Stock News – JP Morgan Chase (NYSE:JPM), Intel (NASDAQ:INTC), Morgan Stanley (NYSE:MS), Citigroup (NYSE:C), Verizon (NYSE:VZ)
JPMorgan Chase (NYSE:JPM) is also one of the first companies to report first-quarter earnings, and announced that earnings rose an unexpectedly-high 55%, which has helped boost the market today. That’s an income of approximately $3.3 billion for the quarter. Intel (NASDAQ:INTC) had great news as well for its shareholders, as the tech giant reported quarterly profits, an increase of nearly 44% of the previous quarters revenue. Investors are growing more and more confident that the economy is turned around, especially after yesterdays report that retail sales for last month were up 1.6% and domestic consumer prices also edged higher, with the seasonally adjusted consumer price index up approximately 0.1%. The American markets good news, as well as a tempering of enthusiasm for the Euro after yesterdays announcement of a Greek Treasury bill sale, has caused the US dollar to strengthen as well.
Investment firm Morgan Stanley (NYSE:MS) is not sharing in the good times today, unfortunately. They’ve announced that an $8.8 billion dollar real estate investment fund may lose up to 66% of its value this year, which would be an approximately $5+ billion loss. MS has said that the losses had already been written off by mid-point last year, but it’s still poor news for shareholders that the firm took a record making loss in real estate based on poor investments.
——-SPECIAL REPORT———-
Are your investments being sabotaged on Wall Street?
CLICK HERE for a special investigative report that could greatly effect on your portfolio!
——————————————
Citigroup (NYSE:C) looks poised to complete their deal with SkyBridge Capital LLC for its hedge-fund business. The exact financial terms were not disclosed, though it’s being estimated that SkyBridge has approximately $5.6 billion under management. Citi had announced last year that it will be moving approximately $715 billion in assets in the future, in order to reduce its risk. News of the deal has helped boost Citi’s stock approximately 2.2% at the time of writing.
Finally for today, it’s being reported that Frontier is close to a deal to acquire Verizon Communications (NYSE:VZ). The deal, worth an estimated $8.2 billion dollars, would require bond sales and debt pay offs by Frontier. It is being reported by the Rochester Business Journal that the deal, which has been in the works for over a year now, is on track for completion by next quarter.
That’s all for this market update. CLICK HERE to explore our market analysis, stock picks and opinion pieces!
Related Articles
The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
