gm ga cats...Before the bell: Futures lower after JPMorgan beat, CIT's failed talks
Posted Jul 16th 2009 7:41AM by Melly Alazraki
Filed under: Before the bell, International markets, Earnings reports, Market matters, JPMorgan Chase (JPM), CIT Group (CIT), Economic data, Housing
U.S. stock futures were mixed Thursday morning as once, as has been the case the past recent weeks, with investors taking some profit following Wednesday's rally and looking for clearer direction amid confusing signals. While J.P. Morgan Chase (NYSE: JPM) surpassed Street's estimates, CIT Group (NYSE: CIT) talks failed as the company took one closer step to bankruptcy. [Update: Futures turned a little lower.]
Meanwhile, foreclosure filings rose more than 33 percent in June as the number of U.S. households on the verge of losing their homes soared by nearly 15% in the first half of the year, affecting more than 1.5 million homes, as more people lost their jobs and were unable to pay their monthly mortgage bills. RealtyTrac Inc.'s data show that, despite the Obama administration's efforts, housing woes continue to spread and foreclosures won't to peak until the middle of next year.
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