What’s Moving These Hot Stocks: JPMorgan, Citigroup, Chesapeake, Career Education
JPMorgan Chase & Co. (NYSE:JPM) shock trading loss of at least $2 billion from a failed hedging strategy knocked financial stocks across the globe on Friday, as well as the reputation of the biggest U.S. bank by assets and its CEO Jamie Dimon.
JPM shares recently traded at $37.40, down $3.34, or 8.2%.
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Citigroup, Inc. (NYSE:C): Reforms by the Federal Reserve required banks to charge debit card fees only to customers who opted-in to the overdraft programs. But now, two years later, it hasn’t worked out as planned, according to a survey of over 6,000 people from the Pew Center on the States, which found that consumers still face fees that can be as high as $35 apiece, reports Bloomberg Businessweek.
C shares recently traded at $29.65, down $1, or 3.26%.
Chesapeake Energy Corporation (NYSE:CHK): Chesapeake’s use of off-balance sheet liabilities via “volumetric production payments” is considered accepted practice in energy production, prompting FT’s Izabella Kaminska to wonder if CHK is just the first of many to have these deals outed. “If banks were willing to do such deals for Chesapeake… who’s to say other companies are not saddled with similar liabilities?”
CHK shares recently traded at $16.86, down $0.32, or 1.86%.
Career Education Corp. (NASDAQ:CECO): The Paris-based INSEEC Group, part of the Career Education Corporation family of schools, expanded its executive education curricula this month with the acquisition of the corporate training firm Luxury Attitude, which specializes in service and customer relations training for premium and luxury companies. Terms of the deal were not disclosed.
CECO shares recently traded at $5.99, down $1.01, or 14.43%.
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