Stocks to Watch: JPMorgan, Arena (Update 1)
CEO Jamie Dimon called the trade "flawed, poorly reviewed, poorly executed" and said it reflected "sloppiness" and " bad judgment."
In a conference call Thursday, Dimon said the bank's Chief Investment Office suffered a trading loss of $2 billion in its synthetic credit portfolio, offset by a $1 billion securities gain, as a strategy to re-hedge its portfolio backfired.
Shares of JPMorgan fell 6.73% in premarket trading Friday to $38.
Other bank stocks were also affected by the news. Citigroup(C) shares dropped 2.61% to $29.85; Morgan Stanley(MS) shares lost 2.82% to $15.16; shares of Goldman Sachs(GS) fell 2.32% to $103.85; Bank of America(BAC) dropped 2.47% to $47.51; shares of Wells Fargo(WFC) declined 1.9% to 432.56.
Arena said it's working with the agency as it finishes its review. A final decision from the FDA could be made June 27.
Lorcaserin could be the first new prescription diet drug in over a decade in the U.S.
Shares of Arena Pharmaceuticals skyrocketed 96.72% to $7.20 in premarket trading Friday.
Nvidia(NVDA) , the graphics chipmaker, is scheduled to post first-quarter results Friday.
Analysts forecast profit of 10 cents a share in the April-ended period on revenue of $916.2 million.
Shares of Nvidia ticked down 7 cents, or 0.56%, in premarket trading Friday to $12.35.