Financial Sector Update: February 28, 2011
Financial shares are mixed to lower Monday, while JPMorgan Chase (JPM) is said to be in talks to acquire a 10% stake in Twitter for $450 million. The move follows Goldman Sachs (GS) action to acquire a stake in social networking site Facebook. Meanwhile, ADRs of U.K. banking giant HSBC Holdings (HBC) are lower after the company said its 2010 net profit more than doubled to $13.16 billion, although it was below expectations. The latest results followed a profit of $5.83 billion in 2009. The Street was looking for a consensus $14.02 billion.
Credit: Financial News Network
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