There are no safe havens in the stock market. Every stock carries risk. But some less than others. This column features stocks that have shown one or more of the following characteristics: less volatility, better earnings, larger market caps, safe and increasing dividends. In these times of turmoil, our goal is to show readers better opportunities for investing with fewer risks.

December 10, 2011 - JPMorgan Chase & Co. (JPM-NYSE), a financial holding company, provides various financial services worldwide. Its Investment Bank offers various investment banking products and services, including advising on corporate strategy and structure, capital-raising in equity and debt markets, risk management, market-making in cash securities and derivative instruments, prime brokerage, and research services serving corporations, financial institutions, governments, and institutional investors.

Treasury & Securities Services offers cash management, trade, wholesale card, and liquidity products and services to small and mid-sized companies, multinational corporations, financial institutions, and government entities. It also holds, values, clears, and services securities, cash, and alternative investments for investors and broker-dealers, and manages depositary receipt programs worldwide.

JPMorgan's Asset Management provides investment and wealth management to institutions, retail investors, and high-net-worth individuals. This segment offers investment management in equities, fixed income, real estate, hedge funds, private equity, and liquidity products, as well as trust and estate, banking and brokerage services, and retirement services.

Retail Financial Services has retail banking and consumer lending services that include checking and savings accounts, mortgages, home equity and business loans, and investments through ATMs, online banking, and telephone banking, as well as auto dealerships and school financial-aid offices. The company's Card Services issues credit cards and processes various credit card payments. JPMorgan Chase & Co. was founded in 1823 and is headquartered in New York, New York.

Latest News:
Price to book value is .70.
See below.

Expectations:
PMorgan Chase & Co.'s earnings estimates were reduced by analysts after Chief Executive Officer Jamie Dimon forecast "flat" investment-banking revenue and a "moderate" loss at the private-equity unit.

Analysts including Richard Bove at Rochdale Securities LLC cut fourth-quarter outlooks for the largest and most profitable U.S. bank, even as Dimon touted its long-term prospects. Bove cut his profit estimate (for the fourth quarter) 13 percent to 88 cents a share as International Strategy & Investment Group Inc. analysts led by Ed Najarian pared their forecast 11 percent to 85 cents.

"Dimon's outlook for the fourth quarter is not positive," Florida-based Bove said in a note. "His view of the next two years is subdued." Dimon is restructuring the business to adjust to new regulatory and economic realities, and "the result may be lackluster earnings for some time," Bove said.

Investment-bank revenue would be "essentially flat" from the three months ended Sept. 30, the industry's worst quarterfor trading revenue since the markets seized up during the 2008 financial crisis. Dimon's remarks show how U.S. investment banks still face pressure as companies delay plans to issue stock and investors sell riskier assets amid concern that the U.S. economy is weakening and Europe's sovereign-debt crisis may spread.

The average fourth-quarter earnings estimate for JPMorgan is 97 cents a share, according to a Bloomberg survey of 29 analysts.

For the full year, expect $4.57
For 2012: $4.92

Important Numbers:
- Trailing P/E: 7.07
- Forward P/E: 6.74
- Price to sales: 1.31
- Operating margin: 38.96%
- Profit margin: 21.49%
- Return on equity: 11.28%
- Return on assets: .91%
- Revenues for last 12 months: 93.43 billion
- Total cash: 900.19 billion
- Cash per share: $237.04
- Book value per share: $45.95
- Beta: 1.58
- 52 week change: -22.23%
- Shares Outstanding: 3.8 billion
- Float: 3.78 billion
- Held by insiders: .45%
- Held by Institutions: 73.7%
- Annual dividend: $1.00
- Yield: 2.9%

Company Web site:
www.jpmorganchase.com

-  Ted Allrich