STUNNING: JP Morgan $2B Loss Headlines Friday's Events (JPM, LNKD)
Domestic markets finished the week with a relatively flat Friday, but off of early losses. The big news on Wall Street was JP Morgan's (JPM) stunning $2 billion loss, raising eyebrows for the banking industry and economic outlook in general. Banking stocks suffered accordingly. In other news, Facebook co-founder has decided to renounce his US citizenship to dodge taxes related to the upcoming IPO, expected next week.
Word on the Street
- Stocks rebound but end the day flat on a sub-par week.
- JP Morgan Chase (JPM) reports a whopping $2B loss, slamming bank stocks.
- Producer Price Index dips slightly, unexpectedly, providing the Fed with some breathing room.
- Nvidia (NVDA) revenue beats expectations, shares rise more than nine percent.
- Rumors begin to swirl LinkedIN (LNKD) is evaluating purchasing Monster Worldwide (MWW).
- Facebook co-founder renounces US citizenship to avoid tax on Facebook IPO next week.
- Dean Foods (DF) see profits soar, stunning Wall Street.
Published on May 11, 2012By InvestorGuide Staff