I think the street anticipates that you are correct. I would not expect too much of a rally on the news. The stock is up 20/25% in the few days since Wells Fargo announced. I sold 32.50 calls against my position and got a nice premium and a nice gain if I lose it, which I expect to lose on Friday, but will be back for more.
JPM doesn't pay a dividend like this unless it made good money. NEW YORK--(BUSINESS WIRE)--JPMorgan Chase & Co. (NYSE:JPM - News) declared a quarterly dividend on the outstanding shares of the corporation’s 8.625% Non-Cumulative Preferred Stock, Series J, in the amount of $215.6250 per share (which is equivalent to $0.53906 per related Depositary Share). The dividend is payable June 1, 2009, to stockholders of record at the close of business on May 4, 2009.
Related Quotes Symbol Price Change JPM 32.56 +1.86
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM - News) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan, Chase, and WaMu brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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