BofA, Chesapeake, JP Morgan Led Tuesday’s Market Momentum
Bank of America Corp (NYSE:BAC): Reuters reports that Finance Ministry officials say that Nomura Securities (NYSE:NMR), one of four Japanese and one of five foreign brokerages, is short-listed to underwrite the government’s sale of Japan Tobacco shares, which may raise around $6B. Others appearing on the list are; Daiwa Securities, SMBC Nikko Securities, Mizuho Securities, JP Morgan (NYSE:JPM), Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), UBS (NYSE:UBS) and Merrill Lynch (NYSE:BAC).
JPMorgan Chase & Co. (NYSE:JPM): According to Reuters, JPMorgan has named Paul Compton new deputy chief of operations. A memo to employees states that Compton will be managing nearly half of JPMorgan’s global operations as well as his current responsibilities as Chief Administrative Officer of the firm’s investment bank and head of the its global service center located in India.
Investing Insights: Gold and Silver Grind Higher>>
Chesapeake Energy Corporation (NYSE:CHK): According to the International Energy Agency, the Medium-Term Gas Market Report 2012, it is possible the China’s consumption could increase by more than two times over the next five years, but the United States will be benefited by the unconventional gas revolution. The report continues by claiming that China will follow Europe and Asia Oceania as the third largest gas importer, and it will increase the average annual growth in global gas demand through 2017 from last year’s predicted 2.4% to 2.7%. Also during this time, Japanese imports will increase, though how much depends on nuclear policies, while North America becomes a net LNG exporter. European demand will fall due to low economic growth, high gas prices, and strong growth of renewable energies. Futhermore, according to Columbus Business First.com, Chesapeake (NYSE:CHK) plans to sell leases in 19 Ohio counties covering the Utica Shale formation.
Seagate Technology (NASDAQ:STX): Argus gives Seagate a Buy rating due to the sell-off, and continues by mentioning that the company’s HDD position is still very strong. Shares are Buy rated with a $39 price target.
Akamai Technologies (NASDAQ:AKAM): Wells Fargo does not believe that Akamai will take a hard impact from Netflix’s (NASDAQ:NFLX) plan to create its own content delivery network, CDN. The firm says it creates more headline than legitimate risk for Akamai. According to Wells Fargo estimates, Netflix is responsible for a mere 1.5% of Akamai revenue, and the firm does not view Netflix’s action as an emerging trend. The majority of Netflix content traffic is carried over networks like Limelight (NASDAQ:LLNW) and Level 3 (NASDAQ:LVLT).
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.