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Stock markets chalk up further losses, U.S. banker JPMorgan misses forecasts

TORONTO - North American stock markets closed in the red for a second session Friday as nervousness about Chinese growth, corporate earnings and stock valuations persuaded investors to sell off ahead of the weekend. The S A disappointing earnings report before the open from banking giant JPMorgan Chase helped push the Dow Jones industrials down 143.47 points 16,026.75, the Nasdaq composite index declined 54.38 points to 3,999.73 and the S

Loomis Sayles' Fuss sees little value in bonds, boosts cash in fund

By Jennifer Ablan NEW YORK (Reuters) - Dan Fuss, known as the Warren Buffett of bonds, said his $23 billion Loomis Sayles Bond Fund is sitting on more than 20 percent of cash and cash equivalents, its highest level ever, because he sees scant opportunities in the bond market. "If we saw a lot of value, we wouldn't have those reserves," Fuss told Reuters in an interview on Friday.

As Internet shares break down, investors see value in old tech

By Ryan Vlastelica NEW YORK (Reuters) - The last six weeks have been terrible for many technology shares, but not for the four horsemen that sat atop the last tech boom. Intel, Oracle, Microsoft and Cisco, known as the four horsemen during the late 1990s technology boom due to their strong performance and leading market share, have all rallied since the beginning of March even as many other tech companies' stocks have been crushed.

JPMorgan profit weaker than expected as trading revenue falls

By David Henry and Tanya Agrawal (Reuters) - JPMorgan Chase & Co posted far weaker-than-expected quarterly profit as uncertainty about the U.S. economy weighed on investor trading volumes and consumer borrowing. Results from the first of the major Wall Street banks to post earnings underscore how difficult the first quarter was for the financial sector. JPMorgan's bond trading revenue plunged 21 percent, and mortgage lending revenue fell 84 percent from the same quarter last year.

Highly-leveraged U.S. loans continue unabated

By Lynn Adler NEW YORK (Reuters) - Banks keep underwriting highly leveraged loans for low-rated companies that are drawing U.S. regulators' attention, Thomson Reuters LPC data show, despite a looming review by the federal agencies that are trying to clamp down on these transactions.

JPMorgan profits fall on weak mortgage, trading income

JPMorgan Chase Friday reported lower earnings due to a drop in its mortgage and trading businesses as the US banking giant seeks to turn the corner after costly legal settlements. JPMorgan, one of the first major companies to release first-quarter results, said net income was $5.3 billion, down 19 percent from a year ago. Key factors behind the decline included a big drop in mortgage banking income, lower earnings from fixed-income trading and a rise in provisions in case of credit losses.

Zoe's Kitchen shares jump more than 70 percent in market debut

(Reuters) - Shares of Zoe's Kitchen Inc <ZOES.N> rose as much as 73 percent in their market debut, valuing the casual dining restaurant chain at more than $475 million. Zoe's Kitchen raised about $87.5 million from the offering, after its initial public offering of 5.83 million shares was priced at the upper-end of the expected price range. The company, which is backed by private equity firm Brentwood Associates, sold all the shares in the offering.

Blackstone's Gates buyout one of 2014's largest for U.S. M&A

By Michelle Sierra NEW YORK (Reuters) - Private equity firm Blackstone <BX.N> is set to launch a $4.2 billion financing to back its $5.4 billion acquisition of auto parts maker Gates Global. The deal is the second-largest U.S. leveraged buyout financing of the year, according to Thomson Reuters data, and is also the largest private equity buyout of an industrial company in more than four years. The loans are being provided by Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS.

Blackstone's Gates buyout one of 2014's largest for U.S. M&A

By Michelle Sierra NEW YORK (Reuters) - Private equity firm Blackstone <BX.N> is set to launch a $4.2 billion financing to back its $5.4 billion acquisition of auto parts maker Gates Global. The deal is the second-largest U.S. leveraged buyout financing of the year, according to Thomson Reuters data, and is also the largest private equity buyout of an industrial company in more than four years. The loans are being provided by Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS.

Fresh new money fails to halt Jupiter share slide

By Joshua Franklin and Simon Jessop LONDON (Reuters) - Jupiter Fund Management <JUP.L> met market expectations with its trading update on Friday, posting fresh cash inflows and reaffirming the prospect of future payouts, though this failed to lure buyers in a broad market selloff. The UK-based group said it took in 547 million pounds to boost total assets under management to 32.2 billion pounds ($54.02 billion), with inflows to bond and equity funds from both UK and international clients.
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