Business Today: Stock futures signal drop after JPMorgan loss

Click to View in Browser 05/11/2012 Stock futures signal drop after JPMorgan loss PARIS (Reuters) - Stock index futures were down on Friday, pointing to a lower open on Wall Street, after JPMorgan Chase & Co stunned investors with news of "significant mark-to-market losses" that it said could "easily get worse." Facebook's IPO already oversubscribed: source SAN FRANCISCO (Reuters) - Facebook Inc's record initial public offering is already oversubscribed, a source familiar with the share listing said, days after the world's largest social network embarked on a cross-country roadshow to drum up investor enthusiasm. JPMorgan reveals $2 billion trading loss, CEO Dimon admits "egg on face" (Reuters) - JPMorgan Chase & Co, the biggest U.S. bank by assets, said it suffered a trading loss of at least $2 billion from a failed hedging strategy, a shock disclosure that hit financial stocks and the reputation of the bank and its CEO, Jamie Dimon. Sony slides to three-decade low on strategy doubts TOKYO (Reuters) - Shares in Sony Corp slumped more than 7 percent to near 32-year lows, as investors doubted the Japanese consumer electronics giant has a strategy to fix its loss-making TV business and compete in the smartphone market against Apple Inc and Samsung Electronics. Banks prepare for the return of the drachma LONDON (Reuters) - Banks are quietly readying themselves to start trading a new Greek currency. Some banks never erased the drachma from their systems after Greece adopted the euro more than a decade ago and would be ready at the flick of a switch if its debt problems forced it to bring back national banknotes and coins. Shell welcomes Qatar as a "major" investor LONDON (Reuters) - Royal Dutch Shell said it welcomed Qatar as a "major" investor following a report saying that the Gulf state's sovereign wealth fund was planning to buy a 3-5 percent stake. Google, Twitter quizzed on Facebook-Instagram: source (Reuters) - The U.S. Federal Trade Commission has reached out to Google Inc and Twitter in an investigation into Facebook Inc's $1 billion acquisition of photo-sharing service Instagram, a source familiar with the probe told Reuters. Yahoo CEO says he never provided a resume: source SAN FRANCISCO (Reuters) - Yahoo Inc Chief Executive Scott Thompson, at the centre of a row over his educational qualifications, told his top executives on Thursday he never provided a resume or incorrect information to Yahoo, a source familiar with the situation said. IEA says firms may avoid Argentina after YPF seizure LONDON (Reuters) - Argentina's planned takeover of Spanish oil group Repsol's YPF unit could scare away international firms from investing in the South American country, the International Energy Agency said on Friday. JLR to spend 1 billion pounds more with UK suppliers (Reuters) - Luxury car maker Jaguar Land Rover (JLR) will spend an additional 1 billion pounds ($1.62 billion) with UK suppliers over the next four years, the company said, as strong global demand for its Range Rover Evoque model continues. Related Video Market Pulse: JPMorgan loss rattles markets Breakingviews: Dimonfreude is irresistible Economic News Producer prices unexpectedly drop in April Bernanke warns lawmakers on looming fiscal risks A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend