Schaeffer's Trading Floor Blog

Buzz Stocks: JPMorgan Chase & Co., 3M Co, CVS Caremark Corporation, and Under Armour Inc

Today's stocks to watch in the news include JPM, MMM, CVS, and UA

by 2/5/2014 9:22 AM
Stocks quoted in this article:

The major market indexes are running into headwinds this morning, with futures pointed lower ahead of the open. In company news, here are some stocks to watch today:

  • JPMorgan Chase & Co. (NYSE:JPM) and Morgan Stanley (NYSE:MS) will pay a combined $1.86 billion to put an end to accusations that they mishandled home loans and related products, and left homeowners saddled with losses. The nation's six largest lenders have now set aside upwards of $114 billion to address alleged misdeeds related to the crash in the housing market. (Bloomberg)

  • Diversified conglomerate 3M Co (NYSE:MMM) approved a $12 billion stock buyback program yesterday, replacing a previous $7.5 billion buyback initiative from last February. "Today's announcement reflects our continued confidence in 3M's future," CEO Inge Thulin said. "Our plan allows us to increase investments in the business and reinforces our commitment of returning significant cash to shareholders." (Bloomberg Businessweek)

  • Effective Oct. 1, CVS Caremark Corporation (NYSE:CVS) will no longer carry cigarettes or other tobacco products. The move will cost the pharmaceutical retailer roughly $2 billion in annual sales, but President and CEO Larry Merlo said the sale of tobacco products is "inconsistent with [the company's] purpose" of promoting health. (Los Angeles Times)

  • Under Armour Inc (NYSE:UA) is being sued by Adidas for patent infringement. The Germany-based athletic apparel maker claims that UA's newly acquired tech firm MapMyFitness -- which produces an app to track users' workouts -- infringes on 10 patents related to Adidas' miCoach fitness training device. (Reuters)

  • Also, Merck & Co., Inc. (NYSE:MRK), Buffalo Wild Wings (NASDAQ:BWLD), Gilead Sciences, Inc. (NASDAQ:GILD), and Time Warner Inc (NYSE:TWX) reported quarterly earnings. (Reuters; Nasdaq; Bloomberg)

  • Finally, a retiring mailman in Sacramento, Calif., decided to make his final round of deliveries while wearing a tuxedo. "I wanted to go out in style because as much as I love all those guys and everybody out on those rounds, this is a big day," he explained. "I'm ready for retirement." (Consumerist)

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