Microsoft Corp. (NASDAQ:MSFT): Microsoft is reportedly working on a competitor to Google’s Glass and has ordered the necessary components from Asian manufacturers, sources told The Wall Street Journal. However, the source warned that the device may never reach mass production; pricing and a potential release date are nonexistent, as well. The report does indicate that Microsoft is keeping a close eye on the emerging market for wearable tech.
Eli Lilly & Co. (NYSE:LLY): Eli Lilly reported earnings per share of $1.11, beating by 8 cents, as revenues of $5.77 billion also surpassed projections, by $0.01 billion. Lilly’s net profits dropped to $1.2 billion from a $1.33 billion a year ago, when the company took special charges related to a partnership agreement; by drug, Cialis grew 9 percent, Cymbalta rose 11 percent, Alimta swelled 7.3 percent, and Humalog made gains of 7 percent.
Charles Schwab Corp. (NYSE:SCHW): A technical glitch in Charles Schwab’s trading platform displayed the incorrect prices on certain fixed-income securities for about a week, including preferred securities and collateralized mortgage obligations. Municipal bonds — which make up a sizable portion of the holdings of Charles Schwab clients – were “rarely” impacted, a spokesman said. The integration of a third-party platform triggered the issue, and the company said the pricing glitches affected some, but not all, fixed-income and preferred securities.
JPMorgan Chase & Co. (NYSE:JPM): A group of investors that includes asset managers BlackRock Inc. is demanding “at least $5.75 billion” from JPMorgan Chase in their efforts to try and recoup some of the losses stemming from mortgage-backed securities that were sold to them by the bank prior to the financial crisis. The group already obtained an $8.5 billion settlement from Bank of America on similar claims.
General Motors Corp. (NYSE:GM): General Motors and PSA Peugeot Citroen may be rolling back their partnership, as a plan to develop a new platform for sub-compact vehicles is reportedly “under review.” The small car program is an integral part of Peugeot’s strategy to slow losses, but as General Motors’s prospects in Europe improve, its partnership with the French firm is becoming increasingly dispensable. “Further analysis showed that the business model just wasn’t there,” a Peugeot spokesman said without elaborating, while a GM spokesman declined to comment on the project.
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