News Recap: JPMorgan Chase & Co. (NYSE:JPM), Concur Technologies (NASDAQ:CNQR)

Shares of Concur Technologies, Inc.(NASDAQ:CNQR) fell by $2.98 or 4.60% to $61.98 in yesterday’s session as the company reported mixed results for its fiscal fourth quarter.

The provider of online expense management software posted revenue of $117.9 million up 4% sequentially and 24% year over year but falling short of Street expectation of $118.6 million.

Is CNQR a Buy After Yesterday’s fall? Find Out Here

Whereas, the Non-GAAP profits of 40 cents per share beats Street consensus of 25 cents per share.

“Driven by the investments we made over the past few years, we continue to meet or exceed our targets on key financial metrics such as revenue, non-GAAP operating margin, non-GAAP earnings and cash flow,” CEO Steve Singh said in a statement. “Just as importantly, those investments are meaningfully expanding the addressable market we can serve and driving the innovation curve in our industry. As a result, we expect revenue in fiscal 2013 to grow by 25% fueled by strong customer growth across all geographies, notably the SMB and global account market segments.”

For the first quarter of fiscal 2013 the company expects revenue up by 21% year over year and non GAAP profits of 30 cents per share. Street analyst expects profit of 25 cents per share.

For the full year the company sees revenue up 25% year over year and profits of$1.40. Street analyst expects profit of $1.13. 

JPMorgan Chase & Co.(NYSE:JPM) once among the best performing bank stocks said of receiving an approval from the Federal Reserve to start buying its own share, the plan of which was suspended back in May as the company faced a trading loss of more than $6 billion.

According to a regulatory filing the bank received the approval from FED earlier this week. The bank plans to buy back $3 billion of its stock in the first three months of next year.

Buybacks are popular as it increase the company's earnings per share for the stock still held by the public and it is also used to compensate for shares of stock that they award to employees.

Stocks of JP Morgan Chase and Co rose by 8 cents or 0.20% to $40.40.

You have read this article CNQR / Concur Technologies (NASDAQ:CNQR) / JPM / JPMorgan Chase Co. (NYSE:JPM) with the title JPMorgan Chase Co. (NYSE:JPM). You can bookmark this page URL https://calliecountrychatter.blogspot.com/2012/11/news-recap-jpmorgan-chase-co-nysejpm.html. Thanks!

Former “London Whale” Boss Sued by JPMorgan Chase & Co.(NYSE:JPM)

The lawsuits slapped by companies on one another do not seem to end. The Apple-Samsung rival is making news all over the world not just for their cutting edge products but also due to their patent infringement lawsuits spanning across at least 10 countries. This time it is JPMorgan Chase & Co.(NYSE:JPM) that have taken the legal course of action.

The company has filed a lawsuit against boss of Bruno Iksil, the trader known as the London Whale. Monikers also referred to him as Voldemort due to his outsize position.The lawsuit is based on the grounds that the outsized derivatives positions, he took from the bank; cost them a whopping $6.2 billion. Javier Martin-Artajo, Iksil's immediate supervisor was announced as a defendant in the lawsuit that has been filed at London's High Court on October 22.

However, there has been no comment from a JPMorgan spokeswoman in New Yorkand details regarding the court filing will not be available for release till the defendant concedes to the claim.

The law firm Mishcon de Reya is representing Martin-Artajo. Greg Campbell, a partner at the firm has said that his client will be cleared of all charges after each and every detail and event has been analyzed and evaluated. Since JPMorgan has not been able to provide proofs that corroborate the allegations Martin-Artajo can begin the process of his defense. Campbelladds that his client is extremely unhappy of the bank unjustly accusing him for covering up the losses suffered by them and emphasizes that there was never any attempt to conceal losses as well.

Executives from JPMorgan had stated in July that steps would be taken to get back pay from supervisors and traders who are mixed up in the losses.

You have read this article JPMorgan Chase (NYSE:JPM) / JPMorgan Chase Co. (NYSE:JPM) / NYSE:JPM with the title JPMorgan Chase Co. (NYSE:JPM). You can bookmark this page URL https://calliecountrychatter.blogspot.com/2012/11/former-london-whale-boss-sued-by.html. Thanks!

Breakfast News: JPMorgan Chase & Co. (NYSE:JPM) & CVS Caremark Corporation (NYSE:CVS)

JPMorgan Chase & Co. (NYSE:JPM) on Friday reported a 34 percent rise in profit for the quarter to September, at a record $5.7 billion.

Its earnings were $1.40 per share, surpassing analyst forecast of $1.21 a share.

Revenue also rose to $25.1 billion, above forecasts of $24.4 billion.

The bank said that the bank had lesser provisioning for bad loans which helped in its reporting higher earnings. It made a provision of $1.8 billion for bad debts, which 26 percent lower than what it had set aside a year earlier.

Shares in the bank were up 39 cents at $42.49 in pre-market trades. 

Meanwhile, CVS Caremark Corporation(NYSE:CVS) has come under the scanner of U.S. regulators for allegedly refilling prescription and submitting insurance claims to Medicare without the approval from patients.

The Los Angeles Times reported on Friday that the Inspector General for the U.S. Department of Health and Human Services had launched an investigation into CVS Caremark's alleged fraudulent behaviour.

Reuters which followed up the story said that officials at the agency and CVS Caremark, the second-biggest U.S. drug store chain, could not be reached for comment outside regular U.S. business hours.

Medicare provides medical benefits for the elderly and disabled. In January CVS had agreed to pay $5 million to settle charges of inaccurate pricing of some drugs for the elderly and disabled.

Shares of CVS are down 1.50% to $47.60 in the pre-market session.

You have read this article CVS Caremark Corporation (NYSE:CVS) / JPMorgan Chase Co. (NYSE:JPM) / NYSE:CVS / NYSE:JPM with the title JPMorgan Chase Co. (NYSE:JPM). You can bookmark this page URL https://calliecountrychatter.blogspot.com/2012/10/breakfast-news-jpmorgan-chase-co.html. Thanks!