JPMORGAN CHASE

Since hitting 52-week lows last October, U.S. financial-sector stocks have staged a strong comeback -- rising some 34 percent. Despite this uptick, they still look like bargains, at first blush.

Asian markets fell at week's end as Greece's inability to form a government, uninspiring Chinese industrial output growth and JPMorgan's trading losses affected investor sentiment.

Fitch Ratings on Friday downgraded JPMorgan Chase & Co. (NYSE: JPM), which just revealed at least $2 billion in losses on questionable trading. The downgrade came on the same day that a U.S. senator called for a Congressional probe of the giant bank and the head of the Securities and Exchange Commission confirmed that her agents are eyeing the money center's hedging activity.

U.S. Securities and Exchange Commission investigators are probably in the process of drafting subpoenas against JPMorgan Chase & Co. (NYSE: JPM), if they have not already filed them, regarding the bank's loss of $2 billion through proprietary trading, said ex-SEC New York Regional assistant director Joseph Dever.

China's announcement that construction was down and manufacturers bought less factory equipment in April drove oil prices down and caused concerns that the global economy was slowing down. These concerns were reflected in market activity.

Following Thursday's financial earthquake at JPMorgan Chase & Co., fingers are pointing to Bruno Michel Iksil, who recently boasted that he could walk on water -- suggesting the French trader's ego is as outsized as the nemesis in Melville's novel from which his nickname the White Whale originates. Whether or not Iksil's reputation will go from fearsome whale to Jonah after he's blamed for the storm and tossed overboard is not yet known.

U.S. Securities and Exchange Commission (SEC) regulators are monitoring JPMorgan Chase & Company (NYSE: JPM) following the disclosure that the bank lost $2 billion in bad hedging action carried out by the so-called Whale of London, SEC Chairwoman Mary Schapiro said Friday.

Stock index futures fell on Friday and were on track to extend the week's losses after JPMorgan Chase & Co revealed a shocking trading loss of at least $2 billion from a failed hedging strategy.

The companies whose shares are moving in pre-market trading on Friday are: Pluristem Therapeutics Inc, Mechel OAO, Zynga Inc, JPMorgan Chase & Co, Citigroup Inc, Morgan Stanley and Apartment Investment and Management Co.

Asian markets fell on Friday as concerns surrounding Greece, weak industrial output growth in China and JP Morgan's trading loss dampened sentiments.

Asian shares retreated Friday, spooked by JPMorgan's $2 billion loss from a failed hedging strategy, with investors warily watching political turmoil in the euro zone as they await new Chinese data for clues on its growth outlook.

Stock index futures fell sharply on Thursday evening as JPMorgan Chase & Co stunned investors with news that its chief investment office had incurred significant mark-to-market losses that it said could easily get worse.

Freddie Mac (OTC: FMCC), the second-largest U.S. mortgage guarantor, said Thursday it was appointing Donald Layton, the former head of E*Trade as its CEO.

Facebook (Nasdaq: FB), the No. 1 social network, is facing a probe into its acquisition of Instagram that could delay its $100 billion initial public offering.

JPMorgan Chase & Co. (NYSE:JPM), the largest and most profitable U.S. bank, will launch a reloadable prepaid card in its 5,541 branches this summer, aiming to attract new customers and recoup fees it has lost under recent regulatory changes.

Freddie Mac, the second-largest mortgage guarantor, will announce the appointment of Donald Layton, former head of E*Trade Financial Corp., as a new CEO as early as Thursday, the Wall Street Journal said.

Stock index futures pointed to a lower open on Wall Street on Wednesday, with futures for the S&P 500 down 0.6 percent, Dow Jones futures 0.3 percent weaker, and Nasdaq 100 futures off 0.5 percent at 04:54 a.m. EDT (0854 GMT).

Asahi Group Holdings (Tokyo: 2502), the Japanese beer company, said Tuesday it would buy milk producer Calpis for 120 billion yen ($1.5 billion) in its largest acquisition to date as it seeks more revenue outside of beer sales.

Disappointing jobs growth in the U.S., together with shrinking manufacturing and services activity in the euro zone, had equities and commodities in retreat and bond yields down. News this weekend isn't likely to calm jitters, with elections in both Greece and France, which may get its first new socialist president since 1981.

Facebook (Nasdaq: FB), the No. 1 social network, has decided to pitch its initial public offering of 337.4 million shares at $35 apiece, which could raise as much as $13.6 billion, assuming over-allotment options.

Facebook, the 901-million-member social network priced its initial public offering at $35. It could be the biggest-ever IPO.