Dow Movers: JPMorgan Chase Reprimanded, Jeff Immelt’s Commentary
General Electric Co. (NYSE:GE) CEO Jeff Immelt, in comments at the Electrical Products Group Conference, says that domestic strength in Healthcare could outweigh weakness of Aviation in Europe, and that growth in the former could move from single- to double-digits.
International Business Machines Corp. (NYSE:IBM) finalizes its purchase of Varicent Software Incorporated, which is a top supplier of analytics software for compensation and sales performance management. Financials of the deal will remain undisclosed. The move reinforces IBM’s long-term growth strategy, in which its business analytics and optimization software and services capabilities will be expanded, leading to a forecast $16 billion in revenue by 2015.
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JPMorgan Chase & Co. (NYSE:JPM) gets an earful from both political parties in Congress, says a Wall Street Journal report, as Democrats decry the lack of regulatory oversight that might have allowed the $2 billion trading loss, and Republicans who now must somehow continue their case against Wall Street regulation. It’s no secret, of course, that JPM gave the majority of its campaign donations to Senator Obama and other Democrats in the 2008 campaign.
Wal-Mart Stores Inc. (NYSE:WMT): A tradeoff is in play, as several U.S. retailers significantly decrease the number of their domestic stores, foreign retailers such as Japan’s Uniqlo intend to expedite the gap by opening more of their stores here, according to a New York Times report.
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