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STOCKS NEWS US-JPMorgan, AmEx to sell shares to repay TARP

Tue Jun 2, 2009 7:11am EDT

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For U.S. stock market report double-click [.N] 0708 ET 02June2009-JPMorgan, AmEx to sell shares to repay TARP ------------------------------------------------------------------------------

Both JPMorgan Chase (JPM.N) and American Express (AXP.N) both said late Tuesday that they would be selling stock in a move to repay funds from the government's bank bailout fund.

JPMorgan will sell $5 billion of stock while AmEx will sell $500 million. JPMorgan's offering will be priced Tuesday morning.

For details, see [ID:nN01465721]

Shares of American Express fell 2.8 percent to $25.25 in premarket trading while JPMorgan was down 0.9 percent to $35.80.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0705 ET 02June2009-Economic indicators for June 2 ------------------------------------------------------------------------------

Economic indicators on tap for Tuesday include weekly ICSC chain store and Redbook data, pending home sales data for April, May vehicle sales and the weekly ABC consumer confidence index.

For details see [ECI/US]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0658 ET 02June2009-Earnings diary for June 2 ------------------------------------------------------------------------------

Companies scheduled to report quarterly results on Tuesday include: Hovnanian Enterprises (HOV.N), VeriFone Holdings (PAY.N), Financial Federal Corp (FIF.N), H.H. Gregg Appliances (HGG.N) and Modine Manufacturing (MOD.N), among others.

For details, see [RESF/US]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net



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