Results tagged “JPM” from MarketMinute.com Market Updates
Personal income rose less than expected in May to weigh the markets down to a lower close with the Dow slipping 5 points to 10,138. Nasdaq eased 2 points to 2220.
On the upside
Aflac (NYSE: AFL) sold all of its holdings in Greek debt.
Genco (NYSE: GNK) announced on Friday that it would pay $545 million to purchase 16 Supramax dry bulk vessels.
Vishay Intertechnology (NYSE: VSH) will offer a new mid-range infrared sensor with both digital and analog outputs.
On the downside
Isle of Capri (Nasdaq: ISLE) will offer 9 million common shares.
Shares of Ford (NYSE: F) fell ahead of Tesla's IPO tomorrow.
Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM), and Citigroup (NYSE: C) must all increase their capital levels under the Collins amendment ot the financial reform bill.
In the broad market, declinig issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 641.
The markets advanced during the midday with the Dow gaining 40 points to 10,184 after the Supreme Court struck down part of the Sarbanes-Oxley antifraud law. Nasdaq climbed 12 points to 2236.
On the upside
Aflac (NYSE: AFL) sold all of its holdings in Greek debt.
Genco (NYSE: GNK) announced on Friday that it would pay $545 million to purchase 16 Supramax dry bulk vessels.
Vishay Intertechnology (NYSE: VSH) will offer a new mid-range infrared sensor with both digital and analog outputs.
On the downside
Isle of Capri (Nasdaq: ISLE) will offer 9 million common shares.
Shares of Ford (NYSE: F) fell ahead of Tesla's IPO tomorrow.
Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM), and Citigroup (NYSE: C) must all increase their capital levels under the Collins amendment ot the financial reform bill.
In the broad market, advancing issues outpaced decliners by a margin of 3 to 2 on the NYSE while advancer barely edged out decliners by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a point to 646.
It was a mixed close for the markets with the Dow losing 9 points to 10,143 as investors weighed a downward revision of the GDP against less stringent than expected regulation of the financial services industry. Nasdaq gained 6 points to 2223.
On the upside
Raymond James analyst Steven Schwartz upgraded American Equity (NYSE: AEL) citing a Congressional decision to allow states to continue regulating indexed annuities.
Shares of Citigroup (NYSE: C), Bank of America (NYSE: BAC) and JP Morgan Chase (NYSE: JPM) and all rose as details emerged about the financial reform bill showing government restraint with regards to new regulations.
On the downside
Banner (Nasdaq: BANR) priced its offering of 75 million common shares at $2 per share.
Shares of BP (NYSE: BP) continued falling due to soaring clean up expenses for the Gulf of Mexico oil spill.
The Nasdaq Stock Market informed Molecular Insight Pharmaceuticals (Nasdaq: MIPI) that its market capitalization failed to meet minimum standards for listing.
Dilution concerns weighed down shares of Hampton Roads (Nasdaq: HMPR).
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 11 points to 645.
The markets closed lower with the Dow losing 20 points to 10,190 after Moody's Investors Service downgraded Greece's debt rating. Nasdaq added a fraction to 2243.
On the upside
Briefing.com reported that Omnicell (Nasdaq: OMCL) was rumored to be exploring the possible purchase of InfoLogix (Nasdaq: IFLG).
Stifel Nicolaus upgraded Mohawk Industries (NYSE: MHK) to a Buy rating.
Allied Irish Banks (NYSE: AIB) issued nearly 200 million ordinary shares to the National Pension Reserve Fund Commission.
On the downside
CF Industries Holdings (NYSE: CF) appointed AptarGroup chief operating officer Stephen J. Hagge to its board of directors.
Trust One will be rolled into parent company Synovus Financial's (NYSE: SNV) Georgia charter at the end of the month.
A proposal in the Wall Street reform bill that may force banks to spin-off their over the counter derivatives trading business sent shares of Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC) lower.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 652.
On the upside
Plexus (Nasdaq: PLXS) reported higher first quarter earnings that surpassed analyst estimates by a wide margin.
Comerica (NYSE: CMA) reported a loss for the fourth quarter that was narrower than expected.
Third quarter earnings for Xilinx (NYSE: XLNX) beat expectations and revenue rose to a new record.
On the downside
A-Power Energy Generation Systems (Nasdaq: APWR) closed an $83 million private placement.
Shares of Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM) and Citigroup (NYSE: C) all fell over the possibility of increased banking regulations.
Pfizer (NYSE: PFE) will pay Auxilium (Nasdaq: AUXL) $15 million for exclusive rights to market and sell Auxilium's Xiaflex.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 628.
On the upside
Briefing.com reported rumors that Google (Nasdaq: GOOG) plans to use China BAK Battery's (Nasdaq: CBAK) lithium polymer battery in its Nexus One phone.
Spectranetics (Nasdaq: SPNC) agreed to pay $5 million to resolve a government investigation into allegations that the company illegally imported medical lasers.
McMoRan Exploration (NYSE: MMR) reported progress on its Gulf of Mexico exploration activities.
On the downside
Standpoint Research downgraded Starbucks (Nasdaq: SBUX).
Bank of America (NYSE: BAC) is expected to post significant losses in 2010 from credit card loans and mortgages.
Bank of America/Merrill Lynch analyst Guy Moszkowski lowered his earnings estimate for J. P. Morgan (NYSE: JPM).
In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE while decliners barely outpaced advancers on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 633.
On the upside
Amcore Financial (Nasdaq: AMFI) announced on Friday a revised covenant with J. P. Morgan (NYSE: JPM) to maintain compliance with its credit agreement and avoid a default.
Zale (NYSE: ZLC) issued a statement clarifying its contractual agreements and affirming that the company has the necessary inventory to meet client demand in response to media reports about cancelled orders.
City National (NYSE: CYN) will acquire the banking operations of Imperial Capital Bank with the assistance of the Federal Deposit Insurance Corp.
Investors were bullish about the outlook for banks worldwide. Among the big gainers were shares of Allied Irish PLC (NYSE: AIB) which rose sharply in late afternoon trading.
On the downside
Gold futures retreated below $1100 an ounce level. SPDR shares (NYSE: GLD) for the sector followed suit.
Shares of GrafTech International (NYSE: GTI) fell in heavier than usual trading. No news was issued by the graphite and carbon materials company.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to close at 618.
On the upside
Shares of Acorda Therapeutics (Nasdaq: ACOR) soared after the FDA gave the company's multiple sclerosis treatment a positive review.
Rubio's Restaurant (Nasdaq: RUBO) received an $80 million unsolicited offer from a private equity firm.
Solta Medical (Nasdaq: SLTM) received FDA approval for its laser treatment that removes pigments.
On the downside
Citigroup (NYSE: C) and Goldman Sachs (NYSE: GS) reported revenues and profits that beat targets, but investor expectations were much higher after yesterday's robust quarterly earnings by JPM Morgan Chase (NYSE: JPM).
Nokia (NYSE: NOK) posted a loss due to a significant write-down of a joint venture with Siemens and falling smartphone handset sales.
Crown Holdings (NYSE: CCK) posted lower profits as food and drink packaging revenues fell.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 621.
On the upside
JPMorgan Chase (NYSE: JPM) posted $3.59 billion in quarterly profits even as it set aside more loan loss reserves.
Chip giant Intel (Nasdaq: INTC) announced a modest decline in profits that beat expectations while raising its revenue outlook for the final quarter of the year.
Conseco (NYSE: CNO) priced nearly $300 million in convertible senior notes to help shore up the insurer's balance sheet.
On the downside
An analyst downgraded Valero Energy (NYSE: VLO).
RCN tapped Rovi Corporation (Nasdaq: ROVI) to license the company's interactive program guides for digital TV.
Analysts downgraded a number of airline stocks. Shares of Air Tran Holdings (NYSE: AAI) and JetBlue (Nasdaq: JBLU) fell.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 5 points to 617.
On the upside
Robert W. Baird & Co. analyst Jeff D. Johnson upgraded Varian Medical Systems (NYSE: VAR) citing improving demand.
Speculation that Sequenom (Nasdaq: SQNM) may report positive test results for its prenatal Down Syndrome test lifted shares of the genetic analysis products maker.
An analyst raised the price target for J. P. Morgan (NYSE: JPM) to $48 from $40.
On the downside
Raymond James & Co. analyst Buck Horne downgraded Standard Pacific (NYSE: SPF) citing valuation concerns.
A Barron's article suggested that Citigroup's (NYSE: C) stock price is too high.
Fannie Mae (NYSE: FNM) announced that it will sell $1 billion worth of three month benchmark bills and $1 billion worth of six month bills.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks lost 7 points to 572.
On the upside
Memory chip maker STEC (Nasdaq: STEC) boosted its sales forecast. Investors immediately snapped up the stock.
Universal Forest Products (Nasdaq: UFPI) posted lower revenues and higher profits due to aggressive cost-cutting measures.
East West Bancorp (Nasdaq: EWBC) reported a loss due to one-time charges while highlighting a decline in delinquent loans.
On the downside
JP Morgan Chase (NYSE: JPM) announced solid profits for the latest quarter, but warned of a weak consumer credit portfolio.
Investors all but gave up hope on the federal government giving CIT Group (NYSE: CIT) a lifeline to avoid bankruptcy.
Nokia (NYSE: NOK) posted a shar drop in earnings due to falling sales and tough competition from Apple (Nasdaq: AAPL) and Research in Motion (Nasdaq: RIMM).
In the broad market, advancing issues edged out decliners by a narrow margin on the NYSE, but were outpaced by a margin of 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 514.
On the upside
Converted Organics (Nasdaq: COIN) announced that it produced 64% more liquid organic fertilizer at its Gonzales, CA facility in the first six months of 2009 than the same period in 2008.
Citigroup initiated coverage of Cisco Systems (Nasdaq: CSCO) and Juniper Networks (Nasdaq: JNPR) with Buy ratings.
Las Vegas Sands (NYSE: LVS) extended the employment contract of Senior Vice President Robert Goldstein and promoted him to Executive Vice President.
Shares of JPMorgan Chase (NYSE: JPM) rose ahead of its earnings release tomorrow.
American Express (NYSE: AXP) reported lower credit card defaults in June and said that business will improve in the second half of the year.
NBC and the NHL extended their television contract for two years. General Electric (NYSE: GE) is the parent company of NBC.
In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 1 on the NYSE and by a margin of nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 19 points to 515.
On the upside
Shares of Territorial Bancorp (Nasdaq: TBNK) surged on its first day of trading.
Analysts expect solid earnings from banks. Shares of Fifth Third Bancorp (Nasdaq: FITB) and J.P. Morgan (NYSE: JPM) climbed.
Fidelity increased its stake in Starbucks (Nasdaq: SBUX) from 4.1% to over 10%.
On the downside
American Axle & Manufacturing (NYSE: AXL) is exploring restructuring options.
Dell (Nasdaq: DELL) warned of a slight drop in gross margins for the second quarter.
Sinclair Broadcast (Nasdaq: SBGI) met with note holders in order to restructure debt.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 12 points to 493.
On the upside
American Express (NYSE: AXP) offered $3 billion in debt notes at about 8% in order to raise funds to pay off TARP obligations.JP Morgan Chase (NYSE: JPM) raised another $2.5 billion in debt in addition to last month's $3 billion offering.
The Federal Trade Commission issued an order to dismiss a 7-year old case against chipmaker Rambus (Nasdaq: RMBS).
On the downside
Casino operator MGM Mirage (NYSE: MGM) issued $1 billion in new stock and offered $1.5 billion in new debt in order to meet existing debt obligations.
Shares of Stealt Gas (Nasdaq: GASS) fell after the petroleum shipping compoany posted slightly higher revenues and sharply lower profits mostly due to currency hedging issues.
In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE and by 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 474.
On the upside
JPMorgan Chase (NYSE: JPM) posted $2.14 billion in 1st quarter profits. While credit losses continued, the company's trading arm enjoyed record revenues from buying and selling bonds.Nokia (NYSE: NOK) managed to post small 1st quarter earnings which beat analysts' estimates. Some had even anticipated the world's largest phone maker to post a loss.
eBay (Nasdaq: EBAY) offered to buy a majority stake in South Korea's Gmarket (Nasdaq: GMKT) including the 10% owned by Yahoo (Nasdaq: YHOO).
On the downside
An analyst downgraded State Street (NYSE: STT) whose shares immediately fell sharply.
Financial advisory firm Chimera Investment (NYSE: CIM) announced plans to raise up to $705 million by issuing stock.
In the broad market, advancing issues outpaced decliners by a margin
of 5 to 4 on both the NYSE and on Nasdaq. The Russell 2000
which tracks small cap stocks added a point to 462.
On the upside
Wells Fargo projected $3 billion in profits for the 1st quarter of the year. Shares of Bank of (NYSE: BAC) and JPMorgan Chase (NYSE: JPM) joined the rally.Gymboree (Nasdaq: GYMB) raised its 1st quarter profit outlook due to a significant increase in same-store sales during the month of March instead of a decline.
Department store operator Target (NYSE: TGT) posted lower revenues, but the results beat targets.
Shares of Textron (NYSE: TXT) rallied again on word that an Arab group may buy or take a significant stake in the aircraft and weapons maker.
On the downside
Gran Tierra Energy (Amex: GTE) reached 15,000 barrels of oil in daily production at the end of the 1st quarter. Investors were mildly disappointed by the announcement.
In
the broad market, advancing issues outpaced decliners by a margin
of more than 7 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The
Russell 2000 which tracks small cap stocks surged 17 points to 459.
On the upside
The Food and Drug Administration approved Pluristem Therapeutics' (Nasdaq: PSTI) application to begin human trials of its placenta-derived stem cell product to treat patients who face amputation.
Aegis offered to acquire ICT Group (Nasdaq: ICTG) in a deal valued at approximately $128 million.
On the downside
Crosstex Energy Inc. (Nasdaq: XTXI) swung to a fourth quarter loss.
TXCO Resources (Nasdaq: TXCO) is negotiating a waiver for violating a loan covenant.
Shares of Wells Fargo (NYSE: WFC), JP Morgan (NYSE: JPM) and Morgan Stanley (NYSE: MS) all fell over bank nationalization fears.
Falling oil prices weighed down shares of Exxon Mobil (NYSE: XOM).
In the broad market, declining issues overwhelmed advancers by a margin of more than 11 to 1 on the NYSE and by more than 7 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 21 points to 368.
Optimism that government's economic stimulus plan will aid the ailing economy lifted the markets to a sharply higher close with the Dow jumping 218 points to 8281. Nasdaq leaped 45 points to 1592.
On the upside
Forbes listed Apple (Nasdaq: AAPL) on its America's 25 Fastest Growing Tech Companies.
Sun Microsystems (Nasdaq: JAVA) announced that the head of its open-source database business will depart the company at the end of next month.
On the downside
Fourth quarter earnings for Intermec (NYSE: IN) fell as revenue dropped.Analysts downgraded Mettler-Toledo International (NYSE: MTD) despite higher fourth quarter earnings as revenue fell.
Viad (NYSE: VVI) blamed a large impairment charge for swinging to a fourth quarter loss and the trade show company warned that first quarter and full year results will fall sharply.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 3 to 1 Nasdaq. The Russell 2000 which tracks small cap stocks surged 16 points to 471.
On the upside
The chief executive of Bank of America (NYSE: BAC), Kenneth Lewis, purchased 200,000 common shares of the bank to send the stock price soaring.
PNC Financial (NYSE: PNC) warned of losses for the fourth quarter citing expenses from its purchase of National City but the bank reassured investors that it will report a profit for the year.
Citigroup (NYSE: C) said that it will not sell Banamex, the Mexican bank it purchased in 2001 for $12.5 billion.
JPMorgan (NYSE: JPM) was one of several banks being considered to advise Satyam Computer Services' new board in restructuring the firm after fraud scandal.
On the downside
Zale (NYSE: ZLC) announced that chief financial officer Rodney Carter resigned.
Cash America International (NYSE: CSH) warned that fourth quarter earnings will drop and cut its guidance for 2009.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 23 points to 457.
On the upside
JPMorgan (NYSE: JPM) posted sharply lower profits, but the results were better than expected.Cypress Bioscience (Nasdaq: CYPB) and Forest Laboratories (NYSE: FRX) announced FDA approval for its drug treatment of chronic pain.
Shares of Amphenol (NYSE: APH) surged higher after the optic sensor maker posted lower 4th quarter profits that exceeded expectations.
On the downside
Shares of Apple (Nasdaq: AAPL) fell after Steve Jobs, its CEO, took a leave of absence due to personal health issues.Shares of Trimble Navigation (Nasdaq: TRMB) tumbled after the navigation device maker lowered its 4th quarter forecast.
Bank of America (NYSE: BAC) asked for more federal funds in order to absorb losses from its acquisition of Merrill Lynch. Meanwhile, shares of Citigroup (NYSE: C) continued to slide due to mounting losses requiring more bailout funds.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 21 points to 453.