JPMorgan shares rally after winning First Republic auction; PNC stock slumps


JPMorgan Chase JPM shares rose 3% in early premarket trade after winning the auction to buy First Republic Bank. JPMorgan said it expects the deal to be modestly earnings per share accretive, generating more than $500 million of incremental net income per year, excluding a $2.6 billion one-time gain and estimated $2 billion of restructuring costs. First Republic shares FRC fell 36% to $2.24, even though neither the FDIC nor JPMorgan release indicates shareholders will get any consideration. JPMorgan said it is not assuming First Republic’s corporate debt or preferred stock. Shares of PNC Financial Services PNC, which…

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