Late Radar Movers: JPM and Nordstrom Sink Lower, Sotheby’s Gains
JPMorgan Chase and Co. (NYSE:JPM) shares dropped more than 4 percent in after-hour trading. The bank is holding an unexpected conference call and says its Chief Investment Office has significant mark-to-market losses. Furthermore, legal losses of $4.2 billion are “reasonably possible.” S&P downgraded the bank’s servicing unit to Average from Above Average. Other banks such as Wells Fargo & Co. (NYSE:WFC) also declined.
Shares of Sotheby’s (NYSE:BID) increased 1.65 percent after the closing bell. The auction house reported a loss of $10.7 million (16 cents per share) in the first quarter, compared to a net income of $2.4 million (3 cents per share) a year earlier. The results were inline with estimates.
Nordstrom Inc. (NYSE:JWN) shares fell 3.61 percent in extended trading after reporting first-quarter results. Net income for the company rose 2.8 percent to $149 million (70 cents per share), compared to $145 million (65 cents per share) a year earlier. It fell short of the mean analyst estimate of 75 cents per share. Gross margin also shrank 0.6 percentage point to 39.7 percent.
Express Scripts Holding Co. (NASDAQ:ESRX) declined 1.2 percent late Thursday. The company reported that net income fell 18 percent to $267.8 million (55 cents per share) in the first-quarter, compared to $326.5 million (61 cents per share) a year earlier.
After closing 3.29 percent higher in regular trading, shares of Avon Products Inc. (NYSE:AVP) edged slightly higher after the closing bell. Fragrance maker Coty Inc. improved its offer to $10.69 billion, or $24.75 per share. Coty is also receiving equity financing from Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRKA) in the offer.
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