MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Tuesday, May 21, 2013
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12:09 PM New Intel (INTC +0.6%) CEO Brian Krzanich has already signed off on a major reorg, one that includes the creation of a "new devices" unit, Reuters reports. Krzanich has been promising mobile will become a bigger priority for the chip giant. "We see that we've been a bit slow to move in the space ... We're well positioned already and the base of assets we have will allow us to grow much faster." Comment!
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11:49 AM As leaked earlier, Jamie Dimon will keep both jobs at JPMorgan (JPM +2.1%) as the vote to separate the Chairman and CEO roles receives only about 32% support (got 40% last year). Additionally, all board members are re-elected, including risk-committee member Ellen Futter, who got 53.1% of the vote. 1 Comment
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10:22 AM The JPMorgan (JPM +1.1%) annual meeting is underway (webcast) (blog). Following an introductory movie, Jamie Dimon is speaking about bank performance. A tell? Director Ellen Futter - who's drawn plenty of scrutiny over her qualifications to sit on the risk committee - is a no-show. Comment!
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9:09 AM Sprint (S) raises its offer for Clearwire (CLWR) to $3.40/share ahead of today's shareholder vote on a $2.97/share offer, which was widely expected to be shot down. The revised offer, which trumps Dish's (DISH) $3.30/share bid and has been sent to Clearwire's board for review, is said to have the support of Comcast, Intel, and Bright House, who collectively own 26% of Clearwire shares not held by Sprint. Nonetheless, Clearwire +6.1% to $3.46, above the offer price. Sprint +1.1%. (previous) 5 Comments
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8:59 AM The effort to split the Chairman and CEO jobs at JPMorgan (JPM) appears to have failed, reports the NYT, citing sources who have seen the early tallies. The 3 members of the board's risk committee also look to have survived (an earlier leak says the 3 may be going no matter the vote outcome). The annual meeting begins at 10 ET. Shares +0.9% premarket. 1 Comment
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8:37 AM Diana Containerships (DCIX): Q1 EPS of $0.03 misses by $0.02. Revenue of $15.1M beats by $0.2M. (PR) 4 Comments
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