Stocks to watch: JPMorgan, News Corp.
The bank's loss could total as much as $9 billion, and the media company's board approved its planned split.
JPMorgan Chase's (JPM) $2 billion trading loss related to hedging could total as much as $9 billion, The New York Times reported, citing people who have been briefed on the situation.
CEO Jamie Dimon estimated last month that losses from the bad bet on credit derivatives could double within the next few quarters. But the losses have been mounting in recent weeks, as the bank has been unwinding its positions, the Times reported, according to interviews with current and former traders and executives at the bank.
The Times said JPMorgan is now out of more than half of the trade and may be completely free this year. JPMorgan will disclose part of the total losses on the hedging bet on July 13, when it reports second-quarter earnings. Shares of JPMorgan fell 3.75% in premarket trading Thursday to $35.40.
The board of News Corp. (NWSA) unanimously approved a plan to split the media giant into two, separating its entertainment operations from its smaller publishing business.
The split was formally announced early Thursday morning.
One company will house entertainment businesses like 20th Century Fox, Fox broadcast network and Fox News Channel, while the other would house the publishing assets, which include the The Wall Street Journal and HarperCollins book publishing.
Research In Motion (RIMM) is expected by analysts Thursday to post a fiscal first-quarter loss of 1 cent a share for the three months ended in May on revenue of $3.11 billion.
The BlackBerry maker will release earnings after the closing bell.
Research In Motion last month said it expected to post an operating loss for the first quarter, citing "lower volumes and highly competitive pricing dynamics in the marketplace."
The company has hired bankers to help it examine its strategic options.
Family Dollar Stores (FDO) reported third-quarter net income Thursday of $124.5 million, or $1.06 a share, up from year-earlier earnings of $111.1 million, or 91 cents a share. On average, analysts were anticipating third-quarter profit of $1.07 a share.
Family Dollar said it expects fourth-quarter same-store sales to rise between 5% and 7% and projects fourth-quarter earnings per share of between 71 cents and 81 cents a share. For the fourth quarter, analysts are expecting earnings of 77 cents a share. Shares of Family Dollar fell 4.12% in premarket trading Thursday to $66.28.
Nike (NKE), the sneaker maker, is expected by analysts Thursday to post a fiscal fourth-quarter profit of $1.37 a share on revenue of $6.51 billion.
MORE ON MSN MONEY
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
For years, Todd Mills pushed Frito-Lay to make taco shells from Doritos. He died from a brain tumor on Thanksgiving.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.