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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,... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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,... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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.... More of this article »
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... More of this article »
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,... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »
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... More of this article »