JPMorgan Chase

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Dow Surges 379, Biggest Gain of Year
 Dow Surges 379, 
 Biggest Gain of Year 
MARKETS
Mar 10, 2009 3:25 PM CDT

Dow Surges 379, Biggest Gain of Year

Citigroup leads financials after announcing profitable January and February

(Newser) - Stocks rallied today as financials jumped on news of Citigroup’s profitable January and February, the Financial Times reports. Investors also were cheered by talk of reform from Ben Bernanke—who said the recession could end next year if all goes well—and Barney Frank. Citi, Bank of America, and...

Stocks Limp Higher
 Stocks Limp Higher 
MARKET Open
Feb 24, 2009 8:46 AM CST

Stocks Limp Higher

(Newser) - Stocks inched higher at the open today, after a punishing session yesterday that left them at their lowest closing level since 1997. The Dow rose 40 points, while the Nasdaq and S&P each gained 0.7%. Financials are still the focus, with AIG shares tumbling 23% on reports it...

Treasury Seeks Bankruptcy Financing for GM, Chrysler

Obama administration will not rule out Chapter 11 for ailing autos

(Newser) - Treasury advisers are working to line up $40 billion in financing for General Motors and Chrysler—5 times the size of any previous bankruptcy loan—just in case the two automakers need it, the Wall Street Journal reports. While efforts continue to restructure the companies by other means, the administration...

Banks Halt Foreclosures Ahead of Obama Plan

Citigroup, Bank of America, JP Morgan Chase suspend proceedings until next month

(Newser) - Major US banks agreed today to halt foreclosure proceedings against homeowners until the White House foreclosure prevention plan is in place, the Washington Post reports. Citigroup, JPMorgan Chase, and Bank of America will suspend foreclosures until early March, when the foreclosure plan is expected to be operational. President Obama is...

I'd Rather Say I'm in Porn: Shunned Wall Streeter

Financial types feel they're unfairly 'vilified' in crisis

(Newser) - Working on Wall Street used to have glamor to it—but now, saying you work at JPMorgan or Goldman Sachs immediately establishes you as “one of them,” the New York Times reports. Wall Streeters are facing a new pariah status, and many believe they’re taking an unfair...

Bank Dumped Madoff Funds— but Didn't Tell Its Clients

JPMorgan beat scam while investors lost out

(Newser) - JPMorgan Chase emerged from Bernie Madoff's Ponzi scheme unscathed, but some of the bank's clients weren't so lucky. For years the bank offered its clients derivatives that were ultimately linked to Madoff, and also put $250 million in those funds. But a joint investigation by the New York Times and...

Jumbo Mortgage Defaults Soar
 Jumbo Mortgage Defaults Soar 
Jan 28, 2009 8:33 AM CST

Jumbo Mortgage Defaults Soar

Banks and investors brace for a new wave of defaults as jumbo loans default

(Newser) - Jumbo mortgages are now going south at an alarming rate, reports the Wall Street Journal, as affluent Americans face mounting layoffs and see their stock portfolios shrivel. Nearly 7% of prime jumbo loans—which average $750,000—were at least 90 days delinquent at the end of 2008, up from...

Pfizer Deal's $22.5B in Loans Hasn't Unlocked Credit

$22.5B loan in deal to acquire Wyeth comes at 7-9% interest, and lenders can walk

(Newser) - Think Pfizer’s $68 billion deal to buy Wyeth, financed in part with $22.5 billion in loans, means credit markets have thawed? Think again, the Wall Street Journal reports. Pfizer’s lenders—including JPMorgan, Bank of America, Goldman, and Citigroup—are charging high interest (7%-9%, with loans due in...

Pfizer Snaps Up Wyeth for $68B
 Pfizer Snaps Up Wyeth for $68B 
Jan 26, 2009 6:11 AM CST

Pfizer Snaps Up Wyeth for $68B

Merger would be largest pharma deal since GlaxoWellcome-SmithKline 2000 merger

(Newser) - The world’s largest drugmaker, Pfizer, is poised to become even more gargantuan after it agreed early this morning to buy rival Wyeth for $68 billion, reports the Wall Street Journal. In the first major merger to hit Wall Street in months, Pfizer will borrow $22.5 billion from four...

Biotech Boom Finally Fizzles
 Biotech Boom Finally Fizzles 
Glossies
Jan 21, 2009 7:00 AM CST

Biotech Boom Finally Fizzles

Riskiest sector hit by downturn

(Newser) - In the bullish market, biotechnology was flush with investment, even though one drug might take many as 15 years and as much as a billion dollars to produce—but those days are over for the riskiest technology sector. Portfolio reports that 45% of publicly traded biotech companies will run out...

Dow Up 12 After Dip Below 8K
 Dow Up 12 After Dip Below 8K 
MARKETS
Jan 15, 2009 3:38 PM CST

Dow Up 12 After Dip Below 8K

Banks' continued troubles unnerve investors

(Newser) - Stocks finished just barely in positive territory today, MarketWatch reports. Nervousness about US banks’ continued need for government funds dropped the Dow below 8,000, but bargain-hunters pushed the index higher, and it closed at 8,212.49, up 12.35 points on the day. The Nasdaq rose 22.20,...

Spielberg Pays Bills for Ailing DreamWorks

Credit crunch forces director into personal bailout for studio

(Newser) - Perhaps for the first time, Steven Spielberg is using personal funds to pay half of a $26.5 million bill his company, DreamWorks, owes ex-partner Paramount so it can keep 17 film projects under its wing. Due to cash shortages, the studio has already lost the rights to as many...

Banks Drive Stocks Down Early
 Banks Drive Stocks Down Early 
MARKET OPEN
Jan 15, 2009 9:11 AM CST

Banks Drive Stocks Down Early

Investors see bad news everywhere in new data

(Newser) - Stocks dropped at the open today as a surprisingly good JPMorgan quarter struggled to offset other negative economic news, the Wall Street Journal reports. The Dow was off 108, despite Morgan's 4% surge, as Bank of America plummeted 15% after reports it would need more aid to close the Merrill...

Banks Lining Up for More Rescue Funds

Experts are saying 2009 is looking like a tougher year for banks than 2008 was

(Newser) - US banks are poised to release a new round of losses in the coming weeks that show just how deeply submerged in red ink the industry still is—as this year begins to look worse for banks than last, the Washington Post reports. Pressure is mounting for more injections of...

Smarting, Credit Card Companies Cut Rewards

That airline ticket won't be so easily obtained in recession

(Newser) - Smarting from the sour economy, many credit-card companies are cutting back on rewards programs born out of 1980s excesses, USA Today reports. The cutbacks are akin to moves made by the airline industry last year as fuel prices skyrocketed. “You’re going to see more and more of the...

Dow Off 25 Amid Poor Earnings
 Dow Off 25 Amid Poor Earnings 
MARKETS
Jan 13, 2009 3:33 PM CST

Dow Off 25 Amid Poor Earnings

Dismal reports expected from Liz Claiborne, GE and Lexmark

(Newser) - Stocks ended mixed today as the earnings season got off to a poor start. Alcoa’s $1.2 billion loss after yesterday’s close set the stage for a fifth consecutive down day for the Dow, the Wall Street Journal reports, with the index off 25.41 to close at...

Madoff Got $10M Investment Days Before Arrest: Suit

Funds were businessman's first Madoff deal

(Newser) - A New York businessman is suing to recover $10 million he handed over to Bernard Madoff 6 days before the alleged Ponzi schemer was arrested, the Wall Street Journal reports. Martin Rosenman wired the funds to a JP Morgan Chase account controlled by Madoff, who told the first-time investor that...

Goldman Loses Top Spot in M&A Rankings

JP Morgan uses financing advantage to end 7-year reign

(Newser) - Ascendant JP Morgan Chase has knocked Goldman Sachs out of first place in the race for mergers and acquisitions, the Wall Street Journal reports. Dealogic, a merger data provider, says Goldman advised some 295 deals totaling $755.6 billion last year, as compared to JP Morgan’s 350 deals for...

Bailed-Out Bank Execs Made $1.6B Last Year

Execs made average of $2.6 million; Merrill Lynch CEO made $83 million

(Newser) - Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an AP analysis reveals. Benefits at bailed-out institutions like Goldman Sachs, Merrill Lynch, and JPMorgan Chase included cash bonuses, stock options, personal use of company jets and chauffeurs,...

Dow Jumps 359 on Rate Cut
 Dow Jumps 359 on Rate Cut 
MARKETS
Dec 16, 2008 3:23 PM CST

Dow Jumps 359 on Rate Cut

Hopes that financials may soon be clear of bad debt also buoys sentiment

(Newser) - Stocks rallied today as investors cheered the Federal Reserve’s sharp federal funds rate cut and other policy measures designed to combat the economic crisis, the Wall Street Journal reports. The Dow rose 359.61 to close at 8,924.14. The Nasdaq climbed 81.55, closing at 1,589....

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