JPMorgan Chase & Co. (NYSE:JPM): Efforts to separate the chairman role from the CEO seat appear to have fallen through, early tallies have indicated. However, votes are still being counted, and the margin of victory is still unclear. The three members of the board’s risk committee also look to have made it through unscathed.
Molycorp (NYSE:MCP): Shares are trading up for the company, after it was reported that China exported 2,196 metric tons of rare earth in April, a 28 percent increase over the month previous. Exports of 6,112 tons in the first four months of this year are double the year-ago volume, indicating a positive revitalization of rare-earth metals demand.
Chevron Corp. (NYSE:CVX): Reuters is reporting that Chevron is apparently in advanced stages of discussion over the sale of its downstream assets in Egypt and Pakistan, which could net the company about $300 million when completed. The assets could include operations related to refining and processing of crude oil, as well as the marketing and distribution of products.
Saks Incorporated (NYSE:SKS): Shares are on a tear after the company reported in-line earnings, but revenues of $793.2 million that beat expectations by $14.67 million. Comparable store sales grew 5.9 percent during the period, although the gross margin rate remained flat. Saks says it will also accelerate the launch of Off5th.com to this fall, offering an offset to the estimated sales easing.
Pfizer Inc. (NYSE:PFE): The company has announced that it is ceasing its Phase 3 studies on its investigational compound inotuzumab ozogamicin in combination with rituximab, a treatment for non-Hodgkins Lymphoma patients who are not candidates for intensive high-dose chemotherapy. The study was abandoned when it failed to meet its primary objective of improving overall survival, though no new or unexpected safety issues were identified.
Don’t Miss: Bernie Madoff’s Life in Prison.