General Electric and 2 Stocks Bucking the DJIA Sell Off
The Dow Jones Industrial Average (NYSEARCA:DIA) is down today by 0.34% as concerns about Europe continue to fester, and stands at 12,421. The large stocks below are among the notable performers today.
Bank of America (NYSE:BAC) slashed about 20% of its managing director staff across its Asian investment banking division. This is in part because Bank of America had to sell off a lot of its equity, but it’s also because of a bid to cut costs in a region that is no longer booming so much. New York’s financial regulator is looking into whether many of the country’s largest banks, including Bank of America, over-billed customers for force-place insurance. BAC shares recently traded at $6.79, up $0.16, or 2.41%. They have traded in a 52-week range of $4.92 to $15.31. Volume today was 149,878,393 shares versus a 3-month average volume of 262,773,000 shares. The company’s trailing earnings are $-0.31 per share.
JPMorgan Chase and Co. (NYSE:JPM): It’s important to remember how big JP Morgan is: located in 60 countries, Morgan has assets of $2.3 trillion and 240,000 employees. It’s also noteworthy that Presidential candidate Jon Huntsman has pointed out that the six largest financial institutions have assets worth 66% of GNP, when it was 20% in the 1990s. JP Morgan is also being investigated by New York for over-billing for insurance. JPM shares recently traded at $36.17, up $0.12, or 0.33%. They have traded in a 52-week range of $27.85 to $48.36. Volume today was 10,674,021 shares versus a 3-month average volume of 41,572,500 shares. The company’s trailing P/E is 7.71, while trailing earnings are $4.69 per share.
General Electric’s (NYSE:GE) alternative energy division continues to suffer in a market defined by slower demand growth, Asian competition and drastically lower subsidies in a reeling Europe. Vestas has cut its guidance for 2011 and this does not bode well for GE’s wind turbine division. GE shares recently traded at $18.76, up $0.04, or 0.21%. They have traded in a 52-week range of $14.02 to $21.65. Volume today was 19,593,151 shares versus a 3-month average volume of 64,033,500 shares. The company’s trailing P/E is 14.35, while trailing earnings are $1.31 per share.
Investing Insights: Dow 30 Stocks: 2012 Quarterly Earnings Preview.
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