Market Round-up (BAC, JPM, NFLX, CSTR, FRE, AAPL)

Morgan Stanley says Obama's proposed ban on bank proprietary trading would knock off 5% from profits at Bank of America (NYSE: BAC). Morgan Stanley also expects earnings at JPMorgan Chase (NYSE: JPM) to be hit by 5%.

Movie Gallery, owners of the Hollywood Video chain, may file for Chapter 11 bankruptcy as early as Tuesday and shut down around two-thirds of its rental outlets. Netflix (NASDAQ: NFLX) and Coinstar (NASDAQ: CSTR) are the potential beneficiaries.

The rate of delinquencies at Freddie Mac (NYSE: FRE) which are at least 90 days behind for conventional single-family loans rose to 3.9% in December, up from 3.7% in November and 1.7% a year earlier.

Apple (NASDAQ: AAPL) may have to face a legal battle soon. Since 2002, Fujitsu has been selling a computer product called iPad and described is as "a powerful, retail-hardened mobile device that integrates multiple applications into a single, compact solution." Meanwhile, STMicro (NYSE: STM) seems to have already filed to register the iPad name with the European Union in 2000.

AstraZeneca (NYSE: AZN) plans to slash over 10,000 jobs over the next four years. This is in addition to the 12,600 jobs it already cut between 2007 and 2009. AZN expects its profits to drop going forward and hopes to save $1.9 billion a year from its restructuring cost of $2 billion.

In the week ending January 23, initial jobless claims stood at 470,000, reflecting a decline of 8,000 vs. 450K consensus. Continuing claims fell by 57,000 to 4,602,000.

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