5 Early Buzzers: JPMorgan and Yahoo! Cleans House, NY Times Sinks 7%
Shares of JPMorgan Chase and Co. (NYSE:JPM) declined nearly 2 percent in early trading. In addition to announcing a multi-billion dollar loss last week, several management members will be leaving the company. This will include investment chief Ina Drew, who oversees the unit that incurred the losses, and “London whale” Bruno Michel Iksil. Additional staff could be fired including all of the London staff in JPMorgan’s chief investment office.
Yahoo! Inc. (NASDAQ:YHOO) shares climbed 2.3 percent before the opening bell. CEO Scott Thompson has left the company over the more than week long controversy over his faux computer-science degree. All Things D reported the story and said the company has said “cause” is the reason for his exit; this could enable them from paying a large payoff possibly due to Thompson’s recent thyroid cancer diagnosis. With Thompson’s departure, it could be seen as a win for Yahoo activist investor, Third Point’s Daniel Loeb.
Don’t Miss: Disney Doesn’t Let John Carter Steal Its Magic
New York Times Co. (NYSE:NYT) shares dropped more than 7 percent in pre-market trading. The newspaper giant announced on Friday that is sold its remaining stake in Fenway Sports Group for $63 million. The group is the parent company of baseball’s Boston Red Sox.
Shares of Chesapeake Energy Corp. (NYSE:CHK) jumped 3.3 percent in early trading. The natural gas giant announced during its conference call that it still expects to be cash flow positive in 2014, with assets worth around $50 billion to $60 billion.
Apple Inc. (NASDAQ:AAPL) shares edged slightly lower in early morning trading. The company is reportedly in talks to purchase Loewe, a German maker of high-end televisions and speakers for $112 million. However, the company is denying the rumors.
Investor Insight: Einhorn and Ron Paul on Bernanke’s Wealth Effect Policy