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Facebook (NASDAQ:FB) has officially priced its initial public offering. After the closing bell on Thursday, the social-media giant priced its highly awaited IPO at $38, at the top end of the expected range of $34 to $38.
Gap Inc. (NYSE:GPS) shares climbed 1.44 percent higher in early trading. Late Thursday, the company reported first-quarter earnings of $233 million (47 cents per share), above estimates of 46 cents per share. Revenue also increased 5.8 percent to $3.49 billion. “During the quarter, we improved sales, grew earnings per share, and continued investing in the business to drive performance,” said Glenn Murphy, chairman and chief executive officer of Gap Inc. “We’re pleased with the progress we’re making against our 2012 priorities in both our domestic business and global growth initiatives.”
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Shares of JC Penney Co. (NYSE:JCP) edged lower before the opening bell. The clothing retailer recently reported dismal quarterly results which led to a downgrade from S&P. The ratings agency downgraded the company’s credit rating to BB- from BB and cited that the company’s performance will stay weak throughout the rest of the year.
Apple Inc. (NASDAQ:AAPL) shares climbed .51 percent higher in pre-market trading. Bloomberg is also backing up the rumor that the tech giant will launch an iPhone with a bigger screen. It will be the first design change for the popular smartphone since 2010.
After closing 4.31 percent lower on Thursday, shares of JPMorgan Chase and Co. (NYSE:JPM) edged slightly higher Friday morning. The WSJ reports that chief executive officer Jamie Dimon personally approved the concept behind the bank’s $2 billion loss, but did not monitor how the trades leading to the loss were executed.
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