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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Fannie Mae (NYSE: FNM), Freddie Mac (NYSE: FRE) Shares To Be Delisted

Shares of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) will be delisted from the New York Stock Exchange for failure to meet minimum exchange requirements.  Shares of both government controlled companies tumbled more than 40 percent on the news. The Federal Housing Authority, which is in charge of regulating Fannie Mae and Freddie […]
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Goldman Sachs (NYSE: GS) Shares Hit 52-Week Low On New SEC Probe

Shares of Goldman Sachs (NYSE: GS) tumbled on Thursday, down 2.5 percent to a new 52-week low of $133.50 as reports surfaced that the Securities and Exchange Commission is now probing a second collateralized debt obligation (CDO) deal, called Hudson Mezzanine 2006-1. The Hudson Mezzanine deal occurred in December of 2006, which Goldman underwrote and […]
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Morgan Stanley (NYSE: MS) To Close 300 Branches, Cut Jobs

According to recent reports, Morgan Stanley (NYSE: MS) has plans to close 300 branch offices and reduce its workforce by up to 1,200 over the next year.  The move comes as the bank looks to cut costs and better integrate the resources of its brokerage business with those of Citigroup’s Smith Barney unit; the two […]
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Bank Of America (NYSE: BAC), Citigroup (NYSE: C), Several Others Spend Total Of $1.8 Million Lobbying In Q1

U.S. banking institutions spent $1.8 million on lobbyists during the first quarter as they aimed to get their voices heard in regard to the financial regulation overhaul.  The American Bankers Association reported the amount, which was paid by its members, including Bank of America (NYSE: BAC), Citigroup (NYSE: C), JP Morgan Chase (NYSE: JPM), among […]
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JP Morgan Chase (NYSE: JPM) London Unit Hit With Record Fine

British financial regulators hit the London unit of JP Morgan Chase (NYSE: JPM) with a record 33.3 million pound ($48.8 million) fine for comingling a portion of client money with firm capital.  According to the Financial Services Authority (FSA), JP Morgan Securities Ltd (JPMSL) failed to separate all funds between November 2002 and July 2009. […]
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AT&T (NYSE: T) To End Unlimited Data Plan For SmartPhones, Offer Tiered Options

AT&T announced Wednesday that it will stop offering its unlimited data plan to new customers, opting for tiered plans that give users certain monthly limits.  The company said the move will likely lower bills for a majority of its customers based on past usage trends. The telecom giant has decided to end its $30 a […]
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Bank Of America (NYSE: BAC) Begins Principal Reduction Program

Bank of America (NYSE: BAC) announced Wednesday that it has started implementing the principal forgiveness portion of its National Homeownership Retention Program (NHRP).  The initiative offers reduction to a borrowers’ principal if they are considerably underwater on their loan. The plan was officially announced in March, at which time Bank of America said principal reduction […]
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Hewlett Packard (NYSE: HPQ) To Slash 9,000 Jobs In Enterprise Service Business

Hewlett Packard (NYSE: HPQ) announced Tuesday that it will eliminate 9,000 jobs from its enterprise service business as it reinvests in automating the unit. The world’s largest PC maker plans to take charges of about $1 billion over the next several years in order to fund the enterprise service business change.  Charges will also cover […]
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Bank Of America (NYSE: BAC) Reports First Year Results Of $1.5 Trillion Community Lending Program

Bank of America (NYSE: BAC) announced yesterday the status of its 10-year $1.5 trillion community development lending program.  The program recently passed the 1- year mark and has thus far provided $168.2 billion in community development lending. The lending initiative is the largest community development goal ever established by a U.S.-based financial institution and aims […]
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Berkshire Hathaway’s (NYSE: BRK-B) Warren Buffett Subpoenaed By FCIC

The Financial Crisis Inquiry Commission (FCIC) has subpoenaed Berkshire Hathaway (NYSE: BRK-B) CEO Warren Buffet after the highly regarded investment guru turned done two invitations to testify before the Committee. The FCIC first contacted Buffett on May 12 when Wendy Edelberg, executive director of the commission, sent a letter to him saying that his views […]
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