Wall Street Hubbub 7/15: JPMorgan's Earnings Quality "Weak", BP On Verge of Asset Sale, AIG's Benmosche Makes More Waves, iPhone 4 Fiasco

Below is a list of the rumors and chatter making their way around Wall Street trading desks today:

• The earnings quality at JPMorgan (NYSE: JPM) is being questioned as the upside was related to a bigger loan loss reserve release as trading results were dismal. Traders say the bigger loan loss reserve release bodes well for Bank of America (NYSE: BAC), Citi (NYSE: C), and Wells Fargo (NYSE: WFC), when they report results. The weak trading results could be seen as a negative tell for Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS).
  
• BP plc (NYSE: BP) could complete a sale of assets to Apache Corp. (NYSE: APA) as soon as Monday in the $10-$12 billion range.
  
• AIG's (NYSE: AIG) Chairman Harvey Golub resigned due to his toxic relationship with CEO Robert Benmosche. Now chatter starts that Benmosche will be forced out if he doesn't cool it, something the outspoken Benmosche might not be able to do.
  
• Apple Inc. (Nasdaq: AAPL) will host a news conference on Friday likely to discuss receptions issues with the iPhone 4. Today, reports from Bloomberg surfaced that an engineer warned CEO Steve Jobs about an iPhone 4 antenna problem last year (Uh Oh!). Now analysts said with Friday's event a modification is increasingly likely.
  
• FriendFinder Network, also the owner of Penthouse, stepped up with a $210M offer for Playboy Enterprises (NYSE: PLA). This offer tops Playboy founder Hugh Hefner's $5.50 per share offer.
  
• Schiff Nutrition (NYSE: WNI) is on the rise today after fellow nutritional supplement company NBTY (NYSE: NTY) was acquired in a private-equity deal at a 45% premium.
  
• VIVUS Inc. (Nasdaq: VVUS), which is halted for trading currently, is on radars as the company has an FDA panel meeting today on obesity drug Qnexa. Many expect the panel to recommend approval. Trading will be released after the decision.
  
• A 27 page anonymous research paper that questions the safety of Denderon (Nasdaq: DNDN) cancer drug Provenge's, which is already FDA approved, is being spread around Wall Street. CareToLive.com calls the paper "bogus."

Reports from Bloomberg, Safran could acquire L-1 Identity Solutions Inc. (NYSE: ID).

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