Aug 28, 2013

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Morning Movers: J.P. Morgan (NYSE:JPM) and Sanderson Farms Inc. (NASDAQ:SAFM)

Morning Movers: J.P. Morgan (NYSE:JPM) and Sanderson Farms Inc. (NASDAQ:SAFM)

J.P. Morgan (NYSE:JPM) must pay billionaire Leonard Blavatnik over $42.5 million, following losing a breach-of-contract case over subprime mortgage losses, a New York judge has given verdict.

Blavatnik disputed in his suit, brought in 2009, that the bank mishandled his funds by violating its personal cap on risky mortgage securities, as per reported by media reports Monday.

The billionaire, who witnessed losses on the investment, had demanded for an award of over $100 million. In the trial, dated August 21, but filed Monday, Judge Melvin Schweitzer found JP Morgan violated its contract but refused Blavatnik’s claim of negligence at the bank.

Sanderson Farms Inc.’s (NASDAQ:SAFM) third-quarter profit rallied heavily, as the poultry producer was assisted by superior poultry prices, carrying in overall results higher than Street views.

Chief Executive Joe F. Sanderson Jr. reported that the quarter’s results mirror enhanced market conditions, stating that market prices for poultry products were superior to the year earlier same quarter.

In the meantime, the firm’s prices for corn were higher 8.1%, while soybean meal prices surged 10%. Corn and soybean meal are the firm’s main feed ingredients.

For the quarter concluded on July 31, Sanderson declared a profit of $67.9 million, or $2.95 per share, in contrast with a year-ago profit of $28.7 million, or $1.25 a share.

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