Market Recap: Procter & Gamble Follows the Money, Chesapeake Energy CRASH
Markets closed mixed on Wall Street today: Dow +0.16%, S&P +0.25%, Nasdaq -0.04%, Oil -0.69%, Gold -0.06%.
On the commodities front, Oil (NYSE:USO) declined to $96.39 a barrel. Precious metals also declined, with Gold (NYSE:GLD) falling to $1594.00 an ounce while Silver (NYSE:SLV) fell 0.18% to settle at $29.01.
Here’s your Cheat Sheet to today’s top stock stories:
JPMorgan Chase (NYSE:JPM) said on Thursday it had taken losses of $2 billion in a portfolio of credit investments as positions taken by its chief investment office turned out to be riskier than expected. “These were egregious mistakes,” chief executive Jamie Dimon said in a conference call. “They were self-inflicted and this is not how we want to run a business.” The stock closed down 6.53% in after hours trading to $38.08.
Procter & Gamble (NYSE:PG) announced Thursday that it would be moving its skin care, cosmetics, and personal-care headquarters from Ohio to Singapore to be closer to the growing Asian market. It sees Asia as its biggest growth opportunity. P&G President Virginia Drosos will leave the group rather than relocate. The relocation is expected to take two years.
Chesapeake Energy Corp. (NYSE:CHK) sold off sharply in late trading today after the Wall Street Journal broke news that it had $1.4 billion in previously unreported liabilities over the next decade through off-balance-sheet financial deals. Most of that liability, according to the WSJ, occurs this year and next. The news compounds concerns over the company’s ability to raise cash to cover its operating costs and to move into the more lucrative oil business and natural gas prices continue to fall. The stock dropped 1.63% to $16.90 in after hours trading.
Yahoo! Inc (NASDAQ:YHOO) Chief Executive Scott Thompson said in a meeting with top executives on Thursday that he never provided either a resume or incorrect information to Yahoo, reported Reuters. Thompson held the meeting to address the ongoing dispute over his educational background. He told the attendees of the facts as he knows them and then provided his executives a chance to ask questions.
Deutsche Bank AG (NYSE:DB) has agreed to pay a $202 million settlement to the Justice Department over civil allegations that its MortgageIT unit had lied in order keep access to federal housing-loan financing. This case has was opened a year ago with the Justice Department alleging that Deutsche “recklessly” lied about loan quality made by bank’s unit and guaranteed by the U.S. government.