Citigroup and Ford Gas Up and Help Boost Markets Over 2%
Ford Motor Company (NYSE:F): Xinhua reports that China will lower taxes by 50% on 64 more kinds of clean energy cars, and fees for those who use seven kinds of electric cars will be waived. These new vehicles will join a list of 200 clean energy vehicles that were announced as eligible for tax reductions in March.
JPMorgan Chase & Co. (NYSE:JPM): Among regulators scheduled to testify before the Senate Banking Committee today regarding JP Morgan’s over $2B trading loss is the Office of the Comptroller of the Currency. The OCC suffered its own reputational damage for not catching on to JPM’s activities, and is considering whether the bank supplied sufficient information before revealing the loss. At the hearing, Senator Shelby said he supports a raise to minimum capital ratio requirements for banks, according to Reuters.
Investing Insights: The Fed Whispers Sweet Nothings to Gold and Silver
Tempur-Pedic International Inc. (NYSE:TPX) shares continue to fall following cuts to its earnings and sales forecast for FY12. The stock is being recognized as an overvalued momo name by analysts, who also caution that the company’s numbers may get even worse following promotions failing to strike a chord with customers and low-priced lines not moving. Tempur-Pedic has been downgraded by Oppenheimer after reporting a reduced earnings outlook. Additionally, SunTrust and KeyBanc downgraded shares intra-day.
Kinder Morgan Inc (NYSE:KMI): Carlyle Group and Goldman Sachs are cashing out large portions of their stakes in Kinder Morgan in the coming secondary offering, with Goldman selling 36.7M (out of 134.8M shares) and Carlyle selling 12.7M (of 51.2M). Goldman’s stake came under criticism during the El Paso buy, because the longstanding EP banker kept working for the target despite a significant investment in KMI.
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