NEW YORK - J.P. Morgan & Co.'s shares recovered from a slide in early trading Friday to close up 81.25 cents, at $126.0625, after Merrill Lynch & Co. and ING Barings boosted their earnings estimates on the company.In unusually volatile trading, J. P. Morgan's shares were as low as $122.25, in response to a note issued in the morning by Merrill analyst Judah Kraushaar, warning that the New York banking company might be poised to advise analysts to lower their earnings estimates.

Market sources said Mr. Kraushaar then called J.P. Morgan and, after talking with the company, raised his fourth-quarter earnings estimates to $1.86, from $1.69.

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