Shares of J.P. Morgan slipped on a revenue warning at an investor conference today, J.P. Morgan CEO Jamie Dimon said trading revenue is down like its competitors this quarter. Dimon didn’t give a percentage, but over the past two days at the conference both Bank of America and Citigroup have said their revenue is down about five percent this quarter. Shares fell almost three percent to $60.94.
Johnson Controls says it will cut as many as 3,000 jobs over the next two years. The move comes as the company hopes to save $250 million a year in costs. Shares fell more than two percent to $40.50.
Freeport McMoRan has filed to sell another $1 billion worth of its shares. This comes after the company just finished a similar stock sale. The news pressured shares since stock sales make existing shareholder’s stakes less valuable. The stock slid almost ten percent to $10.88.
Investors getting a chance to react to news that La Quinta lowered its 2015 guidance for revenue per available room. The hotel operator also announced that its president and chief executive has stepped down. Shares tumbled 15 percent to $16.05.
Rockwell Collins also disappointed with its outlook. The firm says its revenue won’t meet estimates since its avionic electronics and communications business is experiencing weak market conditions. The stock was off nearly two percent to $83.68.
Coca-Cola says it was notified by the IRS that it owes more than $3 billion in back taxes for the years 2007 to 2009. But the beverage company disagrees with the claims and plans to work to resolve the dispute. The Dow component was one percent lower to $38.98.