Stocks to Watch: JPM, FRX, MLM & More
Senior Producer, CNBC
Take a look at some of Friday's morning movers:
JPMorgan Chase - The bank said it now pegs its trading loss at $4.4 billion, and also said it will restate its first-quarter earnings. For the second quarter, JPMorgan is reporting profit of $1.21 per share, compared to analyst estimates of $0.70.
Forest Laboratories - Investor Carl Icahn and company officials continue to trade barbs. Icahn said the drugmaker is rejecting his ideas out of hand, and the company said Icahn’s nominees for the board of directors are unqualified. Icahn is the second largest Forest Labs shareholder with a 9.9 percent stake.
Martin Marietta Materials - Moody's Investors Service downgrades the company to the junk level of Ba1 from Baa3, affecting about $1.1 billion in debt. Moody’s cited liquidity risks and the construction materials supplier’s willingness to take on greater financial and strategic risk than previously assumed, among other factors.
Activision Blizzard, Electronic Arts - NPD Group reports U.S. videogame industry sales down 29 percent in June compared to a year ago.
Google - CEO Larry Page is back in the office and working, as he recovers from an undisclosed ailment that left him without his voice. That’s according to Google chairman Eric Schmidt, who made those comments in an interview with CNBC’s Kayla Tausche.
Wet Seal - The company has been sued by three former employees, who accuse the retailer of racial discrimination. The complaint alleges Wet Sale discriminated against African American store managers because they did not fit its brand image. The company said it denies any and all allegations of discrimination and will vigorously contest the allegations.
Lexmark - Lexmark is slashing its second-quarter outlook, with the printer maker now expecting earnings of $0.87 to $0.89 per share compared to its prior guidance of $0.95 to $1.05. Lexmark says it’s been hurt by unfavorable exchange rates and weaker-than-expected demand in Europe.
U.S. Airways - The airline has bought $1 million worth of AMR Corp. debt for $600,000, so that it can be a party to the American Airlines parent’s bankruptcy proceedings.
Johnson & Johnson - The medical device maker has reached a tentative settlement with shareholders who had sued management for not fixing various serious problems for years. The settlement calls for a new committee of independent board members that will keep watch on various problems and make sure they are addressed quickly and fully.
—By CNBC’s Peter Schacknow
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