Fraud Suit Against JPMorgan Weighs Down Markets
The markets extended its losses during the midday with the Dow dropping 61 points to 13,453 after New York Attorney General Eric Schneiderman filed a fraud suit against J. P. Morgan. Nasdaq slipped 2 points to 3111.
On the upside
Bloomberg reported that T-Mobile parent Deutsche Telekom may present an offer to acquire Metro PCS (NYSE: PCS) tomorrow.
Leap Wireless (Nasdaq: LEAP) completed a spectrum swap with T-Mobile and Cook Inlet/VS GSM VII PCS that expands its 4G/LTE coverage.
Shares of Herbalife (NYSE: AMD) rose after Greenlight Capital's David Einhorn said that he would not discuss the weight management and nutritional supplement company at an investing conference today.
On the downside
Vanguard will change the benchmark for 22 of its funds from MSCI (NYSE: MSCI) to less expensive indexes.
Aruba Networks (Nasdaq: ARUN) delayed filing its fourth quarter and year end reports.
Veja reported on its website that the Securities and Exchange Commission and its Brazilian counterpart CVM were investigating TIM Participacoes (NYSE: TSU) for its accounting practices.
In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 839.
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