JPMorgan Gets Sued, U.S. Automakers Miss The Mark, Baidu Gets Beat Up: Market Recap
The markets were mixed today on Wall Street: S&P: +0.09%, Nasdaq: +0.21%, Dow: -0.24%, Oil: -0.85%, Gold: -0.31%.
Here’s your Cheat Sheet to today’s top stock stories:
Eric Schneiderman, the Attorney General of the State of New York, filed a 31-page complaint against JPMorgan Chase (NYSE:JPM) on October 1. Schneiderman is accusing the bank of failing to review residential mortgage-backed securities with due diligence, and systemically misleading investors about both the quality of their checks and the securities.
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Auto makers in the United States posted their sales numbers on October 2, and results came in below analyst expectations. Ford (NYSE:F) announced total vehicle sales for September were down 0.1 percent from September 2011. This decline was led by a 7.6 percent drop in truck sales, which are Ford’s leading vehicle class. General Motors (NYSE:GM) posted a 1.5 percent increase in total sales from September 2011, and a year-to-date retail gain of 3.2 percent. The two companies might be teaming up to work on more fuel efficient 8-, 9-, and 10-speed automatic transmissions.
European Union regulators are still analyzing whether the purchase of TNT Express by United Parcel Service (NYSE:UPS) would pose unfair competition to express delivery rivals FedEx (NYSE:FDX) and Deutsche Post’s (DPSTF.PK) DHL Worldwide Express. UPS agreed to buy TNT last March for 5.16 billion euros ($6.66 billion), or 9.5 euros per share. The purchase would expand the company’s delivery service throughout Europe and make UPS competitive with the industry’s market-share leader, Deutsche Post’s DHL.
Chinese search giant Baidu (NASDAQ:BIDU) has been getting beat up by analysts lately. Concerns over the company’s ability to monetize and competition from Qihoo 360 (NYSE:QIHU) have produced a line of downgrades and price target cuts. Jefferies, Raymond James, and Deutsche Bank have all recently cut their price targets.
Don’t Miss: Here’s Why Baidu’s Getting Beat Up.