JPMorgan Denies Wrongdoing and 3 Hot Stocks Seeing Action Today
FedEx Corp (NYSE:FDX): Current Price $106.82
About 10% of senior executives at FedEx Corp (NYSE:FDX) will leave the company by May 2014 after accepting buyouts as the company moves to implement a new organisational structure. FedEx put in place a $1.7 billion profit improvement plan in October after it realized that customers’ shift to cheaper shipping options was a long term phenomenon and not related temporarily to a slowdown in the economy. Apart from reductions in headcount, the plan includes the retirement of older, fuel-hungry aircraft and 5000 vehicles at the Express division.
Blackstone Group LP (NYSE:BX): Current Price $18.63
Blackstone Group LP (NYSE:BX) continues its buying spree of grocery-anchored retail assets in the US. It will pay about $274 million in cash and assume $463 million of debt to acquire a two-thirds interest in 40 shopping centres located in the metropolitan areas of New York, Washington DC, San Francisco and San Diego. The properties, valued about $1.1 billion and measuring 5.6 million square feet, are being sold by a UBS (NYSE:UBS) property fund that accumulated them, along with real estate investment trust Kimco Realty Corp, between 2005 and 2007.
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JPMorgan Chase (NYSE:JPM): Current Price $48.69
Documents and copies of e-mails filed in a lawsuit filed against JPMorgan Chase (NYSE:JPM) by Belgian-French bank Dexia reveal that JP Morgan and its acquisitions, Washington Mutual and Bear Stearns, allegedly fudged reviews of problematic loans that formed the basis of complex, bundled mortgage-based securities that the company sold to investors. Fraudulent home appraisals, overextended borrowers and already delinquent loans were some of the problems that officials at JP Morgan, Washington Mutual or Bear Stearns allegedly either chose to ignore or adjusted suitably so as not lower their attractiveness in the eyes of investors. JP Morgan, however, has denied any wrongdoing and will be contesting the case in federal court.
Cognizant Technology (NASDAQ:CTSH): Current Price $76.00
Cognizant Technology (NASDAQ:CTSH) reports fourth quarter EPS of $0.99 and revenue of $1.95 billion, beating by $0.08 and $0.8 billion, respectively. During the quarter, revenue rose 17.1% from the year ago period. Over 6300 jobs were added during the quarter taking the year-end headcount to approximately 156,700. On an annual basis, the revenue of $7.35 billion was up 20% and the company anticipates revenue growth of at least 17% during 2013.