Our profits beat estimates, we think the credit crisis is working itself out, and oh, did we mention we’re quietly raising $6 billion in new capital? After quarterly results that soothed the market and predictions that the credit crunch was close to ending, JPMorgan prompted more than a bit of head-scratching when it announced Wednesday night that it would sell $6 billion in perpetual preferred shares. Why not mention this on the conference call? The timing of the move “seems designed to unnerve” and “appeared rather clandestine,” the FT’s Alphaville blog said. Portfolio’s Felix Salmon simply called it “really, really weird.” Investors will be looking for an explanation from Jamie Dimon on Thursday.

Investment manager BlackRock is buying Russian and Brazilian stocks on hopes that energy and commodity prices will continue to rise, but is cautious on China and India despite drops in those markets, according to its Taiwan unit’s managing director. “We are buying shares of Russia and Brazil, as global supplies of energy and commodities remain very tight,” Chang Lin-yun told Reuters on the sidelines of a fund industry event. “Prices of these products have been strong for the last five years. We don’t think this trend will change its course anytime soon.”

Funds managed by private equity firm Candover and investment bank Goldman Sachs have agreed to buy British oil services company Expro International for 1.605 billion pounds ($3.16 billion), in a deal backed by Expro’s management. In a sign of the times, the bidders had to stump up over 40 percent of the purchase price in cash, with banks offering less than 1 billion pounds in debt.