Wall St. Brief: Jamie Dimon Goes to WASHINGTON, FLAT Ad Sales
JPMorgan’s (NYSE:JPM) Chief Executive Officer James Dimon goes to Washington on Wednesday. In his testimony before the Senate Banking Committee, he is expected to say the $2 billion in trading losses at his bank came from a combination of overconfidence, poor judgment and faulty risk controls, reported The Wall Street Journal. He will also probably apologize for the mistakes but don’t expect him to say the incident will have a lasting effect on the bank.
CBS (NYSE:CBS) has about $2.7 billion in upfront ad sales for the TV season beginning in September; this number is similar to 2011 reported Bloomberg. The network also saw an ad rate rise of 8 percent to 10 percent but did sell less inventory. Meanwhile Disney’s (NYSE:DIS) ABC network came in with $2.5 billion for upfront ad sales–similar to last year but it’s below expectations, according to The Wall Street Journal.
Johnson & Johnson (NYSE:JNJ) should close its $19.7 billion purchase of Synthes on Thursday after receiving the requisite U.S. regulatory clearance. A J&J subsidiary started the funding for the deal with around $12.9 billion in accelerated buyback agreements for the cash and stock acquisition. By adding Synthes, it will contribute $0.03 to $0.05 to this year’s earnings per share. This comes after a previous estimate for a $0.22 reduction.
Global Payments (NYSE:GPN) said on Tuesday that the data breach it suffered from earlier this year may be been larger than earlier estimates. Along with data from 1.5 million accounts, hackers may also have grabbed access to personal information from the company’s merchant customers.
Germany’s Elster Group (NYSE:ELT), which has a majority ownership by the investment firm CVC Capital, has a for sale sign on it and could fetch sale proceeds of more than $2 billion, reported The Wall Street Journal. Interested suitors include Siemens (NYSE:SI) and ABB (NYSE:ABB).
Don’t Miss: Cable Companies Land on DOJ’s Radar.