U.S. stocks rise as Fed’s Bullard says stimulus should continue

Dimon’s Role

JPMorgan jumped 2.5% to $53.57. CEO Dimon, 57, won shareholder support to keep his chairman title, surviving a campaign to split the roles after a record trading loss at the biggest U.S. bank. The proposal to divide Dimon’s duties won 32.2% of the votes, down from 40% last year, the bank said today at its annual meeting in Tampa, Florida.

Medtronic Inc. jumped 5% to $52.39. The world’s biggest maker of heart-rhythm devices posted fourth-quarter earnings of $1.10 a share, exceeding the $1.03 profit projected by analysts on average. Sales in the period also beat estimates.

Apple Hearing

Apple lost 0.6% to $440.17. Chief Executive Officer Tim Cook and Chief Financial Officer Peter Oppenheimer are appearing before a Senate panel that yesterday released a report saying the iPhone maker has created a web of offshore entities to avoid paying billions of dollars in U.S. taxes.

Democrats and Republicans on the panel say Apple’s tax maneuverings, while not illegal, will help frame the debate about how to make the corporate tax system more fair. Senator John McCain of Arizona, the panel’s top Republican, said he and U.S. Senator Carl Levin, a Michigan Democrat, are seeking to craft a bipartisan proposal that would end some of the tax benefits, although the timing of an agreement isn’t clear.

Carnival plunged 5.3% to $33.45 as it said price cuts undertaken after a series of mishaps will hurt margins. The company’s revenue per customer has fallen since it cut ticket prices in an attempt to fill cabins.

Rival cruise operator Royal Caribbean Cruises Ltd. lost 2.2% to $37.

Urban Outfitters Inc. lost 1.6% to $43.77 as the retailer reported quarterly sales that missed analysts’ estimates. Sales of $648.2 million fell short of the $655.1 million average estimate compiled by Bloomberg.

Best Buy Co. dropped 4.8% to $25.52 as the biggest consumer-electronics retailer posted an $81 million first- quarter net loss as the company lowers prices to compete with online rivals.

Bloomberg News

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