J.P. Morgan, BofA, Citi, Nokia and Microsoft Drive High Volume Stock Trading Finish
Following a report that it might withdraw from some U.S. states, Bank of America Corp (NYSE:BAC) shares fell last week. JPM’s Q4 report also weighed on investors.
Citigroup Inc. (NYSE:C) is said to be in advanced talks with Eastman Kodak (NYSE:EK), which is losing money. Kodak is planning on the event of a bankruptcy filing, and is seeking a stalking horse to be the lead bidder in case a patent portfolio is auctioned as part of the bankruptcy.
Analysts are prompted by JPMorgan Chase & Co. (NYSE:JPM)’s lackluster Q4 to expect that shares will drift after going higher to open the new year. “Things are fine at JPM, but given the ~11% run-up in the stock YTD and no near-term relief in sight for issues in Europe, the big mortgage tail or pick up in capital markets, our gut is JPM and many other financials take a breather in the near term,” said Nomura, in a typical remark.
Die-hard Apple (NASDAQ:AAPL) enthusiast MG Siegler is impressed by the positive buzz that Nokia’s (NYSE:NOK) Lumia 900 and HTC’s Titan II created. Another big PR winner is Microsoft Corporation‘s (NASDAQ:MSFT) Windows Phone from this year’s CES. While HTC is expected to ship 43M this year and 74M next year, Morgan Stanley forecasts Nokia will ship 37M Windows Phones in 2012 and 64M in 2013.
AVG Technologies, a Dutch developer of PC and server security software which competes with Symantec (NASDAQ:SYMC), is filing for a $125M IPO under the ticker AVG, according toIntel Corporation (NASDAQ:INTC). Symantec and Intel’s McAfee division, generated revenue of $198.1M (+24% Y/Y) in the first 9 months of 2011, also postine net income of $66.8M, though this figure was boosted by a $52.2M income tax benefit.
After JPMorgan’s (NYSE:JPM) Q4 report showing a 23% drop in earnings, Wells Fargo & Company (NYSE:WFC) shares and other big U.S. banks headed lower. In January’s first trading sessions, shares of the four biggest banks jumped, but whether such optimism was justified will be tested following J.P. Morgan’s stock pullback.
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