JP Morgan has reported a 23% rise in profit in the third quarter, as the bank was able to set aside less money to cover loan losses. The company reported a net profit of $4.4bn (£2.8bn), compared with a profit of $3.6bn a year ago. The bank set aside $1.55bn for retail credit losses during the quarter, less than half the $3.99bn it set aside during the third quarter of 2009. JP Morgan's card services unit posted a profit of $735m, compared with a loss of $700m a year ago, while income at its retail unit rose from $7m to $907m. But despite setting aside less money for loan losses, profits at its mortgage banking and other consumer lending business fell 50% to $207m. And, in what could be a bad sign for rivals Goldman Sachs and Morgan Stanley, investment banking profits fell by a third to $1.2bn.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
Tuesday, November 2, 2010
Intel's results beat market expectations
Intel's latest results have beaten market expectations, thanks to "solid demand" for its microchips. The firm's net profits in the three months to 25 September totalled $2.96bn (£1.9bn), a 59% increase on the same period a year ago. The first major technology company to report its third quarter figures, its revenues advanced 18% to $11.1bn. Intel said: "Looking forward, we continue to see healthy worldwide demand for computing products. The company warned at the end of August that sales of microchips were weak, but they appear to have recovered since then. Intel's processors run 80% of the world's computers.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
Pfizer buys King Pharmaceuticals for $3.6bn
Drugmaker Pfizer has agreed to buy smaller rival King Pharmaceuticals for $3.6bn (£2.3bn) in cash. Pfizer is paying $14.25 per share for King, a premium of 40% to King's closing share price on Monday. King has struggled in recent years as patents on several of its key drugs have expired or been thrown out. Pfizer said the deal would add about two cents a share to its profit in 2011 and 2012, and three to four cents per share in each of the next three years. The boards of both companies approved the deal. King's shares ended Tuesday trading up $3.99 or 39% to $14.14. Pfizer advanced 0.5%.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
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