With investors eagerly awaiting Facebook to start trading today, investors aren't paying as much attention to the overall market as they otherwise might. But regardless of whether IPO-hungry buyers hit the "like" button on Facebook shares, problems in Europe and economic concerns in the U.S. aren't going to solve themselves overnight. As of around 10:45 a.m. EDT, the Dow Jones Industrials (INDEX: ^DJI ) were up just 25 points to 12,470 as it tries to break out of a stretch that has sent the average down more than 800 points since May 1.
Leading the Dow's losers yet again was JPMorgan Chase (NYSE: JPM ) , falling 2%. JPMorgan is now the target of investigative journalists, who've turned up a number of disturbing facts about its failed derivatives trade. The Wall Street Journal reports that CEO Jamie Dimon approved the concept behind the trade personally but then let it go unsupervised. Moreover, the company had no treasurer in place at the time of the trade. Shares will probably stay under pressure until the company can address these problems more completely.
Coca-Cola (NYSE: KO ) also fell almost 2%. Yesterday, the beverage giant learned that an appeals court had partially overturned a previous court decision in its favor and will now have to face a false-advertising claim from tiny competitor POM Wonderful. In all likelihood, the move has more to do with the market's overall correction than from the ruling.
Finally, telecom stocks Verizon (NYSE: VZ ) and AT&T (NYSE: T ) were both up around 1%. Both providers are looking for ways to cut previously unlimited data plans and increase their revenue. One plan being discussed involves cutting subsidies, which could boost their bottom lines immensely. How customers will respond is uncertain, but unless they revolt in mass, AT&T and Verizon could see big future growth if they're successful.
An end to a lousy week
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