Bank of America Corp (NYSE:BAC): The final bidders in the auction of the non-US operations of Bank of America (NYSE:BAC) Merrill Lynch’s private wealth management arm include Wells Fargo (NYSE:WFC) Credit Suisse (NYSE:CS), Bank Julius Baer and UBS (NYSE:UBS), according to Financial Times, citing sources. The unit may fetch more than $3B, the sources added. Also, Bank of America (NYSE:BAC) divested a $1.3B credit-card portfolio after SLM Corp. (NYSE:SLM) selected Barclays (NYSE:BCS) for its college savings program, Bloomberg reports.
Johnson & Johnson (NYSE:JNJ): Raymond James upgraded Johnson & Johnson based on the close of the Synthes deal, relative valuation, visibility into accelerating growth, and new management. Price target is $72. Note that shares were upgraded at JPMorgan and Jefferies this morning also.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA): Arena’s shares have been flying recently and are up again big today. While the FDA is expected to soon approve Arena’s weight loss drug lorcaserin, market players aren’t totally sure why shares are rocketing. One reason could be short covering, and another optimism that the FDA approval will come without the need for a risk-management plan.
JPMorgan Chase & Co. (NYSE:JPM): JPMorgan Chase’s (NYSE:JPM) deputy general counsel, Gregory Baer, laid out the company’s “doomsday plan” in the event of a hypothetical $50B loss at a Harvard Law School event in March, revealing an unusually frank acknowledgment that while the bank could “absorb substantial losses without failing there are limits to the capital buffers of even the healthiest banks, according to Financial Times. Meanwhile, JPMorgan leads the financial sector higher as Jamie Dimon wraps up his Senate testimony and heads to the financial news networks for interviews. The stock is 14.5% lower since the announcement of the CIO loss.
Dell Inc. (NASDAQ:DELL) pushes business to reach its FY16 goal of more than $47B in revenue. Dell adds that even if there is a downside scenario of -5% CAGR; further reflecting risks associated with PC market growth, macro economy, and pricing competition; it still delivers nearly $2B of OpInc. Dell believes its enterprise solution division will average 10% annual growth until FY16, and will assist in producing a 13%+ operating margin. Dell is attempting a 5%+ operating margin for the PC business, and repeats that it will focus on profits instead of unit share. As a result of weak PC sales and a difficult IT spending environment.
Investing Insights: What Does Dell’s FIRST Dividend Mean for Shareholders?
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