Stocks to Watch: J.P. Morgan, ConocoPhillips

Stocks to Watch: J.P. Morgan, ConocoPhillips

  • Posted Thursday, July 14, 2011 -
  • Share |

By Caitlin Nish and Corrie Driebusch

Stocks to watch this morning include J.P. Morgan, ConocoPhillips and more:

J.P. Morgan Chase reported its second-quarter profit jumped 13%, as thenation's second-biggest bank by assets posted an unexpected jump on its top lineand sharply lower credit-loss provisions. Shares rose 2.9% to $40.75 inpre-market trading.

ConocoPhillips disclosed plans to separate its refining and productionbusinesses into two stand-alone, publicly traded corporations, becoming thelargest energy company to date to announce such intentions. Shares rose 9.5% to$81.50 in pre-market trading.

Williams Cos. raised its bid for Texas pipeline company Southern Unionto about $5.6 billion in cash in the latest round of a takeover battle withEnergy Transfer Equity LP, topping its sweetened cash-and-stock offer of$5.1 billion. Williams is now offering $44 a share. Southern Union shares wereup 4.3% at $43.39 in recent premarket trading.

Marriott International Inc.'s second-quarter earnings climbed 13% onstrong growth abroad, while the U.S. market benefits from improved lodgingdemand and limited supply, which have helped boost occupancies and room rates.Still, shares fell 5.2% to $35.21 in pre-market trading, as the company offereda weak per-share outlook for the current quarter.

Yum Brands Inc.'s second-quarter profit jumped 10% on strong growth inChina and other emerging markets and the benefit of a lower tax rate, althoughthe fast-food company said results in the U.S. were "very disappointing." Thecompany also raised its full-year earnings forecast, a view that now matchesWall Street's expectations. Shares rose 2.6% to $57 in pre-market trading.

view original article