GE and JPM LEAD Dow 1.3% Up, Is Cash Moving to Stocks?
General Electric Company (NYSE:GE) reports that it has obtained an order for 3.25M/~$5M from General Dynamics (NYSE:GD) UK for subsystems necessary for the Demonstration Phase for the Scout Specialist Vehicle family of platforms for the British Army (General Dynamics UK is presently on contract for this).
Investing Insights: Will Sleeping Giant China WAKE UP Apple’s Stock Price?
JPMorgan Chase & Co. (NYSE:JPM): According to “highest level” executives at JP Morgan, Jamie Dimon regarded the CIO differently from other sections of the bank and excused it from the “rigorous scrutiny” he employed in assessing risk management at the rest of the organization. Bloomberg’s thorough look at the situation reveal people are out for Dimon’s blood; one tweet reads: “Would not have guessed JPM succession would play out this way.” Plus, JP Morgan has brought on former Goldman Sachs (NYSE:GS) energy trader Shintaro Tamatsukur (based in Singapore) to extend its customer flow operations in Asia in a tightening regulation environment regarding proprietary trading, according to sources cited by Reuters.
SPDR S&P 500 ETF (NYSE:SPY): Cash constitutes an average 5.3% of fund manager portfolios, the highest level since January 2009, a BAML survey reveals. “Hopes expressed last month of a (Fed) policy response have now become expectations,” says BAML’s Michael Hartnett regarding the concerned survey participants—monetary policy is considered “too restrictive” by a majority of respondents.
Citigroup Inc. (NYSE:C): David James has been named by UBS (NYSE:UBS) as, with John Woolland, the joint head of corporate broking, according to Reuters (citing a memo). James was previously joint head of the combined British banking and broking business at Citigroup. Additionally, BAML removed Citigroup from its U.S. 1 List, but still kept it as a Buy. “One of our main focuses is finding companies with an edge,” says Steve Fleishman, chair of the committee that creates this list. Citi is flat YTD following being up almost 50% through March.
Ford Motor Company‘s (NYSE:F) new chief financial officer, Bob Shanks, does not aspire to ascend to CEO following Alan Mulally’s retirement. Shanks, 59, prefers to remain working on keeping the company on a progressive financial path.
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