Financial News: The Parker Report - April 17, 2011

5/9/11 2:08am

Jennifer Parker

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Stocks fell slightly this week, on the back of a lackluster kick off to Q1 earnings season. The Dow dropped 38 points, the Nasdaq 16 and the S&P, 8.  Particularly disappointing earnings came from Bank of America, as profits dropped 36 percent and revenue 16 percent.

This just 2 days after rival JPMorgan Chase posted a 67 Percent gain in profit.  But this apparently was not enough to appease investors - The stock ended the week down almost $2 bucks at $44.97, with news of a class action lawsuit claiming the bank PROFITED, even as clients lost their money in a failed investment vehicle named SIGMA.

Healthcare giant Johnson & Johnson is in preliminary talks to acquire Swiss medical device maker SYNTHES in a deal said to be worth $20 billion dollars. If the deal goes through, it will be the company’s largest acquisition, ranking among the biggest healthcare takeovers in recent years.

This week will be a big one for the earnings quarter – among companies reporting will be Eli Lilly, Goldman Sachs, Citigroup, IBM, and General Electric.