Jamie Dimon to JPMorgan: You Need Me More Than I Need You
One of corporate America's most renowned executives considers quitting, and KFC slumps in a key market.
For the third Monday in row, the Dow and the S&P 500 begin the week at record highs. All of the major averages gained one percent or more last week, and the Dow is now up more than 15 percent so far this year. The Nasdaq is at its highest level since November of 2000 – but still 32 percent below its March 2000 record.
The Wall Street Journal reports JPMorgan Chase (JPM) CEO and Chairman Jamie Dimon has threatened to leave the company if shareholders vote the split up his two positions. The company's shareholder meeting takes place a week from today.
Oil and gas company Hess (HES) says CEO John Hess is stepping down as chairman. The move comes just days before the annual meeting, at which the company will face some shareholder opposition to management. John Hess is the son of the company's founder.
More trouble for the parent company of KFC, Taco Bell and Pizza Hut: Yum Brands (YUM) reports a key measure of sales in China tumbled 29 percent in April, hurt by a bird flu scare. China had been a key engine of growth for Yum, accounting for as much as half of its global sales.
Retailers will be in the spotlight as several leading chains report earnings this week. None of them are out today, but later in the week we'll hear from Walmart (WMT), J.C. Penney (JCP), Macy's (M), Nordstrom (JWN) and others.
Cereal maker Post Holdings (POST) reports this morning. The maker of Grape Nuts was spun off from Ralcorp (RAH) last year.
And the FDA late Friday dealt a blow to Endo Health (ENDP). Regulators turned aside the company's request that they reject a generic drugmaker's application to make version of the painkiller Opana ER. Edo claimed the generic version is unsafe because it is not tamper resistant.