NEW YORK ( TheStreet) -- These stocks were in the headlines ahead of Friday's trading session: JPMorgan Chase ( JPM): The Dow component announced that it's restating its first-quarter results lower to reflect the impact of attempts to mask the extent of losses suffered by its Chief Investment Office at that time. "The firm has recently discovered information that raises questions about the integrity of the trader marks and suggests that certain individuals may have been seeking to avoid showing the full amount of the losses in the portfolio during the first quarter," JPMorgan said in a filing with the Securities and Exchange Commission. The bank, which also reported its fiscal second-quarter results Friday morning, shaved $459 million off its net income and $660 million off its revenue total for the March-ended quarter. As restated, JPMorgan earned $4.92 billion in the first quarter on revenue of $26.05 billion vs. the originally reported profit of $5.38 billion on revenue of $26.71 billion. For the second quarter, JPMorgan said it earned $5 billion, or $1.21 a share, on revenue of $22.9 billion. The bank said the results include a $4.4 billion pretax loss related to trading losses from its Chief Investment Office and a $1 billion pretax benefit from securities gains in the Chief Investment Office's securities portfolio. The average estimate of analysts polled by Thomson Reuters was for a profit of 70 cents a share on revenue of $21.79 billion in the June-ended period. "The Firm has been conducting an extensive review of what happened in CIO and we will be sharing our observations today," said CEO Jamie Dimon in a press release. "We have already completely overhauled CIO management and enhanced the governance standards within CIO. We believe these events to be isolated to CIO, but have taken the opportunity to apply lessons learned across the Firm. The Board of Directors is independently overseeing and guiding the Company's review, including any additional corrective actions. While our review continues, it is important to note that no client was impacted." Wells Fargo ( WFC): The San Francisco-based bank reported second-quarter earnings of $4.6 billion, or 82 cents a share, with revenue totaling $21.29 billion. The average estimate of analysts polled by Thomson Reuters was for a profit of 81 cents a share in the June-ended period on revenue of $21.36 billion. ""While the economic recovery remains uneven, we continued to meet our customers' financial needs and benefited from signs of stabilization in the housing market," said John Stumpf, the company's CEO, in a statement. Stumpf added that Wells Fargo had "record quarterly mortgage applications, increases in lending to consumers and businesses, and continued growth in deposits and cross-sell." The stock closed Thursday at $32.85, and was trading incrementally lower in pre-market action. Cisco ( CSCO): Shares of the networking giant could come under pressure after Sterne Agee lowered its price target and earnings estimates for the company. "In our more recent supply chain work, we are picking up that sales cycles are lengthening meaning it is taking longer to close deals," the firm said. "What we are hearing is that customers are not necessarily canceling projects but scaling back and/or pushing them out. Unsurprisingly, from our feedback, Europe (27% of revenue) continues to be the region of most concern whereas Asia-Pacific (17%) and Americas (56%) appear relatively healthier. In addition, we are hearing CSCO is doing relatively better than its competitors, taking share, namely because the company has a fresher product line that saw recent updates in its routing, switching, security, and wireless units." Sterne Agee cut its 12-month price target by 15% to $23 from $27 but kept its buy rating on the stock intact. "While there are still 3 weeks left in the July quarter, we are opting to be conservative and reducing our estimates but keeping near-term EPS intact due to favorable component pricing and cost discipline," the firm said. "For FY12, we are now at $45.8 billion in revenue and $1.84 in EPS (from $46 billion and $1.84 in EPS) vs. consensus at $46 billion and $1.84 in EPS and for FY13, $46.8 billion and $1.90 in EPS (from $47.8 billion and $1.95) vs. consensus at $48.2 billion inrevenue and $1.91 in EPS." Cisco shares closed Thursday at $15.98. Sigma Designs ( SIGM): UBS has downgraded Sigma Designs to sell from neutral and lowered its price target on the stock to $5 from $5.50. "We are downgrading Sigma to Sell from Neutral for four reasons: 1) core IPTV sales have yet to recover and relies heavily on telco spending, 2) digital TV (DTV) consolidation between MediaTek and MStar could dampen growth expectations for Sigma's recently acquired Trident DTV business, 3) cash burn remains a concern given low sales base and management's reluctance to reduce operating costs, 4) activist shareholder battle for board seats takes management focus away from operations," the firm said. Sigma Designs' stock closed Thursday at $6.35. Lexmark ( LXK): Lexmark lowered its second-quarter outlook on Thursday, citing a "weaker than expected demand environment, particularly in Europe, and a larger than expected impact from unfavorable changes in currency exchange rates." The company now sees earnings excluding items of 87 to 89 cents a share for the June-ended period, below a previous guidance for a profit of 95 cents to $1.05 a share. The Lexington, Ky.-based printer company expects revenue to decline 12% in the quarter from year-ago levels vs. a prior forecast for a 7-to-9% decline on the top line. The average estimate of analysts polled by Thomson Reuters is for a profit of 98 cents a share in the quarter on revenue of $956.6 million. Lexmark's stock closed Thursday at $24.31, and the shares fell more than 8% in late trades.
Acme Packet ( APKT): Acme Packet said its board has approved the buyback of up to $200 million worth of its common stock over the next year. Shares of the Bedford, Mass.-based data delivery technology company were up more than 6% in after-hours action. Based on Thursday's regular session close at $15.61, the stock iss down nearly 50% so far in 2012. Acme Packet, which warned last week, said it plans to release its second-quarter results on July 26, and the company said on July 6 that it expects to report a non-GAAP profit of 12 to 13 cents a share for the June-ended period on revenue of between $66 million to $68 million. New York & Co. ( NWY): New York & Co. said it expects its second-quarter results to exceed previous expectations. The company now sees an operating loss of $5 million to $7 million for the quarter vs. a loss of $15.1 million in the same period a year earlier. The specialty apparel retailer anticipates same-store sales to be "slightly up" for the quarter. The company's stock closed Thursday at $3.54, up more than 30% year-to-date. "We are encouraged by our second quarter performance to date which reflects strong product acceptance across our summer assortments, particularly during the Mother's Day period, and continued progress on our strategic initiatives," said Gregory Scott, the company's chief financial officer, in a statement. "As a result, we expect to significantly narrow our second quarter operating loss from last year." -- Written by Michael Baron in New York. >To contact the writer of this article, click here: Michael Baron.