Market Wrap: Senate Panel Hears Dimon; Dividends Galore; Retail Sales Slump

June 13, 2012 5:42 PM EDT
Market wrap-up for June 13th

End of the Day: Dow Jones down 77.4 to 12,496.38; S&P 500 down 9.3 to 1,314.88; Nasdaq down 24.5 to 2,818.61

The following is a brief summary of events moving markets today:
  • Dimon dishes data on disastrous dealings to disquisitive directorate: J.P. Morgan's (NYSE: JPM) CEO Jamie Dimon testified in front of a Senate Banking Panel on Wednesday in an effort to defend the bank's interests against those of regulators. The testimony was in response to the May 10th disclosure by JPMorgan of about $2 billion in losses expected from its CIO unit.

    Dimon took questioning well, mostly hitting some speed bumps with respect to questions surrounding Dodd-Frank, which JPMorgan has been lobbying against. His demeanor was modest (compared with usual Dimon) and he seemed authentic in his apologies, aiming to implement better risk controls and re-evaluate the CIO loss and unit as a whole.

    Investors didn't seem to mind, pushing shares 1.6 percent higher.

  • Dividend bonanza!: Following the footsteps of Dell's (Nasdaq: DELL) dividend initiation Tuesday, several other big names made some dividend moves Wednesday. Caterpillar (NYSE: CAT) increased its dividend by 13 percent, to 52 cents per quarter, Target (NYSE: TGT) increased its dividend 20 percent to 36 cents/quarter, C.R. Bard (NYSE: BCR made a modest 5.3 percent increase, and United Technologies (NYSE: UTX) reported an 11.5 percent increase, to 53.5 cents per quarter.

    For more breaking dividend news, click here!

  • Still is a ton of money for books: Barnes & Noble (NYSE: BKS) ended lower after some midday exuberance stemming for a settlement between Chairman Leonard Riggio and shareholders over the 2009 purchase of a college bookstore chain from Riggio and his wife.

    Riggio will take $22.75 million less than what he's owed in the deal, which had an original purchase price of $596 million. Barnes & Noble still owes $150 million to Riggio.

    Shareholders argued the chain was overpriced when it was purchased.

  • Retailers sell less in May: Retailers were pressured overall Wednesday amid data from the U.S. Commerce Department showing retail sales slipped 0.2 percent to $404.6 billion in May. From the same period last year, sales were up 5.3 percent.

    The Street was looking for a wider drop to 0.3 percent.

    April's retail sales number was revised from a 0.1 percent gain prior to a 0.2 percent drop.
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