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U.S. Futures Fall After JPMorgan's Trading Loss; Hot Stocks: NVDA, JPM, GILD, ESRX, JWN, C, BAC, MS, GS, WFC

 May 11, 2012 09:12 AM
 


(By Balaseshan) U.S. stock-index futures pointed to a lower open on the Wall Street after JP Morgan Chase & Co disclosed trading losses of $2 billion on a failed hedging strategy. JPMorgan's surprise loss on credit derivatives overshadowed small signs of political progress in Greece.

Mini Dow industrial average futures fell 89.00 points to 12,745.00. The Nasdaq Futures lost 15.75 points to 2,603.25. Standard and Poor's 500 futures fell 10.60 points to 1,347.00.

On the economic front, the April producer price index data and the consumer sentiment index data from Reuters/University of Michigan are due later in the day.

On the European news front, Greek political parties were making a last-ditch attempt to form a government and avoid a new round of elections.

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On Tuesday, U.S. stocks ended on a mixed note, weighed by a steady American jobless claims report and ongoing political impasse in Greece. Weak forecast from computer-networking equipment maker Cisco dragged technology shares lower.

Hot Stocks Of The Day: NVDA, JPM, GILD, ESRX, JWN, C, BAC, MS, GS, WFC

NVIDIA Corp. (NASDAQ:NVDA) grew 10.06 percent in premarket after the graphics and mobile chip maker guided second quarter revenue above market expectations backed by stronger than expected first quarter results. The company expects second quarter revenue of $990 million to $1.05 billion, while Street predicts $976.2 million.

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For the first quarter, NVIDIA posted adjusted earnings of $97.53 million or $0.16 per share, down from $165.71 million or $0.27 per share last year. Revenue fell 4 percent to $924 million. Street analysts predict profit of $0.10 per share on revenue of $916.2 million for the first quarter.

JPMorgan Chase & Co. (NYSE:JPM) fell 8.47 percent in premarket after the company said it suffered a hefty $2 billion trading loss in its synthetic credit portfolio. JPMorgan said since March 31, 2012, its Chief Investment Office has had hefty mark-to-market losses in its synthetic credit portfolio that has proved to be more riskier than expected.

Gilead Sciences Inc. (NASDAQ:GILD) rose 2.63 percent in premarket after the Antiviral Drugs Advisory Committee of the U.S.


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