Wall St. Daily: Apple Employees Cooked, JPMorgan’s Bet, Dell Dealtalk
A J.P. Morgan Chase (NYSE:JPM) unit bet on distressed firms such as the newly bankrupt LightSqaured Inc., according to The Wall Street Journal. Citing unnamed sources, on Thursday the newspaper said that the investments had been made by a separate part of the same unit that included the $2 billion “London Whale” trading loss. These losses were not directly tied to the unit, which is the Special Investments Group; it comes under the bank’s Chief Investment Office.
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In an amendment filed with the SEC Friday, Apple Inc.’s (NASDAQ:AAPL) compensation committee has decided that the $2.65 per share cash dividend to be paid to shareholders this summer should also be applied to the restricted stock units (RSUs) granted to certain Apple employees. In addition, CEO Tim Cook will give up $75 million by eliminating him from a program that will allows staff to gain dividends on their restricted stock units as they continue vesting. Cook has 1.125 million of these, scheduled to vest during the next 10 years.
Dell (NASDAQ:DELL) is discussing a purchase with Quest Software (NASDAQ:QSFT), according to Bloomberg, as the company moves forward with its strategy to focus more on higher-end business customers. Back in March, Quest had agreed to sell itself to the private equity firm Insight for $2 billion but then received addition offers in a “go-shop” period.
Hewlett-Packard’s (NYSE:HPQ) layoffs will be conducted on the basis of salary while not considering skills and performance, said upset employees to Business Insider. Cronyism is also supposedly playing a big part in the employee cuts. According to Deutsche Bank’s Chris Whitmore, he notes that HP’s previous restructurings haven’t done a lot to either improve the company’s competitive position or decrease its reliance on weak markets.
BlackRock (NYSE:BLK) raised its holding in troubled Chesapeake (NYSE:CHK) to 4 million to 5 million shares (3 percent to 4 percent) from 883,000 at the end of March, reported CNBC. Meanwhile, Carl Icahn now has a four percent state, according to Bloomberg and with his record, change could be coming.