Afternoon BUZZERS: JPMorgan CLAWS Its Way Back, Pandora Sets Sail for Australia
Shares of JPMorgan Chase and Co. (NYSE:JPM) were up 1.46 percent Wednesday afternoon. Due to the London Whale Trader multi-billion loss, the bank is expected to claw back millions of dollars in stock from executives. The bank may disclose the plans as early as this Friday, when it announces earnings, according to the WSJ and people familiar with the matter.
Apple Inc. (NASDAQ:AAPL) shares were down 0.65 percent this afternoon, despite recently receiving a Buy rating from UBS (NYSE:UBS). Analyst Steve Milunovich initiated coverage on the tech giant with a price target of $740, citing that “Apple is creating a tech empire that likely has not reached its zenith.” Design changes are also attracting attention to the tech giant. According to Japanese blog Macotakara, the next iPod Nano will revert to its “oblong style” design, sport a dedicated home button, and run an iTunes application.
Pandora Media Inc. (NYSE:P) shares climbed 0.50 percent in afternoon trading. The online music service is beginning a trial run in Australia and New Zealand as a way to broaden its reach. “Our focus is to have conversations with those listeners to understand and get their feedback about the service, the music and great Australian bands that they’re not hearing that we need to add to the collection,” chief executive officer Joe Kennedy explained to Bloomberg. “We have had ongoing conversations in many parts of the world and reached agreements with rights-holder groups in these two countries.” Both countries currently have advertisement-free Web access to Pandora. However, they do not have access to Pandora on mobile devices.
VeriFone Systems Inc. (NYSE:PAY) shares jumped 11 percent on Wednesday afternoon. The company won a $35 million-plus contract for Washington’s taxi system. Business Wire explains, “The addition of 6,500 cabs in Washington, D.C., will increase VeriFone’s taxi media footprint by 23 percent to over 35,000 in the USA alone, delivering over 10 billion advertising impressions annually.”
Abercrombie & Fitch Co. (NYSE:ANF) shares surged over 5 percent this afternoon. The New York Post reported that the company plans a big shares buyback program and is also likely to reduce efforts on its European expansion plan.
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