May 14 - Summary of business headlines: Stocks fall on euro zone worries; JP Morgan hedging exec is out; Yahoo shares rise on management changes; Groupon earnings beat. Bobbi Rebell reports.
US stocks took a beating in the week's opening session, weighed down by concerns about political turmoil in Greece as well as a slowdown in China. The leader of JP Morgan Chase's hedging unit is retiring after 30 years with the firm. Ina Drew is the first casualty from the stunning trading losses that some experts say could exceed $3 billion dollars. Ed Cowart, a Portfolio Manager, Eagle Asset Management , which invests in JP Morgan Chase. SOUNDBITE: ED COWART, PORTFOLIO MANAGER, EAGLE ASSET MANAGEMENT (ENGLISH) SAYING: "This was supposed to have been the best risk managment team on the street and they showed that they were not nearly as good as a lot of people thought they had been." Shares of Yahoo bucked the trend- rising on news CEO Scott Thompson has stepped down after just 4 months on the job. Investors are optimistic media chief Ross Levinsohn, who will be the interim CEO, can produce a long term strategy to battle competition from companies like Google and Facebook. After the closing bell, Groupon reported earnings at 2 pennies a share, doubling forecasts. And revenue topped estimates. Amazon will launch new versions of its Kindle e-reader in July including one that will include a version with front lighting. That according to a Reuters source. The source also says the company will launch a new tablet closer to the holiday season. It will have a bigger display that is closer to the size of rival Apple's iPad. Amazon declined to comment. Taking a look at the closing numbers, in the US stocks came off their worst lows of the day but still posted losses. In Europe, it was red across the board as well. Bobbi Rebell, Reuters.