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JPMorgan Chase Falls, Johnson & Johnson Rises, Globalstar Gains on proposed Amazon Acquisition
Description
On this episode of Stock Movers:
- JPMorgan Chase (JPM) shares fall. The largest US bank cut its net interest income forecast for the full year. This comes despite traders posting their highest-ever quarterly revenue in the first three months of the year, with record stock-trading results.
- Johnson & Johnson (JNJ) shares rise. Johnson & Johnson reported first-quarter sales above Wall Street’s expectations and bumped up its outlook for the year, led by strong growth of new cancer medicines and a drug for treatment-resistant depression.
- Globalstar (GSAT) shares gain. Amazon agreed to acquire the company for $90 a share in cash and stock to extend satellite coverage and enable direct-to-device services. Amazon’s proposed acquisition of Globalstar and agreement with Apple positions the company to become a third major player in the direct-to-device market alongside SpaceX and AST SpaceMobile, according to analyst Louie DiPalma.
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