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The Tell: J.P. Morgan does a good job buying its own stock

J.P. Morgan Chase & Co. had a tough quarter trading the financial markets, but it had another good quarter buying its own stock, which had the added benefit of helping boost its bottom line above Wall Street’s projections.

The banking giant’s stock JPM, -0.91% slumped 0.9% to close at $92.25 on Friday, after the bank reported first-quarter profit and revenue that rose above expectations despite weaker trading results, but lowered its outlook for lending and net interest income. Within trading, revenue from its equity market business fell 1%.

Don’t miss: J.P. Morgan’s Dimon launches into expletive-tinged rant, saying ‘almost an embarrassment to be an American.

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