JPMorgan Chase (JPM) reported first quarter earnings this morning. Despite profit being 10 percent lower than last year at $2.14 billion, or 40 cents per share, it topped estimates of 32 cents per share, according to Thomson Reuters thanks to rising deposits and lower borrowing rates. JPMorgan's loans are still seeing defaults increase with credit costs that amounted to $10 billion, but the bank didn't post a quarterly loss since the credit crisis began. JPM shares gained over 3 percent before the bell.

Nokia Corp. (NOK) reported Thursday 90 percent decline in first quarter profit as demand for mobile phones continued to weaken as sales fell 27 percent to euro9.3 billion ($12.2 billion). The results met expectations. Still, shares surged 11.5 percent in pre-market trade as it maintained previous estimates about the industry.

General Growth Properties Inc. (GGP), the nation's second-largest mall operator, failed to renegotiate terms to refinance billion of dollars in debt and filed for Chapter 11 bankruptcy protection early Thursday.The move has been anticipated.

eBay Inc. (EBAY) said Thursday it will pay up to $1.2 billion to buy South Korea's largest online marketplace Gmarket Inc. (GMKT) in a move to expand its Asian operations. eBay will make a cash tender offer of $24 per share for all outstanding shares of Gmarket, and Yahoo! (YHOO) has agreed to sell its 10 percent stake to the online acutioneer. eBay will combine the Gmarket with its own existing Korean marketplace business. EBAY shares gained 1.6 percent in pre-market trading, GMKT's over 19 percent.

AIG (AIG) on Thursday said it completed the sale of its wealth management arm AIG Private Bank Ltd. to Aabar Investments PJSC of Abu Dhabi for about $253 million. Aabar also assumed about $55 million of intra-company loans outstanding to AIG Private Bank. AIG shares rose over 8 percent in premarket trading.

Sun Microsystems Inc. (JAVA) would be willing to resume acquisition talks if International Business Machines Corp. (IBM) makes a stronger commitment to complete the purchase, Bloomberg sources said. IBM recently withdrew an offer valued at about $7 billion after Sun broke off exclusive negotiations. JAVA shares were up 9.6 percent in pre-market trade.

General Motors Corp. (GM) told U.S. dealers it is accelerating its timetable for closing about 1,700 dealerships as it rushes to meet a June 1 deadline to restructure under U.S. government oversight, according to Reuters sources. GM shares gained 3.7 percent before the bell.

More earnings:

  • Harley-Davidson (HOG) shares rose more than 9.6 percent after the company's first-quarter profit beat analysts' estimates and it said it is expanding a plan to cut jobs and affirmed its full-year shipment plans
  • Southwest Air (LUV) posted a loss of 3 cents a share that just missed estimates, as the company said it suffered from falling demand due to consumer weakness. Shares declined 4 percent in premarket trading.
  • Gannett (GCI) shares soared 21 percent after it posted a 60-percent drop in first-quarter profit on a lower advertising revenue, but managed to beat.
  • Google (GOOG) and Biogen Idec (BIIB) are reporting after the close.

Starbucks (SBUX) was hit with yet another downgrade today, this time from UBS, which downgraded the Seattle coffee company from Buy to Neutral. Simiilarly, UBS downgraded Kraft Foods (KFT).


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