Archive for mitch

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Bank of America (BAC) Shakes-Up Management Team, Appoints Co-COO’s

Bank of America (BAC) announced Tuesday a reorganization of its management as its presidents of global wealth management and consumer banking both stepped down, while two others were promoted to newly created positions. The news comes as just the latest shakeup at Bank of America, where continued legal liabilities and poor stock performance have help […]
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Pfizer (PFE) Rises On Lung Cancer Drug Approval

Shares of Pfizer (PFE) received a bump on Monday following an approval by the Food & Drug Administration of its lung cancer drug XALKORI® (crizotinib). The world’s drugmaker received approval Friday after U.S. markets were closed, making it the only authorized producer of a positive small cell lung cancer drug or more specifically the first-ever […]
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Steve Jobs’ Appearance At WWDC Fails To Rally Apple Stock (NSDA: AAPL)

Shares of Apple (NSDQ: AAPL) tumbled on Tuesday as CEO Steve Jobs appearance at the company’s Worldwide Developer Conference failed to rally the stock. Tuesday’s decline continued a late sell-off that began yesterday during the midst of the conference, shares finished lower $6 or 1.8 percent to $132.08. Jobs took a leave from his current […]
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General Motors (NYSE: GM), Ford (NYSE: F) May Auto Sales Hold Up Better Than Foreign Competitors

The major automakers released U.S auto sales results for the month of May on Wednesday.  As expected, they all posted a decline as widespread parts shortages due to the Japanese earthquake on Mar 11 caused inventory shortages for dealers. However, General Motors (NYSE: GM) and Ford (NYSE: F) held up much better than their foreign […]
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JP Morgan (NYSE: JPM) Deal Sets Return Of $800 Million To Lehman Estate

JP Morgan (NYSE: JPM) has reportedly reached an agreement with the Lehman Brothers Trustees that will return $800 million to former customers of the now defunct investment bank. The deal will not impact financial results, according to the bank.  JP Morgan, who acted as the clearing agent for Lehman’s broker-deal arm, held onto the accounts […]
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McDonald’s (NYSE: MCD) Posts Strong Q2 Earnings As Sales Rise Worldwide

McDonald’s (NYSE: MCD) posted a 12 percent rise in second quarter earnings as sales were strong worldwide, with Australia and China leading the way. The fast-food giant said quarterly earnings were $1.23 billion or $1.13 a share, up from $1.09 billion or 98 cents a share in the second quarter last year. Revenue totaled $5.95 […]
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Morgan Stanley (NYSE: MS) Tops Estimates On Strong Trading Revenue

Morgan Stanley announced Wednesday that it posted a second quarter profit following a loss in the prior year quarter.  The results were driven by a 53 percent jump in revenue. The Wall Street bank and broker said second quarter earnings totaled $1.58 billion or $1.09 a share, compared to a loss of $1.26 billion or […]
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Bank Of America (NYSE: BAC), JP Morgan (NYSE: JPM) Target Fees To Offset Revenue Drags From Financial Reform

Several big name financial institutions, such as Bank of America (NYSE: BAC) and JP Morgan (NYSE: JPM) are looking for ways to increase fee income in order to offset expected revenue declines from the financial reform bill. The latest version of the financial reform bill passed on Thursday is expected to pressure revenue in several […]
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Wal-Mart (NYSE: WMT) Taps Castro-Wright As CEO Of Global.com, Simon Steps In As US CEO

Wal-Mart announced Tuesday changes at the Chief Executive level for two of its units.  The retail giant appointed Vice Chairman Eduardo Castro-Wright as the president and CEO of Global.com and Global Sourcing, while also promoting Bill Simon to CEO of Wal-Mart U.S. Castro-Wright, 55, spent three years as the CEO of Wal-Mart de Mexico before […]
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Altria Group (NYSE: MO), Reynolds American (NYSE: RAI) Shares Jump On Supreme Court Appeal Rejection

Shares of Altria Group (NYSE: MO), parent of Phillip Morris USA, and Reynolds American (NYSE: RAI) both jumped more than 3 percent on Monday after the Supreme Court rejected appeals by the government on a suit that sought out upward of $280 billion of profits from the tobacco industry to cover health damages, along with […]
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Apple (NSDQ: AAPL) iPhone 4 Sales Exceed 1.7 Million

Apple Inc. (NSDQ: AAPL) announced Monday that it sold more than 1.7 million iPhone 4s in the first three days after putting the device up for sale, easily topping the record set by previous version of the device. The iPhone 4, which is the thinnest smartphone on the market, offers video calling, a high definition […]
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Goldman Sachs (NYSE: GS) Ordered To Pay $20.6 Million Related To Bayou Hedge Fund Fraud

The Financial Industry Regulatory Authority has ordered Goldman Sachs (NYSE: GS) to pay $20.6 billion to victimized investors of a Ponzi scheme run by Bayou Hedge Funds.  The three-person arbitration panel for the financial regulatory agency ruled that Goldman Sachs should have been aware of the Ponzi scheme being run at the hedge fund.  Goldman […]
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Discover Financial (NYSE: DFS) Swings Q2 Profit On Increased Volumes

Discover Financial Service (NYSE: DFS) announced Thursday that it returned to profitability in second quarter as volumes increased with customers using their card more often.  A continued decline in delinquent accounts also helped drive results. The credit card company said it had net income of $184.6 million, or 33 cents per share. That compares with […]
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Apple Sells 3 Million iPads In Less Than 3 Months

Apple (NSDQ: APPL) announced Tuesday that it has sold 3 million iPads as of June 21, just 80 days after the product was introduced in the United States.  The iPad allows users to browse the web, watch videos, listen to music, read and send emails, read e-books, along with many other features. The company rolled […]
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JP Morgan Chase (NYSE: JPM) Shuffles Executive Team

JP Morgan Chase (NYSE: JPM) Chief Executive Office Jamie Dimon shuffled his executive management team on Tuesday.  Dimon promoted one executive into a newly created role, while rotating two more executives into existing positions.    Doug Braunstein, currently head of investing banking at JP Morgan, has been named the chief financial officer.  He replaces Michael […]
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