$JPM Reports a $4.4 Billion Dollar Loss
Second quarter profits were shaved by 9% and Dimon says the trade is not closed and that the bank could lose an additional $1.7 billion as a worse case scenario.
Comments »Spanish Bank Borrowing From the ECB Hits Record Highs Amid Crisis
“Spanish lenders’ net borrowings from the European Central Bank jumped to a record 337 billion euros ($411 billion) in June as the European bailout agreement failed to ease their access to funding.
Net average ECB borrowings climbed from 288 billion euros in May, the Bank of Spain in Madrid said today. Gross borrowing was 365 billion euros, up from 325 billion euros in May, accounting for 30 percent of borrowing in the euro region.”
Comments »Russell Wasendorf Sr., PFGBest Founder, Forged Bank Docs For Years In Massive Cover-Up
Maybe with all the money the government is raising with settlements they could do a little better of a job of catching crooks.
Comments »Today’s Winners and Losers
Yahoo Investigating Reported Mass Password Breach
” LONDON (AP) – Yahoo Inc. said Thursday it is investigating reports of a security breach that may have exposed nearly half a million users’ email addresses and passwords”
Comments »Marriott’s Downbeat News Hits the Sector Today
FLASH: FTC Allows Pershing Square to Invest in P&G…Stock Up $2 on the News
Should We Worry About Recent Insider Sales ?
I say not really, but the timing is something to consider given so many negative earnings pre-announcements…
Comments »Netflix Makes a Comeback With Video
“Netflix has seen the amount of video its subscribers watch drastically increase over the past few months: In the fourth quarter, Netflix announced that it had topped 2 billion viewing hours during the three month period. Then, in June, it reached a billion viewing hours in that month alone. But what are viewers watching? According to research firm Nielsen, the growth in video viewing at the streaming provider coincides with an increase in the percentage of subscribers who are relying on Netflix to watch TV shows.”
Comments »Boeing Announces a HUGE Order for 737s
“CHICAGO, July 12, 2012 /PRNewswire/ — Boeing (NYSE: BA) announced today an order by United Continental Holdings, Inc. (NYSE: UAL) and its wholly owned subsidiary, United Air Lines, Inc., for 150 737 airplanes, including 100 of the new 737 MAX 9. United, the world’s largest airline by traffic, is the latest carrier to choose the newest member of the 737 family, which today eclipsed 10,000 orders overall.
The deal, worth $14.7 billion at list prices, also includes 50 Next Generation 737-900ERs (Extended-Range).
“This order is a major step in building the world’s leading airline, and we look forward to offering our customers the modern features and reliability of new Boeing airplanes, while also making our fleet more fuel efficient and environmentally friendly,” said Jeff Smisek, United’s President and CEO. “New aircraft deliveries support our flexible fleet plan, permitting us to tailor future capacity up or down, based on changes in demand or other market conditions.”
Comments »Currency Fluctuations Hurts Profits for P&G and Phillip Morris
“Procter & Gamble Co. (PG) and Philip Morris International Inc. (PM) found a common culprit for weaker financial results in recent weeks: changes in currency values.
P&G, the world’s largest consumer products company, had initially been counting on foreign exchange to bolster results this year. Instead, Chief Executive Officer Robert McDonald told investors last month it’s turned into “a strong headwind” that may have cut about $3 billion in revenue and at least $400 million in profit from previous projections.”
Comments »Wells Fargo to Settle Loan Probe for $125 Million
Does anyone see the continuity of settlements beefing up the wallets of government ? One could argue that this is ultimately tax payer money in a 3 card monte style game of paying settlements and not admitting to guilt or having anyone go to jail.
Comments »Gapping Up and Down This Morning
Gapping up
DRWI +13.8%, DCTH +4.4%, MRK +4.3%, GNOM +6.1%, DRYS +2.2%, FRO +1.5%,
NTWK +12.6% , TRIB +1.2%,
Gapping down
SVU -28.2%, CALX -22.1%, PSLV -4.2%, SAP -3.5%, BHP -3.4%, DB -3.3%,
IMGN -3.2%, BBL -2.7%, RIO -2.4%, HOLX -2.1%, SFD -0.9%, AGP -0.2%,
DAL -3.2%, UAL -1.6%, PRGO -1.6%
Comments »If Passed: More Politics As Usual
Peregrine Financial Group Inc Files for Bankruptcy Protection
The story gets more intersting as Peregrine files for banckruptcy last night after customer funds go missing…
Comments »Gapping Up and Down This Morning
Gapping up
OMPI +3.6%, ARMH +3.4%, DB +2.2%, SWHC +2.1%, MT +1.6%,
BIDU +1%, WEN +1.3%, SINA +1.1%, SAP +1.7%, OSUR +1.9%,
QCOR +3.2% , PAY +4.9%, OMPI +8.4%, OREX +8.7%,
JAG +5.1%, MT +1.6%, BBL +1.2%, SLV +0.9%, GLD +0.5%,
ING +2.9%, BBVA +2.3%, DB +2.2%, HBC +1.3%, BAC +1.1%, BCS +0.9%
Gapping down
HGG -22%, VOXX -15.9%, OCZ -6.4%, PSEC -6.3%, BBY -4.4%, GG -4.2%,
SPLS -3.6%, CYS -2.4%, WM -0.8%, DNDN -3.1%, LIFE -3.1%, LLY -0.8%,
CB -1%, BZH -1%, ACC -1.7%, ARNA -5.8% , ADTN -5.1%, CYS-2.4%
Comments »Burberry Opens Up Concerns Over the Higher End Consumer
It seems all levels of consumers are pulling back on spending as Burberry reported weaker sales this quarter. Burberry led to weaker retail stock performance in Europe that may spill over to U.S. retail stocks.
Comments »Coca-Cola Announces 2-for-1 Stock Split
$KO “shareowners approved a two-for-one stock split on Tuesday that will double the company’s common stock shares to 11.2 billion.”
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