This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks to Watch: JPMorgan, Arena (Update 1)

NEW YORK -- JPMorgan Chase (JPM - Get Report) recorded a $2 billion mark-to-market loss in its synthetic credit portfolio since the end of the first quarter, the bank said Thursday.

CEO Jamie Dimon called the trade "flawed, poorly reviewed, poorly executed" and said it reflected "sloppiness" and " bad judgment."

In a conference call Thursday, Dimon said the bank's Chief Investment Office suffered a trading loss of $2 billion in its synthetic credit portfolio, offset by a $1 billion securities gain, as a strategy to re-hedge its portfolio backfired.

Shares of JPMorgan fell 6.73% in premarket trading Friday to $38.

Other bank stocks were also affected by the news. Citigroup (C) shares dropped 2.61% to $29.85; Morgan Stanley (MS) shares lost 2.82% to $15.16; shares of Goldman Sachs (GS) fell 2.32% to $103.85; Bank of America (BAC) dropped 2.47% to $47.51; shares of Wells Fargo (WFC) declined 1.9% to 432.56.

Arena Pharmaceuticals (ARNA - Get Report) said Thursday Food and Drug Administration advisers recommended approval of the company's diet drug lorcaserin.

Arena said it's working with the agency as it finishes its review. A final decision from the FDA could be made June 27.

Lorcaserin could be the first new prescription diet drug in over a decade in the U.S.

Shares of Arena Pharmaceuticals skyrocketed 96.72% to $7.20 in premarket trading Friday.

3 Hot Stocks for a Sideways Market

Nvidia (NVDA - Get Report), the graphics chipmaker, is scheduled to post first-quarter results Friday.

Analysts forecast profit of 10 cents a share in the April-ended period on revenue of $916.2 million.

Shares of Nvidia ticked down 7 cents, or 0.56%, in premarket trading Friday to $12.35.

LinkedIn Is a Glorified Rolodex

Other companies reporting earnings on Friday include Cache (CACH) and ReneSola (SOL).

Cache reported a first-quarter loss of $1.2 million, or 9 cents a share, wider than the year-earlier loss of $772,000, or 6 cents a share.

Analysts, on average, expected a loss of 9 cents a share.

ReneSola reported first-quarter a loss of $40.2 million, or 23 cents a share, a reversal from year-earlier earnings of $43.3 million, or 24 cents a share.

On average, analysts were expecting earnings of 31 cents a share.

-- Written by Joseph Woelfel and Alexandra Zendrian

>To contact the writer of this article, click here: Joseph Woelfel

>To submit a news tip, send an email to:

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
ARNA $1.58 0.00%
JPM $61.24 0.00%
NVDA $34.97 0.00%
AAPL $93.24 0.00%
FB $117.81 0.00%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs