Skip to main content

J.P. Morgan Trainee Charged with Insider Trading

It was a mixed week for stocks, in keeping with the recent trend: The

Dow

and the

S&P 500

were down, the

Nasdaq

and the

Russell 2000

rose. Now comes a weekend break before another week of earnings preannouncements and some actual earnings reports -- but at least one Wall Streeter won't be having much fun (earnings estimates from

First Call

):

J.P. Morgan

analyst/trainee Roy Handojo has been charged with insider trading. The

Securities and Exchange Commission

alleges that Handojo, a 25-year-old citizen of Indonesia, traded in the securities of three companies based on confidential information he learned on the job. The companies were involved in takeovers for which J.P. Morgan was the banker. If convicted, Handojo would face up to 10 years in prison and a $1 million fine.

TheStreet Recommends

Archer Daniels Midland

(ADM) - Get Archer-Daniels-Midland Company Report

agreed to buy privately held

Moorman Manufacturing

in a $296 million stock deal. The acquisition will give ADM its first soybean processing plants on an export waterway.

Dell

(DELL) - Get Dell Technologies Inc Class C Report

increased the threshold on its stock buyback plan to 125 million shares from 100 million shares. Dell has bought back 68 million shares so far under the program and has secured contracts to buy an additional 23 million shares.

A federal appeals court reversed a lower court ruling that had thrown out the tobacco industry's challenge to Connecticut's antitobacco lawsuit.

RF Micro Devices

(RFMD)

said it expects to report second-quarter earnings short of consensus estimates. The three-analyst estimate called for earnings of 9 cents per share for the company, which went public in June.

Rohr

(RHR)

reported a fourth-quarter operating loss of 4 cents per share, well short of the eight-analyst expectation of a 38-cent profit. The company, which made news this week when it confirmed it's in merger talks, reported a restated year-ago loss of 30 cents.

AccuMed International

(ACMI)

restated its second-quarter loss to 22 cents per share from 13 cents after discussions with the SEC. The discussions involved a dispute over the conversion price of AccuMed's convertible notes and warrants.

Alliance Gaming

(ALLY) - Get Ally Financial Inc Report

Chairman David Robbins resigned, with the company giving no reason other than to say it was "in accordance with certain shareholders."