Headlines this morning include executives from JC Penney saying they don't plan to resign, an Apple executive criticizing Android, JPMorgan topping investment-banking league tables, a recall from Honda, new ways to share your Netflix viewing and Avon refinancing some debts.
Struggling retailer J.C. Penney's (JCP) CFO, Ken Hannah, said Wednesday that neither he nor CEO Ron Johnson have any plans to resign despite an increasing chorus of calls for changes at the top of the company. Speaking during an investor conference sponsored by Bank of America Merrill Lynch, Hannah said, “We had a tough year last year, and I want to make sure that you all understand Ron and I are not going to go hide.”
Phil Schiller, the marketing chief for Apple (AAPL), made comments critical of Google (GOOG) operating system Android Wednesday, a day before rival Samsung is launching a new flagship to its smartphone line. Schiller said the Android experience is not “seamless” due to the variety of companies involved in producing the hardware and software of the devices. He said Apple controls all of the hardware and software in the iPhone, making for a better user experience.
JP Morgan (JPM) kept the top spot for investment banking revenues in 2012, while Citigroup (C) and Barclays (BCS) showed improvement. The $24.1 billion JPMorgan's investment banking operations pulled in put it ahead of second-place Goldman Sachs (GS) and a three-way tie for third place between Bank of America Merrill Lynch (BAC) Citigroup and Deutsche Bank (DB). Analytics firm Coalition, who compiled the data reported total investment banking revenue in 2012 was $159 million, a 10 percent increase from the prior year. Fixed income, currency and commodities lead the increase.
Honda Motor Company
Automaker Honda (HMC) said it is recalling 250,000 vehicles globally due to braking problems. The recalled vehicles include the Acura MDX SUV and RL sedan as well as Honda Odyessy and Pilot SUVs. The recalled vehicles include 183,000 vehicles in the U.S. and 57,000 in Japan as well as some in Canada, Mexico, Germany, Australia and New Zealand.
Netflix (NFLX) announced Wednesday that the 27 million subscribers to its streaming video service will be able to share what they are watching on Facebook (FB) and also to see what their Facebook friends are watching. The service does not extend to the company's DVD-by-mail service.
Avon (AVP) completed some debt refinancing activities that will improve the company's balance sheet and financial flexibility president and CFO Kimberly Ross said. The company completed a public offering of $1.5 billion in senior unsecured notes and also entered into a $1 billion four-year unsecured credit facility. The company plans to use some of the new borrowings to repay $1.9 billion in existing debts. The company also said the new credit facility replaces and existing facility.