News Summary (JPM, HBC, BA, RTN, NOC)

The general view of the Q2 results posted by JP Morgan JPM is positive as the "book value increased, the credit outlook improved." However, Dick Bove is not impressed. Referring to the EPS of $1.09, Bove says, "On the whole this number is not a good number." "It's here because they've taken money out of reserves and put it into earnings," he added. Banks across the world seem to have won a reprieve from tough new capital requirements and restrains on risk-taking, as central bankers and regulators agreed to withdraw the initial proposals. According to Stephen Green, chairman of HSBC HBC, "There's a growing feeling among finance ministers that... growth is anemic. Do you really want to threaten a fragile recovery?" Boeing BA was upgraded to “buy” from “hold” at Citi. The investment firm also upped the stock rating of defense contractors Northrop Grumman NOC and Raytheon RTN to “buy.” According to Citi, Boeing and Raytheon are core holdings in the aerospace and defense space, considering their growth and margin trajectories. Meanwhile, NOC is a turnaround story. Read more from Benzinga's Markets.