Midday movers: JPMorgan, Arena, Sony

Higher consumer sentiment trumps the big bank's trading loss.

By MSN Money Partner May 11, 2012 12:57PM
Information provided by Theflyonthewall.com

JPMorgan (JPM) shares fell 7.5% after the bank announced that it suffered a $2 billion trading loss attributed to a trader referred to as the "London Whale."

CEO Jamie Dimon said the losses revealed "egregious" failures in its risk management and admitted the losses could deepen this quarter and beyond. The news gives ammunition to backers of a strict version of the so-called Volcker Rule, which would limit trading by banks for their own accounts.

Among the notable gainers Friday were Arena Pharmaceuticals (ARNA), up 63%, after an FDA panel voted that data demonstrate that the potential benefits of its weight loss drug, lorcaserin, outweigh the potential risks, and McDermott (MDR), up 14%, following an upgrade to "buy" at BB&T after the company's earnings beat expectations in spite of revenues that came in below Wall Street's view.

Also higher were shares of Advocat (AVCA), up 65%, after Covington Investments proposed to acquire the company for $8.50 per share.

Noteworthy losers included Alere (ALR), down 14%, following its disclosure of a subpoena from the Department of Health and Human Services and of the potential of broader recalls of certain Triage products after an FDA inspection, and Sony (SNE), down almost 8%, a day after the company reported steep losses in its just completed fiscal year but also said it expects to return to profit in the current year.
0Comments

DATA PROVIDERS

Copyright © 2014 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.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

108
108 rated 1
257
257 rated 2
439
439 rated 3
626
626 rated 4
499
499 rated 5
530
530 rated 6
713
713 rated 7
522
522 rated 8
339
339 rated 9
136
136 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
UPLULTRA PETROLEUM Corp10
EOGEOG RESOURCES Inc10
SWNSOUTHWESTERN ENERGY COMPANY10
TAT&T Inc9
COPCONOCOPHILLIPS9
More

VIDEO ON MSN MONEY

ABOUT

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.