NEW YORK -- JPMorgan Chase (JPM) CEO Jamie Dimon is scheduled Wednesday to testify before the Senate's Banking Committee about the $2 billion trading loss the bank incurred from credit derivative hedging within its synthetic portfolio.
The hearing, which carries the title A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?, is to run from 10 a.m. to 12 p.m. EDT.
Reports said Dimon is expected to argue that the loss should be viewed as an isolated event."
Shares of JPMorgan ticked down 2 cents, or 0.06%, to $33.75 in premarket trading Wednesday.
Dell (DELL), the PC maker, announced plans on Tuesday to start paying dividends. The annual dividend is 32 cents a share. Dell will make its first quarterly payment of 8 cents a share in the third quarter. Based on Dell's Monday closing price of $11.86, the dividend yield would be 2.7%. Dell is holding its annual analyst meeting on Wednesday. Dell shares rose 2.42% in premarket trading Wednesday to $12.26. Microsoft Vs. Apple: It's Now Life or Death
Scotts Miracle-Gro (SMG) said Tuesday it expects fiscal 2012 below its previously disclosed financial outlook because of weak sales and an unfavorable product mix. The provider of grass seed and soil products had forecast adjusted earnings of $2.65 to $2.85 a share, but it didn't provide an updated view. Natural Gas Will Dictate Oil Prices, Not Iranian Sanctions or OPEC
Prudential (PRU) received authorization from its board for a $1 billion share buyback program that will run from July 1 through June 30, 2013.
Companies reporting earnings Wednesday include Crown Crafts (CRWS), Culp (CFI), Korn/Ferry International (KFY), and Luby's (LUB). 7 Cheapest Bank Takeout Target Stocks From KBW
-- Written by Joseph Woelfel
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