Radar Movers: P&G POPS, Big Banks Edger Higher Ahead of Earnings
Shares of Procter & Gamble (NYSE:PG) continue to attract interest in late afternoon trading, after closing 3.75 percent higher on Thursday. The world’s largest consumer-products company jumped the most in 11 months after the Federal Trade Commission approved its deal with William Ackman’s Pershing Square Capital Management LP. The FTC did not disclose what type of transaction had been approved. “We welcome investment in our company,” Paul Fox, a P&G spokesman, explained to Bloomberg. “We are focused on creating shareholder value by executing on our plan to deliver top and bottom line growth through our $10 billion cost savings program, renewing our focus on innovation, pricing initiatives and improved execution, and reallocating resources to invest in the highest return opportunities.” Ackman also has large stakes in J.C. Penney (NYSE:JCP) and Target (NYSE:TGT).
Apple (NASDAQ:AAPL) shares closed under $600 today in regular trading, but edged slightly higher late Thursday. Despite the tech giant not confirming an official release of the iPhone 5 this year, some outlets are already betting on it. China’s largest e-commerce platform, Taobao, is taking orders for the purported iPhone 5, which many believe will be released between August and October. The site includes mock-up pictures and the device’s supposed technical specifications. Sellers taking pre-orders on Taobao, are asking in some cases for a deposit of 1,000 yuan ($160) while one seller, Dahai99888, is asking for full payment up front to the tune of 6,999 yuan ($1,100).
JPMorgan Chase (NYSE:JPM) shares gained 0.35 percent in late afternoon hours. America’s largest bank by assets is set to release its latest earnings early Friday. Investors will be keeping a close eye on the now infamous “London Whale” trading loss, which could range from $5 billion to $7 billion. JPMorgan also extended its earnings conference call by 30 minutes in order to address concerns.
Wells Fargo (NYSE:WFC) shares also edged slightly higher ahead of its earnings release on Friday. The mortgage lender bellwether will pay at least $175 million to settle allegations that it discriminated against black and Hispanic borrowers. The WSJ reports, “The settlement announced by the Justice Department Thursday involves at least 34,000 minority borrowers who were charged higher fees or were steered into risky subprime mortgages when they could have qualified for a prime mortgage, ones offered to borrowers with the best credit.”
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