Stocks to watch: JPMorgan Chase, Dell
The bank's CEO is scheduled to testify at a Senate committee, and the PC maker plans to start paying dividend.
JPMorgan Chase (JPM) CEO Jamie Dimon is scheduled Wednesday to testify before the Senate's Banking Committee about the $2 billion trading loss the bank incurred from credit derivative hedging within its synthetic portfolio. The hearing, which carries the title "A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?" is to run from 10 a.m. to 12 p.m. EDT. Reports said Dimon is expected to argue that the loss should be viewed as an isolated event." Shares of JPMorgan ticked down 2 cents, or 0.06%, to $33.75 in premarket trading Wednesday.
Dell (DELL), the PC maker, announced plans on Tuesday to start paying dividends. The annual dividend is 32 cents a share. Dell will make its first quarterly payment of 8 cents a share in the third quarter. Based on Dell's Monday closing price of $11.86, the dividend yield would be 2.7%.
Dell is holding its annual analyst meeting on Wednesday. Dell shares rose 2.42% in premarket trading Wednesday to $12.26.
Scotts Miracle-Gro (SMG) said Tuesday it expects fiscal 2012 below its previously disclosed financial outlook because of weak sales and an unfavorable product mix. The provider of grass seed and soil products had forecast adjusted earnings of $2.65 to $2.85 a share, but it didn't provide an updated view.
Prudential (PRU) received authorization from its board for a $1 billion share buyback program that will run from July 1 through June 30, 2013.
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After Tuesday's rally, expect a big raid no matter the news. That's probably the safest way to play it ahead of the Fed.
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