8 Early Buzzers: JPMorgan Logs $2 Billion Loss, AT&T and Verizon Upgraded

Shares of JPMorgan Chase and Co. (NYSE:JPM) dropped more than 8 percent before the opening bell. Late Thursday, the bank held a surprise conference call and disclosed a trading loss of at least $2 billion. The losses were most likely related to large positions in credit default swaps. Other banks such as Goldman Sachs Group Inc. (NYSE:GS) and Morgan Stanley (NYSE:MS) also traded lower.

AT&T Inc. (NYSE:T) and Verizon Communications Inc. (NYSE:VZ) shares edged higher in early trading. The two mobile providers received an upgrade from Credit Suisse to Outperform. Credit Suisse has a price target of $30-$36.50 for AT&T and $38-$45 for Verizon.

Don’t Miss: Einhorn and Ron Paul on Bernanke’s Wealth Effect Fed Policy

Nordstrom Inc. (NYSE:JWN) fell nearly 5 percent in pre-market trading. Late Thursday, the company reported that net income in the first-quarter increased 2.8 percent $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.

Chesapeake Energy Corp. (NYSE:CHK) shares declined 2.04 percent in morning trading. The Wall Street Journal broke news yesterday that it had $1.4 billion in previously unreported liabilities over the next decade through off-balance-sheet financial deals. Most of that liability, according to the WSJ, occurs this year and next. The news compounds concerns over the company’s ability to raise cash to cover its operating costs and to move into the more lucrative oil business and natural gas prices continue to fall.

Shares of GSV Capital Corp. (NASDAQ:GSVC) plummeted almost 11 percent in early trading. Sources indicate that demand from institutional investors is weak for Facebook’s IPO. The social network giant also announced yesterday that more users are accessing Facebook via mobile devices, but a limited number of ads can reach those users.

Investor Insight: Here’s Why Procter & Gamble is Dissing the U.S.