business
Facebook investors to cash out more shares
Insiders and early Facebook investors will be unloading more of their shares in the initial public offering, the company said Wednesday, as they take advantage of investor demand.
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Merchandise heir Field speaks to Will County Community Foundation
BOLINGBROOK — The Will County Community Foundation’s professional adviser event brought Marshall Field V, the great-great-grandson of merchandising king Marshall Field, to Bolingbrook, where Mayor Roger Claar welcomed him. Ed Dollinger, founding director of The Will County Community Foundation and chairman of the Professional Adviser …
Many employers plan a typical day at the office during NATO Summit
For some it’s an opportunity to work from home in their PJs. For others, it will translate into free lunch and paid time off. For many, it’s still a question whether they’ll work in the office or at home during the NATO summit. But most employers contacted by the Chicago Sun-Times said their workers can expect a typical day at the office, despite transportation headaches, protesters and stepped-up security.
Dow Jones average continues a two-week slide
Europe’s latest political impasse cast a gloom over financial markets Tuesday. The euro plunged, and the Dow Jones industrial average extended a slide that has wiped out nearly 5 percent of its value in two weeks. The markets meandered between gains and losses for much of the day, then turned decisively lower in the last hour of trading.
Groupon, Facebook carry risks, say analysts
The buzz surrounding Groupon and the frenzy over Facebook grow as they promise to change the face of Internet commerce. Yet, even after the share price’s bounce on its earnings, some analysts point to warning signals that should temper the growing exuberance both are enjoying.
Zuckerberg’s birthday kicks off Facebook’s biggest week ever
Facebook’s chief executive turns Mark Zuckerberg turns 28 on Monday, setting in motion the social network’s biggest week ever. The company is expected to start selling stock to the public for the first time and begin trading on the Nasdaq Stock Market on Friday. The IPO could value Facebook at nearly $100 billion.
JPMorgan Chase top exec to retire after $2 billion fiasco
The chief investment officer at JPMorgan Chase, one of the highest-ranking women on Wall Street, will retire, the company said Monday. She becomes the first casualty of the bank’s $2 billion trading blunder.
Yahoo CEO Scott Thompson toppled by inaccurate biography
Yahoo still has credibility issues, even after casting aside CEO Scott Thompson because his official biography included a college degree that he never received.
U.S. stock futures fall after last week’s losses
A political stalemate in Greece rattled financial markets worldwide on Monday, driving U.S. stocks lower. The Dow Jones industrial average dropped 125.25 points to close at 12,695.35. The Dow has lost more than half of its gains for the year in the past two weeks as worries resurface about Europe and the strength of the U.S. economy.
JPMorgan CEO Dimon: ‘Dead wrong’ about trading concerns
NEW YORK — The CEO of JPMorgan Chase, which disclosed a $2 billion loss last week, said he was “dead wrong” when he dismissed concerns about the bank’s trading last month. CEO Jamie Dimon said he did not know the extent of the problem when …
After JPMorgan loss, a call for stricter oversight
WASHINGTON (AP) — JPMorgan Chase faces intense criticism for claiming that a surprise $2 billion loss by one of its trading groups was the result of a sloppy but well-intentioned strategy to manage financial risk. More than three years after the financial industry almost collapsed, …
Striking Caterpillar workers rally at Joliet plant
Just a week before Caterpillar workers in Joliet went on strike the company reported record quarterly profits. At the same time that the company is prospering, management has proposed a final offer that the Machinists union sees as another round of concessions that follows the …
Fitch lowers JPMorgan Chase’s rating after surprise $2 billion loss
A surprise $2 billion trading loss by a division of JPMorgan Chase triggered calls Friday for tougher regulation of banks three years after their near-death experience in the financial crisis. Fitch Ratings, meanwhile, downgraded its assessment of the bank.
Cheaper gas drives U.S. wholesale price index lower
A big decline in gas and energy costs drove a measure of U.S. wholesale prices lower in April. The Labor Department said Friday that the producer price index, which measures price changes before they reach the consumer, dropped 0.2 percent last month.
US applications for unemployment aid dip to 367K
WASHINGTON (AP) — The number of people applying for U.S. unemployment benefits ticked down last week following a sharp drop the previous week. Applications are falling again after rising for most of April, suggesting hiring could pick up this month. Weekly applications dropped 1,000 to …
Stocks mixed following JPMorgan big loss
Major bank stocks fell sharply Friday after JPMorgan Chase surprised investors by announcing a $2 billion trading loss. Gains in technology, energy and other stocks mitigated the losses. The Dow was off 18 points at 12,837. The Nasdaq composite rose eight points to 2,942.