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NYSE/NASDAQ SNAPSHOT: JPMorgan, Caterpillar, Philip Morris, J&J, and others

13th Jun 2012, 4:03 pm by Proactiveinvestors
NYSE/NASDAQ SNAPSHOT: JPMorgan, Caterpillar, Philip Morris, J&J, and others

JPMorgan Chase (NYSE:JPM) saw its shares rise Wednesday after CEO Jamie Dimon told Congress that it is "likely" there will be clawbacks of compensation paid to chief invesment office traders involved in the unit's losses.

Last month, JPMorgan announced that a hedging strategy gone wrong produced at least $2-billion in unexpected trading losses. According to reports by CNNMoney, the losses could be as much as $8 billion.

Construction and mining equipment maker Caterpillar Inc.’s (NYSE:CAT) board bolstered its quarterly cash dividend by 13 per cent, the company said Wednesday.

The company, which has its headquarters in Illinois, makes everything from diesel engines to excavators, mining trucks and underground mining equipment.

Scotts Miracle Gro Co.’s (NYSE:SMG) stock dipped Wednesday after reporting it expects to see lower-than-anticipated full year results on slowing demand and poor weather.

Global Tobacco company Philip Morris International (NYSE:PM) unveiled Wednesday a new three-year share buyback program of $18 billion.

The cigarette and tobacco products manufacturer said that the three-year program is expected to begin August 1, following the close of its existing three-year share buyback program of $12 billion - which began in May 2010.

Johnson & Johnson (NYSE:JNJ) expects to complete the US$19.7 billion acquisition of Swiss medical device maker Synthes this week after it received clearance for the deal from the US repulatory authorities.

The pharmaceutical and medical devices group expects the acquisition to be earnings enhancing in the current full-year by 3-5 cents a share.

The company had previously calculated the acquisition would reduce earnings by 22 cents per share, based on 2010 financial information.

Information and technology company Dell (NASDAQ:DELL) said Wednesday it plans to cut over $2 billion in costs over three years, as it seeks to shift its focus toward cloud-based technologies and the needs of corporations.

The company also announced on Tuesday that it plans to start paying dividends to shareholders. Dell said it would payout 32 cents a share annually, amounting to an annual expense of $560 million, from a cash stockpile of $17.2 billion.

Marketing tools provider Constant Contact (NASDAQ:CTCT) announced Wednesday it has acquired digital storefront provider SinglePlatform for roughly $65 million in cash.

SinglePlatform helps small businesses get discovered through web and mobile searches. The company delivers business information across a publishing network reaching more than 200 million consumers a month, complementing Constant Contacts portfolio of engagement marketing tools.

Yahoo (NASDAQ:YHOO) reported Wednesday that it struck a strategic alliance with U.S. cable network CNBC that will provide the web portal a platform to air original business news content.

The new partnership will dramatically expand CNBC’s online reach and presence and give a broadcast platform for Yahoo Finance.

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