Wall Street Watch: Jamie Dimon’s Hypocrisy, Cisco Proven WRONG
After kicking off its roadshow this week, Facebook’s (FB) IPO is already oversubscribed according to a Reuters report. The company may increase its price from the current $28-$35 range if demand is high. Meanwhile, more trouble for Facebook as the FTC is investigating its Instagram acquisition. This could take a year and the landscape for the its IPO could change.
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JPMorgan (NYSE:JPM) has spoken with U.K. regulators after disclosing its Chief Investment Office, under the lead of “London Whale” Bruno Iksil, took $2 billion hit from a hedging strategy gone wrong; it could also see another $1 billion loss in the second quarter. The Wall Street Journal is reporting that the Financial Services Authority wants to know how the company’s losses occurred and how to prevent them from happening again.
Singing a different tune than Cisco’s (NASDAQ:CSCO) CEO John Chambers on pessimism toward Europe, Intel (NASDAQ:INTC) gave a brighter outlook on Thursday at its annual meeting and said it hasn’t seen a slowdown in that region.CEO Paul Otellini of said of Chambers’ remarks, “I don’t see what he’s seeing.” Intel was also upbeat about PC sales, notably in emerging markets.
Yahoo (NASDAQ:YHOO) CEO Scott Thompson met with company executives on Thursday and said he neither falsified his academic record nor submitted his resume. From a New York Times review, it disclosed from Yahoo filings and through Thompson’s PayPal biography it does mention a phantom computer science degree, but it doesn’t show up in either eBay filings or in the companies where he is a director.
Telefonica’s (NYSE:TEF) first quarter net profit dove 54 percent to EUR748 million, below the estimates of EUR1.31 billion. Revenue did rise 0.5 percent to EUR15.5 billion. While Latin American’s operations were a strong contributor it wasn’t enough to compensate for European weakness, including Spain and Italy.
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