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