Boeing Signs Off on 787 Deal, JPMorgan’s Settlement, and 3 More Hot Stocks
Boeing Co. (NYSE:BA): Boeing and GE Capital Aviation Services have finalized a $2.9 billion order for 10 787-10 aircraft, making official a deal that was tentatively struck in June. The production of the 787-10 is a driving factor behind Boeing’s recently announced plant expansion in Montana. “The 787-10 also will be 25 percent more fuel-efficient than airplanes of its size today and more than 10 percent better than anything being offered by the competition for the future,” the statement reads.
JPMorgan Chase & Co. (NYSE:JPM): JPMorgan will be paying $920 million in fines after admitting to violations of federal securities laws, according to the Securities and Exchange Commission. Though the fine is barely a drop in the bucket of JPMorgan’s $2.4 trillion balance sheet, Seeking Alpha notes that it’s the unusual admission of wrongdoing that is drawing attention, as a fine to this degree had been expected. “Bank management admits to not adequately updating the board’s audit panel, and top executives knew of aggressive CIO marks as early as April 2012,” the SEC points out.
Ford Motor Co. (NYSE:F): Ford will be investing around $685 million into its facility in Ontario, Canada, to add production of additional models at the plant, which is already involved in the production of the Ford Edge, Ford Flex, and several Lincoln models. The next generation of the Edge and the Lincoln MKX will be assembled there.
Wells Fargo & Co. (NYSE:WFC): Wells Fargo confirmed that it has axed an additional 1,800 employees from its mortgage production staff, bringing total mortgage layoffs announced in the third quarter to 4,800. An eventual tapering of QE3 bond purchases by the Federal Reserve has led to a sharp drop in mortgage refinance applications and overall mortgage lending volume across the industry, TheStreet reports.
Royal Dutch Shell (NYSE:RDSA): Royal Dutch Shelland ONGC, of India, will increase its stakes in Brazil’s Parque das Conchas oil field in efforts to block a bid on the site from SinoChem, of China. ONGC would see a raise by 12 percent to 27 percent at a cost of about $500 million, while Shell would increase its current 50 percent stake to a 73 percent holding.
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