Market Minute: Scrutiny Awaits Heads of JPMorgan, Apple

The heads of both JPMorgan and Apple are in line to get grilled today.

The Dow industrials (^DJI) fell 19 points yesterday, the S&P 500 (^GSPC) edged one point lower, and the Nasdaq (^IXIC) lost 2.

Apple (AAPL) chief Tim Cook testifies on Capitol Hill today about the huge cash horde it has sitting overseas because of the high taxes it would have to pay to repatriate the funds. He wants to overhaul the tax code, but a Senate panel charges that Apple and other companies use "gimmicks" to avoid paying taxes.

The day of reckoning has arrived for JPMorgan's (JPM) Jamie Dimon. Shareholders meet today to grill him and to conclude a vote on whether to split the chairman and CEO positions. The vote is expected to be close, but early indications are that he will hold on to both jobs.

A new drug from Merck (MRK) to treat insomnia is effective, but the staff of the Food and Drug Administration has raised questions about its safety when given in high doses. There's concern about patients' ability to operate a car the day after taking the medication, and to suffer severe bouts of daytime sleepiness. The FDA will review the findings tomorrow.

Microsoft (MSFT) today unveils its new Xbox console, its first major overhaul in eight years. But console-based videogames aren't nearly as popular now as they were back then.

Home Depot (HD) is benefitting the recovery in the housing market. Its quarterly net rose 18 percent, topping expectations. The retailer also raised its outlook for the full year.

Shares of Urban Outfitters (URBN) have soared more than 70 percent over the past year, but they could come under pressure today. The retailer posted solid earnings, but sales fell short of expectations.

And the cruise ship company Carnival (CCL) is feeling the effects of a string of accidents and bad publicity. The company says earnings for the full year will be sharply below expectations, as cancellations start to pile up.

-Produced by Drew Trachtenberg

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