Good Friday. Here’s what we’re watching:

• Are Facebook’s changes good for investors?

• JPMorgan’s earnings beat can’t mask Wall Street’s malaise.

• JPMorgan takes hit tied to Steinhoff’s woes.

• U.S. Supreme Court will hear a challenge to S.E.C.’s in-house judges.

• BlackRock is now a $6 trillion firm.

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Are Facebook’s changes good for investors?

Robert Cyran of Breakingviews argues that the answer is yes, at least in the long run. Here’s his point:

“Possible changes like favoring reputable news sources over more sensational ones, as Facebook is considering according to the Wall Street Journal, will probably hurt the company financially over the short run. Time spent on the site by users will probably fall, and that means advertising will grow more slowly. That helps explain the 4 percent decline in the company’s shares by early afternoon on Friday. It’s worth it over the long term, however, if it keeps users sufficiently content to remain on the Facebook farm.





JPMorgan’s earnings beat can’t mask Wall Street’s malaise

The highlights from the big bank’s latest earnings release:

• $4.2 billion in net income for the fourth quarter, down 34 percent because of $2.4 billion worth of charges related to the new tax law.

• Excluding the tax-related charges, the bank earned $1.76 per share. Analysts on average had expected $1.69.