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Stock Market & Financial Investment News

News Breaks
December 18, 2012
09:37 EDTGOOG, AAPL, BAC, GS, CActive equity option families of trading
Active equity option families of trading on open according to Track Data are: AAPL C BAC GOOG GS.
News For AAPL;C;BAC;GOOG;GS From The Last 14 Days
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April 3, 2014
17:36 EDTCCitigroup's Corbat enlists McQuade to lead the CCAR process over next year
In a regulatory filing, Citigroup disclosed that on April 3, it was announced that, at the request of Michael Corbat, the CEO of Citigroup, Eugene M. McQuade, the outgoing CEO of Citibank, will postpone his retirement and lead the Comprehensive Capital Analysis and Review, CCAR, process for Citi over the next year. McQuade will become Vice Chairman of Citi, remain on the Citibank board of directors and report directly to Citi’s CEO. Due to the importance of this effort and the substantial time commitment required by McQuade’s new role, Citi’s board of directors, in conjunction with Mr. McQuade’s consent, withdrew his nomination to serve on Citi's board of directors.
16:51 EDTBACBofA in talks for $800M settlement over credit card practices, WSJ says
Bank of America is in talks to pay at least $800M to settle allegations by the Consumer Financial Protection Bureau or CFPB that the bank promoted extra credit-card products, says the Wall Street Journal, citing people familiar with the matter. Reference Link
16:00 EDTAAPL, COptions Update; April 3, 2014
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15:10 EDTGOOGVIX methodology for Google decreases 9.2% after 2-1 stock split
VIX methodology for Google (VXGOG) is recently down 9.2% to 28.56 after 2-1 stock split
12:20 EDTGOOGGoogle considers wireless service in Fiber markets, The Information says
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12:10 EDTCOn The Fly: Midday Wrap
Stocks on Wall Street began the session in positive territory, with the Dow notching a new all-time high, but had slid into negative ground at midday. The Nasdaq is the biggest loser, as it is down more than 0.6%, while the Dow and Nasdaq are just slightly below the flat line. ECONOMIC EVENTS: In the U.S., initial jobless claims rose to 326K in the week ended March 29, versus the expected 319K claims. The trade deficit widened to $42.3B in February from a revised $39.3B deficit in January. ISM's non-manufacturing PMI rose 1.5 points to 53.1 in March, though that was a bit below the 53.5 forecast of economists. In Europe, the ECB maintained its current rates despite the ongoing debate over disinflationary forces posing an increasing risk. In Asia, China's State Council announced a stimulus package for new railways and subways, low-income housing and tax breaks for small business, but most of the measures were part of the government's previously communicated annual economic work plan. COMPANY NEWS: Shares of Barnes & Noble (BKS) are declining after Liberty Media (LMCA) announced a deal to reduce its stake in the bookseller. Liberty said it has sold the majority of its shares to institutional buyers and will retain approximately 10% of its initial investment, which has been reported to equate to a roughly 2% stake in Barnes & Noble. B&N Chairman Leonard Riggio said that Liberty’s reduced ownership gives the company greater flexibility to pursue various strategic options, but shares of B&N slid 13% following the announcement... Citigroup (C) shares fell almost 2% after The New York Times said the federal government has started a criminal investigation into alleged fraud involving Citi's Banamex unit in Mexico. Also of note, research firm Sterne Agee downgraded the stock to Neutral, citing the Fed's refusal to approve the bank's capital plan, along with its slowing earnings growth and lack of catalysts, as reasons for the downgrade. MAJOR MOVERS: Among the notable gainers was Amyris (AMRS), which rose 8% after announcing that it is entering into a strain engineering research and development agreement with chemical giant BASF (BASFY). Also higher was chemical, paint, and coating maker RPM (RPM), which gained 4% and hit a fresh 52-week high earlier in the session after the company raised its fiscal 2014 profit outlook. Among the noteworthy losers was Liquidity Services (LQDT), which slid another 12% after the company confirmed it's withdrawal from auction bidding for a U.S. Department of Defense contract and said it will need to reset its adjusted earnings expectations. Also lower were shares of weight-loss drug maker VIVUS (VVUS), which fell nearly 8% following a downgrade to Underweight at Piper Jaffray. INDEXES: Near midday, the Dow was down 16.31, or 0.1%, to 16,556.69, the Nasdaq was down 26.65, or 0.62%, to 4,249.81, and the S&P 500 was down 3.48, or 0.18%, to 1,887.42.
10:00 EDTCOn The Fly: Analyst Downgrade Summary
BB&T (BBT) downgraded to Outperform from Strong Buy at Raymond James... Broadcom (BRCM) downgraded to Neutral from Overweight at Piper Jaffray... CF Industries (CF) downgraded to Neutral from Buy at Citigroup... CSX (CSX) downgraded to Equalweight from Overweight at Barclays... Cheniere Energy (LNG) downgraded to Neutral from Outperform at Credit Suisse... Citigroup (C) downgraded to Neutral from Buy at Sterne Agee... Deutsche Bank (DB) downgraded to Neutral from Overweight at JPMorgan... G&K Services (GK) downgraded to Neutral from Outperform at RW Baird... Marcus (MCS) downgraded to Neutral from Buy at B. Riley... National Retail Properties (NNN) downgraded to Sell from Neutral at UBS... Norfolk Southern (NSC) downgraded to Neutral from Overweight at Atlantic Equities... Orion Energy (OESX) downgraded to Hold from Buy at Ascendiant... VIVUS (VVUS) downgraded to Underweight from Neutral at Piper Jaffray... Liquidity Services (LQDT) downgraded to Neutral from Outperform at RW Baird... Shaw Communications (SJR) downgraded to Sector Performer from Outperformer at CIBC... USG (USG) downgraded to Neutral from Outperform at Macquarie... Level 3 (LVLT) downgraded to Hold from Buy at Gabelli... U.S. Bancorp (USB) downgraded to Neutral from Conviction Buy at Goldman... Extra Space Storage (EXR) downgraded to Buy from Conviction Buy at Goldman... First Republic Bank (FRC) downgraded to Buy from Conviction Buy at Goldman... TELUS (TU) downgraded to Neutral from Outperform at Macquarie.
09:37 EDTAAPL, CActive equity options trading on open
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09:30 EDTAAPLApple, Pfizer others create 'go slow' patent lobby group, Reuters says
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08:54 EDTGOOGGoogle Class C shares begin trading today
Google (GOOG) is effectively splitting its stock via a dividend distribution of new "Class C" shares, which begin trading today. The price of existing Google A shares, which hold one vote each, is expected to fall by half today as the C shares begin trading. WHAT'S NOTABLE: In January, Google announced that its board approved a dividend of Class C shares to be distributed on April 2 to holders of record as of March 27. The new Class C shares will trade under the ticker "GOOG" and the company's existing Class A shares will trade under a new ticker, "GOOGL." The company has previously said that its Q1 GAAP EPS will be half of what it would otherwise report because its net earnings are divided by twice as many shares. The company also said that its non-GAAP EPS will be similarly affected by the Class C dividend issuance, but will also be impacted by the expected sale of Motorola Mobile to Lenovo (LNVGY). This sale triggers "discontinued operations" accounting treatment, Google noted. Both Google Class A and Class C will be included in the S&P 500 and S&P 100 and there will not be a switch from Class A to Class C. Class A shares will subsequently be removed from Nasdaq indexes when the exchange operator rebalances them on June 23. By introducing non-voting C shares, Google's Sergey Brin and Larry Page will be able to issue stock to compensate workers or make acquisitions without diluting their voting stake, Bloomberg has noted.
08:10 EDTCCitigroup downgraded at Sterne Agee
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07:50 EDTGOOGNew Google shares land in market, Bloomberg says
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07:40 EDTAAPLApple bulls bet new products to prompt stock revival, Bloomberg says
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07:28 EDTGSSinopec said to select Goldman for $30B unit sale, Bloomberg says
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07:19 EDTCCitigroup downgraded at Sterne Agee
As previously reported, Sterne Agee downgraded Citigroup to Neutral from Buy. The firm downgraded shares citing the Fed's concerns in the recent capital review, increasing regulatory risk, slowing earnings growth, and lack of meaningful catalysts to drive shares higher. Price target lowered to $52 from $60.
06:29 EDTGOOGTaiwan makers: Chromebook shipments in 2014 to reach 4M-5M units, DigiTimes says
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06:24 EDTCU.S. launches criminal probe of Citigroup's Mexican unit, NY Times reports
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06:24 EDTGOOGGoogle could ship up to 11M Chromebooks worldwide by 2019, DigiTimes says
ABI Research believes Google could ship an estimated 11M Chromebooks in 2019 after shipping nearly 2.1M in 2013, reports DigiTimes. Research Analyst Stephanie Van Vactor said the device is a disruptive force to the portable PC market after finding the ASP to be $338. Reference Link
06:23 EDTCCitigroup downgraded to Neutral from Buy at Sterne Agee
06:10 EDTGOOGGoogle's LeBeau hired by Facebook, TechCrunch reprots
Google (GOOG) product designer Mike LeBeau has been hired by Facebook (FB), TechCrunch reports. LeBeau had a hand in developing several voice-related technologies, including iPhone Voice Search, while working as a staff software engineer and product designer at Google, and was an early member of the Android team. LeBeau will become a product manager at Facebook. Reference Link
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