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NYSE/NASDAQ News: JP Morgan Chase, Nordstrom, Nvidia, ReneSola, and more

11th May 2012, 2:56 pm by Proactiveinvestors
NYSE/NASDAQ News: JP Morgan Chase, Nordstrom, Nvidia, ReneSola, and more

JP Morgan Chase (NYSE:JPM) said late Thursday that a $2 billion trading loss will impact its second-quarter earnings.

High-end retailer Nordstrom (NYSE:JWN) said Thursday late afternoon that first quarter earnings rose 2.8 percent, missing expectations, as free shipping initiatives ate into margins.

For the period that ended April 28, Nordstrom reported net income of $149 million, or 70 cents per diluted share, in comparison to last year’s earnings of $145 million, or 65 cents per diluted share.

Electronics giant Panasonic (NYSE:PC) has posted the largest annual loss in its history as sales of televisions, plasma screens and mobile phones stalled and restructuring costs soared.

For the year to March, sales dropped by 10 per cent to Y7,846 billion, while net losses soared to Y772 billion (US$9.7 billion) after restructuring costs of Y767 billion.

Solar wafer maker ReneSola (NYSE:SOL) said it swung to a first-quarter loss amid a 41.1 percent drop in revenue as margins fell into negative territory.

The China-based company sells solar wafers mainly to solar cell and module manufacturers, and operates in Singapore, India, Australia, Germany, France and the U.S.

GameStop (NYSE:GME) Friday announced fiscal first-quarter earnings of $0.54 per share, one cent above estimate, but also said comparable store sales will be down 12.5 percent.

The seller of video games and related equipment cited slower-than-expected store traffic as a result of no significant game launches in the period. Major blockbuster videogames tend to be released in the fourth quarter of the year in time for the holiday season.

Geeknet (NASDAQ:GKNT) said Friday that it plans to explore "strategic alternatives" which may include the sale of some of its websites as it seeks to bolster shareholder value.

Specialty retailer Cache (NASDAQ:CACH) widened its fiscal first-quarter loss, despite posting revenue growth and also reported a second-quarter earnings outlook that missed analyst views.

The company, which has its headquarters based in New York, sells everything from dresses to tops, denim jeans and accessories for women.

Global pharmaceutical company Mylan (NASDAQ:MYL) announced Friday its launch of a generic brand of Lipitor in five European countries.

The generic version of Pfizer's Lipitor tablets is called Atorvastatin Calcium, used for the prevention of cardiovascular disease and hypercholesterolemia.

Graphics chip maker Nvidia Corp. (NASDAQ:NVDA) reported a sharp drop in fiscal first-quarter profit and sales, but it forecasted second-quarter revenue ahead of analyst estimates.

The California-based company’s graphic processing units are used in a range of products stemming from smartphones to supercomputers and tablets. It has more than 4,500 patents worldwide.

Arena Pharmaceuticals (NASDAQ:ARNA) reported Thursday after market close the FDA’s approval for its weight-loss drug lorcaserin, resulting in shares nearly doubling in price early Friday morning at $7.55.

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