By: Rob Black - Thu, 28 Jun 2012 13:10:30 -0800
Winner: Senate to Attempt Highway & Student Loan Bills TodayWinner: Supreme Court Upholds Obama’s Health-Care Overhaul Loser: Jobless Claims Near 2012 HighLoser: JPMorgan Trading Loss May Reach $9 Billion Winner: News Corp To Split Publishing & MediaLoser: Family Dollar Store Shows Weak ConsumerLoser: Summertime Child Care Costs Sting
Loser: Jobless Claims Near 2012 High
Hospital & Laboratory Stocks Jump on Obamacare Loser: Insurance Companies Fall on Obamacare Winner: Pharaceuutical & Pharamaceutical Benefit CompaniesLoser: Medical Device Companies Fall On Obamacare
Loser: JPMorgan Trading Loss May Reach $9 Billion Losses on JP Morgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates, according to people who have been briefed on the situation.In May that the bank had lost $2 billion in a bet on credit derivatives, he estimated that losses could double within the next few quarters. With much of the most volatile slice of the position sold, however, regulators are unsure how deep the reported losses will eventually be. Some expect that the red ink will not exceed $6 billion to $7 billion.
Keep in mind they loss over $70 billion in mortgages and $20 billion in credit cards.JPMorgan plans to disclose part of the total losses on July 13, when it reports second-quarter earnings. Essentially, JPMorgan has been operating a hedge fund with federal insured deposits within a bank.
Winner: News Corp To Split Publishing & Media
Rupert Murdoch's News Corp will pursue splitting the $60 billion media conglomerate into separate publicly traded publishing and entertainment companies.Murdoch will be chairman of both companies and will be chief executive of the entertainment business. The company did not name a chief executive for the new publishing company.
Loser: Family Dollar Store Shows Weak Consumer
SSS increased 5% on +4.7%, falling short of its +5.5% forecast
Inventory levels are concerning, up 22% yr./yr.
Gross margin contraction of 40bps was steeper than expected, driven by the continued mix shift to lower-margin consumables and higher markdowns.
Mgmt narrowed its guidance range.
Loser: Summertime Child Care Costs Sting
KEEP YOUR KIDS BUSY THIS SUMMER, IT COULD COST YOU SOME MONEY.ACTIVITIES LIKE CAMP AND SWIMMING ARE AT THEIR PEAK DURING THE SUMMER MONTHS SO PARENTS SHOULD ANTICIPATE PAYING A PREMIUM.AMERICAN EXPRESS SAYS FAMILIES ACROSS THE COUNTRY WILL SPEND MORE THAN $16 BILLION THIS SUMMER TRYING TO KEEP THEIR KID OCCUPIED.THAT BREAKS DOWN TO MORE $600 PER CHILD FOR AN AVERAGE FAMILY.AND OVER $1000 FOR THE WEALTHY.ABOUT 28 MILLION FAMILIES ARE EXPECTED TO ENTERTAIN THEIR KIDS WITH SOME SORT OF DAY TRIP.AND THE AVERAGE FAMILY WILL SPEND MORE THAN $400 ON A BABYSITTER THIS SUMMER.
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