JPMorgan Sells Manhattan Landmark and 2 Other Dow Movers to Watch
JPMorgan Chase & Co. (NYSE:JPM): Current price $54.05
The Wall Street big bank will divest its tower 1 Chase Manhattan Plaza, which was built by David Rockefeller, the investment division of China’s largest closely-held industrial group, Fosun International Ltd., for $725 million. Fosun is acquiring the 60-story, 2.2 million square-foot, lower Manhattan tower, said a statement it filed to Hong Kong’s stock exchange. JPMorgan will relocate some 4,000 employees, most of whom work in the skyscraper, to other New York locations. The firm occupies around half of its space.
AT&T Inc. (NYSE:T): Current price $34.85
On Friday, AT&T said that it is introducing $5 day passes, offering 250 megabytes of data to tablet owners. The plans may be bought and enabled directly from tablets that provide cellular connectivity, as an alternative to hotel Wi-Fi service. AT&T Senior Vice President Chris Penrose remarked at the GigaOm Mobilize conference that, “We really think that a Wi-Fi only tablet is good, but it is not good enough. Ultimately we’d like to see tablet manufacturers build just one tablet.”
General Electric Co. (NYSE:GE)Current price $25.60
GE and The Boeing Co. are working jointly on software to help block ice buildup in engines on the most recent 747 jumbo jet, subsequent to four planes losing thrust at cruising altitude in a three-month period this year. The update to the GEnx engines’ control systems will help in the detection of ice, and remove it before it can cause any damage, according to GE spokesman Rick Kennedy, who went on to say that General Electric and Boeing hope to receive a nod from the Federal Aviation Administration for the solution early in 2014.
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