Post Bell Movers: JPMorgan Fends Off Congress, Dendreon Shares IGNITE Interest
Johnson & Johnson (NYSE:JNJ) shares edged slightly lower in late trading after closing 2.17 percent higher in regular trading. The company announced that is now expects its acquisition of Synthes to add profit this year. The impact of the acquisition on J&J earnings, as per the original S-4 filing, then based on 2010 figures, was a dilutive 22 cents a share. According to latest estimates, the acquisition would be accretive to 2012 earnings by about 3 cents to 5 cents a share. Also, Johnson & Johnson received upgrades from JPMorgan, Raymond James and Jefferies on Wednesday.
Shares of JPMorgan Chase (NYSE:JPM) continued to head higher in extended trading. CEO Jamie Dimon’s appearance before the Senate Banking Committee occurred Wednesday, in front of banking panel members who have received some $7.9 million from the bank since 2008, according to Opensecrets.org. (Are they not familiar with the word, ‘recuse’?) In his testimony, Dimon has a go at Ina Drew, and also remarked that his “tempest in a teapot” comment was “dead wrong.”
Dell Inc. (NASDAQ:DELL) shares fell .30 percent after the closing bell. The company recently announced it is issuing a quarterly dividend of 8 cents per share. The amount equates to a yield of roughly 2.7 percent. “Our efforts to streamline our operations and shift the mix of our business over the past several years have resulted in sustainably strong cash flow from operations, enabling us to increase the percentage of capital we’ve allocated to research and development, capital expenditures and acquisitions while maintaining an ongoing share repurchase program,” Dell’s CFO Brian Gladden said.
After surging nearly 14 percent on Wednesday, Dendreon Corp. (NASDAQ:DNDN) shares continued to gain 1.4 percent in late trading. Research firm Summer Street initiated coverage on the company with a Buy rating and a price target of $18. There is potential promise for their drug Provenge…
Arena Pharmaceuticals Inc. (NASDAQ:ARNA) shares fell .56 percent in late trading, but closed 2.5 percent in the green on Wednesday. Shares have been reaching new heights as investors show interest in the pending regulatory ruling on the company’s obesity-fighting drug candidate Lorcaserin. An FDA panel last month voted 18 to 4 (with one abstention) to recommend approval, and determined that possible benefits from the drug are greater than potential risks in long-term use by overweight and obese patients. The FDA often, but not always, follows panel guidance.
Investor Insight: Here’s Why Apple IS NOT a Hardware Company