The technology company reportedly plans to launch a Venmo-style person-to-person payments service -- which could take business away from major financial firms.
Piper Jaffray's Gene Munster now shifts focus to the Apple TV set-top box, which is expected to be unveiled next month.
Earnings will continue to be in focus as investors hope for a rebound from a sluggish start.
"Give me your ailing investors, your huddled money managers yearning for success ..."
JPMorgan Chase & Co. (NYSE:JPM), the largest and most profitable U.S. bank, will launch a reloadable prepaid card in its 5,541 branches this summer, aiming to attract new customers and recoup fees it has lost under recent regulatory changes.
European Union finance ministers failed Thursday to hammer out new global banking regulations, highlighting the resistance regulators on both sides of the Atlantic face as they push for tougher banking rules to ensure banks won't spark another great recession, as they did in 2008.
The companies whose shares are moving in pre-market trade Tuesday are: Endocyte, Comerica, Canadian Solar, Sprint Nextel, Valero Energy, U.S. Bancorp, Bank of America , China Gerui Advanced Materials Group, KIT digital, Host Hotels and Resorts and Goldman Sachs Group.
That Wall Street expects J.P. Morgan to outperform its peers shouldn't come as a surprise. Besides being the biggest, it's arguably among the three or four most stable big banks.
In recent years, Apple has been on a roll. The company introduced its most successful products over the last five years -- the iPhone in 2007 and the iPad in 2010 -- but Apple would need yet another revolutionary device to accomplish a $1 trillion market cap.
Even after Bank of America backed off its $5 monthly debit card fee, banks are still raising existing fees and tacking on new fees in order to garner additional revenue.
Wells Fargo & Co., the fourth-largest U.S. bank by assets, is launching a boutique business to serve families with $50 million or more in assets, as more banks look toward wealth management to replace transaction-based fees.
Regulators closed four banks in the United States on Friday, including one in Colorado with over $1 billion in assets, bringing the total number of closures this year to 84.
Bank of America Corp. was sued by the trustee of a $1.75 billion mortgage pool, which seeks to force the largest bank to buy back all of the loans in the trust because of alleged misrepresentations.
The FDIC and more than three dozen other investors on Monday lodged objections to Bank of America Corp's $8.5 billion settlement of claims over losses on mortgage-backed securities, joining a growing list of investors and regulators that are challenging the accord.
The much-debated proposal to implement the Durbin amendment cap on debit-card interchange fees came in focus once again Wednesday as Fed raised the debit interchange rate cap to 21 cents.
Citigroup Inc director Jerry Grundhofer resigned from the New York bank's board, the company announced on Friday.