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U.S. Morning Call: D-day for Dimon in Tampa

Tuesday, May 21, 2013 - 03:40

May 21 - JPMorgan shareholders will count ballots Tuesday on a proposal to strip Dimon’s CEO and Chairman title ending a months-long shareholder campaign demanding more oversight of Dimon.

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Tuesday morning call we've got Tim Cook on Capitol Hill. Microsoft -- out an Xbox console and great Home Depot results. All Wall Street seems to care about today is Jamie Dimon. JPMorgan shareholders are voting on a plan to split -- install -- chairman and CEO. Showdown will be an nondescript office in Tampa Florida at 10 AM eastern -- away from the Manhattan headquarters. And it's possible result could be -- before news. Investors don't want diamond to quit but in the wake up six billion. In treating. It -- a strong independent chairman of the board. Among big bank CEOs -- has produced the best shareholder returns and JPMorgan -- the crisis. No losses and strong balance sheet. While the vote is non binding which means the board can ignore it published reports -- -- has threatened me that he is shareholder support. Because banking is from sea island ace is JPMorgan shares could well as much as 10%. And it -- about twenty billion dollars of market. The measure got 40% approval last year's meeting. In 20072008. Only about 15% shareholders voted for the saint. Okay except we've got apple CEO Tim Cook on Capitol Hill where he tried to explain why America's favorite tech company. Paying taxes on billions it keeps socked away offshore. A senate report made public yesterday -- apple has been hiding behind rock. Paid virtually taxes government by -- profits Irish subsidiaries. Cook cook has already submitted a 48 page -- ahead of today's hearing where he -- all the changes he wants in the tax code. Including corporate income tax rates and a reasonable tax on board earnings that house free movement of capital back to US. And audit firm estimates that US multinationals boosted their foreign earnings by 15% last year to a record one point nine trillion. Avoiding have to tax bills by keeping the profits abroad. Taking on earnings Home Depot up nearly 5% in the premarket after reporting higher quarterly results. The sales outlook for the rest of the year also looking bright going handed him with the recent country. Also out with results today best -- missing revenue estimates by one point two billion dollars shares of best buy down. 4% in the market. -- had doubled since the beginning of the year. The next big thing to transport -- this year Microsoft under wraps its new Xbox game console eight years after the last version as it -- a bigger piece 65 billion dollar gaming market. The Xbox-360. Has been the top seller in the US for over two years. But it's a withering and dying market overall retail video game sales fell 22% last year -- the fourth straight year decline. Wrapping up -- US stock futures of their according to a lower open today. Goldman Sachs lifting its forecast for the S&P 500 saying it expects index gained 5% by year end. To 1750. That's -- -- Tuesday morning call remembered follow us on Twitter at Reuters Insider get more great videos at Reuters dot com slash later. -- -- --

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U.S. Morning Call: D-day for Dimon in Tampa

Tuesday, May 21, 2013 - 03:40