Meredith downgraded the stock in light of the libor event, which she think will get much bigger. Also she is concerned about how big the loss will be related to derivative bets which JP Morgan disclosed in May. Stock has ralied 17% since the announcement and she thinks that it may be time to take some chips off the table.
On the derivative loss she said - It is tough to say how big will be a loss at the JP Morgan but it will surely much more than initial $2B announced by JP Morgan. She also said that fundamentals are really bad
Here is the video: