Market Minute: Top Executives Leaving JPMorgan, Avon
Corner-office shake-ups at JPMorgan and Avon.
The Dow Industrials more than one percent last week, the S&P 500 gained 1.7% and the Nasdaq rose 2.3%.
Another top executive is leaving JPMorgan Chase (JPM). One of its co-chief operating officers – a low profile but highly-valued exec – will become the ninth exec to leave in the past year and a half.
Avon (AVP) chairman Fred Hassan has resigned. He was appointed chairman just a few months ago, and was expected to be re-elected at the company's annual meeting later this week.
Valeant Pharmaceuticals (VRX) is reportedly in talks to acquire rival drug-maker Actavis (ACT). The Wall Street Journal says the deal could be worth more than $13 billion, but negotiations may have stalled over the price.
The German drug-maker Bayer has acquired American contraceptive maker Conceptus (CPTS). The deal is valued at $1.1 billion. On a per share basis, it's a 20 percent premium to Friday's closing price for Conceptus.
Chrysler, which is majority-owned by Fiat and not a listed stock, is out with earnings today. The Wall Street Journal reported last week that Fiat plans to buy the rest of the Chrysler and then launch a public offering.
Loew's Corp. (L), the insurance and energy company – not the retailer, has reported a 34 percent decline in quarterly earnings. The company took a big charged to write down the value of its natural gas and oil properties.
Boeing's (BA) controversial 787 Dreamliner resumed commercial service over the weekend, after being grounded three months ago following a series of safety issues. An Ethiopian Airlines flight from Addas Ababa to Kenya went off without a hitch. And a key Japanese customer, ANA, began test flights yesterday – but it probably won't begin commercial flights until early June.
And Disney's (DIS) "Iron Man 3" had a blockbuster weekend opening overseas, with box office sales of nearly $200 million. The movie opens in the U.S. on Thursday.
–Produced by Drew Trachtenberg
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