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Monday Evening Business Brief

May 14, 2012, 5:38 PM

Monday Evening Business Brief

U.S. stocks finished lower on continued worries about Greece. The Dow dropped 125 points, or 1 percent, to close at 12,695. The S&P 500 fell 15 points to 1,338, while the Nasdaq lost 31 points to 2,903.

  • JPMorgan Chase CEO Jamie Dimon faces shareholders at their annual meeting in Tampa tomorrow.  JPMorgan Chase stock lost another 3 percent of its value today, after falling nearly 10 percent Friday on news of a $2 billion trading loss.
  • President Barack Obama today tried to paint Mitt Romney as a corporate titan who got rich by cutting middle-class jobs.  The new push includes a website, TV ad and online video that includes interviews with out-of-luck workers who lost their jobs after Romney's former private equity firm failed to successfully restructure their Kansas City, Mo., steel mill. That resulted in a loss of jobs, health care benefits and pensions.
  • LightSquared, which hoped to create an independent wireless broadband network in the U.S., has filed for bankruptcy protection. Regulators blocked its plan this winter because of concerns that the transmissions would interfere with GPS navigation.
  • Groupon shares are soaring in after-hours trading. The online deals company reported a smaller than expected loss and sharply higher revenue in the latest quarter.

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