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Morning Market Roundup: U.S. Airways vs. Delta Airlines, JP Morgan Earnings Disappoint


Here's what's important in the financial world this morning:

Private Bondholders: Bondholders are running out of options and may have to accept large haircuts on their Greek debt. The Greek government is ready to submit a law forcing the minority of lenders to accept terms agreed to by the majority, according to Reuters. Hedge funds including York and Marathon are taking a different approach: grabbing Greek debt at large discounts on ones set to mature in March in an effort to limit a deal. They’re hoping Troika will fold and they’ll receive full payments.

JPMorgan Chase & Co.: Earnings are out and investors are not impressed. Net income for the financial services company fell to $3.73 billion (90 cents per share) vs. $4.83 billion ($1.12 per share) a year earlier. This is a decline of 22.8 percent from the year earlier quarter. Revenue fell 17 percent to $22.2 billion from the year earlier quarter.

(Related: Your MUST-READ Morning Stock Futures Cheat Sheet: Index futures down after JPM miss)

Apple: The tech giant has stopped China sales of its iPhone 4S after customers waiting in cold temperatures overnight for the phone’s debut became aggressive in Beijing. A flagship store did not open while other stores immediately sold out of the phone. Chinese customers can still order the phone online either through Apple or China Unicom, the country’s second largest carrier and the only official option for Chinese customers.

American Airlines: AA has a new suitor, US Airways, who joined Delta Air Lines and private equity firm TPG in the bidding for the bankrupt company according to the “Daily Deal.” Delta could face potential problems getting a deal approved by foreign regulators because of its plans for American’s global alliances. Any deal for the airline is unlikely to happen in the short term as American needs to complete its restructuring, which could take a least a year, according to Reuters.

Eastman Kodak: Kodak is in advanced talks with Citigroup to receive financing if the troubled company files bankruptcy. Kodak is also lining up a “stalking horse” as the lead bidder for its patent portfolio if it is auctioned off due to bankruptcy, according to Bloomberg.

Earlier this week, Kodak restructured its business operations, but whether or not it was enough to boost the company’s health is unclear. The company could file for Chapter 11 by early February, according to reports.

[Editor’s note: portions of the above originally appeared on Wall St. Cheat.]

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