St. • 955 Main St. • 726 Pine Street 1 to 3,000 sq/ft various size suites 2,000 sq/ft 2,995 sq/ft 1,250 sq/ft • Medical Practice Suite available in St. E campus area ................ 2000 sq/ft 51 PASTURE ACRES. 51 irrigatable acres with a 2 bedroom, 1 bath home w/2 car garage. Property is fenced and cross fenced, some fruit trees and lots of shade trees. 40 miners inches of water comes with property. Great views of Mt. Shasta and eastern range........................................................................$450,000 OPEN HOUSE DOWNTOWN BUSINESS & BLDG. Centrally located copy center & print shop in downtown Red Bluff. 2,596+/- sf building with 2 rental units, lots of public and some private parking. Same location over 25 yrs, with repeat clientele. With full price offer sellers will include cabin in Mineral....................................$850,000 SPACIOUS HOME IN SENIOR PARK. 1,800sf – 2 bedroom, 2 bath manufactured home with a detached 2 car garage/shop. Open floor plan w/living and family rooms, big walk in closet built in book case, breakfast bar, and large covered decking. Located on a nice shaded parcel, that you own..............$110,000 LOTS, PARCELS AND ACREAGE 232 acres, recreational property......................................................$87,000 11 acres, Trees, rolling/steep, paved frontage on Hwy 36W.....$37,500 165 acres, recreational, hunting, west of RB..................................$95,000 5 acres, Antelope Area, oak trees, paved road 2 sides.................$87,000 1 acre, Sacramento River frontage, Surrey Village..................$265,000 1 Commercial acre, North Main Street, easy I-5 access..............$89,000 1.2 acres, west of town, pad cut, paved rd, pwr close. OWC.....$45,000 38+ acres in gated area. Rolling/steep, oaks/pines.....................$39,000 8.29 acres, area of quality homes, oaks, wildlife..........................$59,000 DAIRYVILLE AREA 10 acre parcels, Road is in and lots are ready to build on. 8 to choose from starting at.............................$62,000 11.33 great views, partially fenced, paved frontage..................$125,000 5.6 acs, Cul-de-sac location, level with views...............................$65,000 41+ acres, Zoned EA-AP, paved road, great views..................$135,000 59.06 acres, level with views, Zoned EA-AP...............................$225,000 76.49 acres, Paved road frontage, adjoining parcel avail..........$285,000 8 ACRES with Elder Creek frontage, mostly level property, west of town. Includes a 1991 – 2 bedroom, 2 bath manufactured home with a detached carport. Lovely setting to enjoy the wildlife and outdoors, room for your horses..................$119,000 JUST LISTED! Immaculate 3 bedroom, 2 bath home w/2 car garage located on 1.8 acres. Amazing mountain views, oak trees, and a large detached shop/RV bldg. Located in the Oak Knoll area........................................................................................$229,500 REALTY INC. 660 Main St., Red Bluff (530)529-2300 GIPSON MLS Lic#01806926 Ben Gipson, Broker.........................Res. 527-4031 Kim Miller, Realtor®.................................840-0733 Donna Harmon, Realtor®........................200-4267 www.gipsonrealty.com $25,000 GREAT CONDITION! BANK FORECLOSURE! JUST LISTED! WILCOX AREA! SAT., JAN. 14th Or by appointment • 11:30 am - 1:30 pm Rio Vista Mobile Estates #92 ON THE RIVER, 2/2 Doublewide 1300 sq ft $47,000 $39,500-obo. Financing available. Call 527-7297 OWNER FINANCING 2 bedroom, 2 full baths in a 55+ park in Red Bluff Large living room and kitchen Inside laundry (Washer & Dryer stay) Separate dining room Large deck and carport (530) 366-1133 (no agents please) GREAT LOCATION, PANORAMIC VIEW OF DOWNTOWN RED BLUFF! OVER 2,600 SQ. FT.,IN GROUND POOL, WILDLIFE,1.5 ACRES VERY GOOD CONDITION. ASKING $285K CALL FOR PRIVATE SHOWING William "Bill" Blunt CRS GRI Real Estate Broker www.williamblunt.com 530-529-5700 DRE #01117891 103 ACRE RANCH 1700 SF HOME Rio Vista Estates #124 Casa Grande Dr. 3 bedroom 2 bath home. All new interior, new roof, new heat and air, new windows. Central Red Bluff with alley access, detached garage. Large back yard. 1415 Miller Way. MLS# TC11138103 North State Properties 445 Main Street, Red Bluff (530) 529-7622 jeff@redbluffhomes.com DRE# 014536347 JEFF MOYER Cell: 530-366-2149 2 BEDROOM, 1 BATH $114,900 ALL NEW MODERN KITCHEN, BATH & CARPET Call 527-7297 for more info OPEN HOUSE SAT., JAN. 14th • 11:30 am - 1:30 pm $47,000 $41,500-obo • Financing available ALL DRY PASTURE CONTIGUOUS TO CITY LIMITS NORTHEAST CORNER OF CALLAHAN & MINCH ROAD IN RED BLUFF $585,000 • (530) 736-7370 Call (530) 527-2151 ext. 133 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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