JPMorgan Chase & Company edged 0.8 percent lower, in the after hours trading session on Friday, after Fitch Ratings lowered its long-term issuer default rating on the company to “A+” from “AA-”. American Capital Mortgage Investment dropped 2.7 percent after it announced that it plans to offer 10 million shares of its stock. MagicJack VocalTec lost 1.8 percent following the announcement of the cancellation of its scheduled rights offering to shareholders as on record date 18 May 2012. On the contrary, Leap Wireless International climbed 2.4 percent amid earlier reports that the company has been in merger talks with AT&T Inc. over the past few months. Amongst other gainers, Hackett Group, Brocade Communications Systems and Chesapeake Energy surged 9.0 percent, 4.5 percent and 3.7 percent, respectively.
The S&P 500 index fell 0.3 percent in the regular trading session on Friday as losses in financial sector stocks outweighed data indicating a better-than-expected rise in the Reuters/Michigan consumer confidence index for May. JPMorgan Chase & Company plunged 9.3 percent after it admitted that it has made mistakes leading to a $2.0 billion trading loss in the past six weeks and could face an additional $1.0 billion loss in the second quarter due to market volatility. Citigroup and Morgan Stanley retreated 4.2 percent each, while Goldman Sachs Group declined 3.9 percent.
Chesapeake Energy Corporation plummeted 13.8 percent after it indicated that it might delay some of the $14.0 billion planned asset sales this year in a move to preserve cash flows required to comply with loan agreements. Nordstrom dropped 4.8 percent after its first quarter earnings trailed market consensus. On the upside, NVIDIA Corporation soared 6.4 percent on the back of a better-than-expected forecast for second quarter sales. Bed Bath & Beyond jumped 4.1 percent after a broker upgraded its rating on the stock to “Out-perform” from “Neutral”.
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