9 Early Movers: Novartis Down Over 2%, JPM Reports Earnings, Metabolix Plummets 55%
Diamond Foods Inc. (NASDAQ:DMND) shares are down more than 8 percent Friday morning. The SEC and federal prosecutors are coordinating a probe to investigate the company’s accounting practices involving payments to walnut producers.
Shares of JP Morgan (NYSE:JPM) fell 3.3 percent after reporting earnings. For the fourth quarter, net income for the financial services company fell 22.8 percent to $3.73 billion (90 cents per share), compared to $4.83 billion ($1.12 per share) a year earlier. Bank of America (NYSE:BAC) and Goldman Sachs (NYSE:GS) are also trading lower on the news.
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Novartis (NYSE:NVS) shares are down 2.4 percent after announcing it will cut 1,960 jobs as the company restructures its U.S. business. “We recognize that the next two years will be challenging in the pharmaceuticals division,” said David Epstein, Division Head of Novartis Pharmaceuticals. “We are proactively making these changes to further focus our pipeline on the best opportunities and align our market position on our growth brands.” Shares of Bristol Myers Squibb (NYSE:BMY) and Pfizer Inc. (NYSE:PFE) are also trading lower.
Metabolix Inc. (NASDAQ:MBLX) shares are plummeting 55 percent on Friday. Archer Daniels Midland Co. (NYSE:ADM) announced late Thursday that it would end a joint venture with the maker of biodegradable plastic.
After the company’s CFO decided to leave next month, shares of Shutterfly Inc. (NASDAQ:SFLY) are falling nearly 5 percent. There is no word yet on who will replace CFO Mark Rubash.
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