J.P. Morgan Expects J.M. Smucker To Rise Today (SJM)

J.P.Morgan Chase & Co. expects shares of J.M. Smucker SJM to rise today after the company reported earnings today. In the research report, J.P.Morgan Chase & Co. writes, "Smucker reported fiscal 1Q11 (July) earnings today and on a pro forma basis beat the Bloomberg consensus estimate by $0.09 ($1.04 versus $0.95). Though $0.02 of the beat came from taxes and another $0.04 from non-cash mark-to-market accounting, we think that impressive coffee sales and company-wide margins will be strong enough to drive some short covering today." Shares of The J.M. Smucker Company are skyrocketing this morning, jumping $1.50 to $59.53.