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Stock Market & Financial Investment News

News Breaks
October 16, 2012
05:55 EDTABT, ABT, TXT, TXT, SWK, SWK, STJ, STJ, DGX, DGX, PEP, PEP, NTRS, NTRS, MTB, MTB, HAL, HAL, DOV, DOV, CMA, CMA, BLK, BLK, BK, BK, BAC, BAC, APH, APH, USB, USBCompanies reporting Before the Market Open on Wednesday, October 17
Notable companies reporting before the opening bell include Abbott Laboratories (ABT), Amphenol (APH), Bank of America (BAC), Bank of New York Mellon (BK), BlackRock (BLK), Comerica (CMA), Dover (DOV), Halliburton (HAL), M&T Bank (MTB), Northern Trust (NTRS), PepsiCo (PEP), Quest Diagnostics (DGX), St. Jude Medical (STJ), Stanley Black & Decker (SWK), Textron (TXT) and U.S. Bancorp (USB).
News For ABT;APH;BAC;BK;BLK;CMA;DOV;HAL;MTB;NTRS;PEP;DGX;STJ;SWK;TXT;USB From The Last 14 Days
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October 15, 2014
06:18 EDTBLKBlackRock reports Q3 AUM growth of 10%
Reports Q3 long-term net informs of $28.7B. Reports Q3 operating margin of 40.6%.
06:17 EDTBLKBlackRock reports Q3 adjusted EPS $5.21, consensus $4.66
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06:08 EDTHALHalliburton initiated with a Neutral at Citigroup
Target $56.
October 14, 2014
15:29 EDTSTJ, BAC, BLKNotable companies reporting before tomorrow's open
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15:14 EDTBACEarnings Preview: Bank of America to report after upbeat notes from analysts
Bank of America (BAC) is scheduled to report third quarter earnings before the open on Wednesday, October 15, with a conference call scheduled for 8:30 am ET. Bank of America is a financial services company. EXPECTATIONS: Analysts are looking for earnings per share of (9c) on revenue of $21.36B, according to First Call. The consensus range for EPS is (14c)-(5c) on revenue of $20.73B-$21.93B. LAST QUARTER: Bank of America reported stronger than expected second quarter results, as its net charge-offs dropped to $1.1B in Q2 from $1.4B in Q1 and $2.1B in Q2 of 2013. Its provision for credit losses tumbled to $411M from $1.2B in the same period a year earlier. The drop was driven by lower levels of delinquencies across its consumer lending portfolio, as well as improvement in its consumer real estate portfolios, the bank stated. Bank of America added that its net interest income was positioned to rise as interest rates increased.. The bank's investment banking pipeline remained strong, while the second half of 2014 "looks healthy," the bank's CEO said. On August 6, the bank increased its quarterly dividend to 5c per share from 1c per share. On August 21, Bank of America announced that it had reached a $16.65B settlement with the Department of Justice and state Attorneys General on charges related to its residential mortgage-backed securities and collateralized debt obligation businesses. On September 10, the bank said its credit quality continued to improve, while most of its exposure to legacy mortgages had been eliminated. PEER RESULTS :Three large banks reported their Q2 results today. Citigroup (C) reported stronger than expected Q3 results today, while Wells Fargo's (WFC) results were roughly in-line with expectations. JPMorgan's (JPM) profit beat expectations, but its revenue came in slightly lower than expected. JPMorgan reported that its consumer and business banking deposits had risen 9%, and it lowered its fiscal 2014 charge-off guidance. The global economy faces challenges, but the U.S. economy is steadily improving, the bank stated. Citi said that its net credit losses had tumbled 14% from year ago levels, while its book value per share had risen 4% versus the same period a year earlier. Citi added that its consumer banking revenue was continuing to grow. As for Wells Fargo, the bank released $300M of its reserves due to improved credit quality, and said that it continued to sees signs of an improving economy. However, the bank added that its net interest margin had fallen to 3.06% from 3.15% as of June 30. STREET RESEARCH: On October 2, UBS upgraded Bank of America to Buy from Hold. The bank should be under less pressure than its peers to raise the interest rates it pays on deposits as the Federal Reserve starts to increase rates, the firm believes. Research suggests that holders of deposit accounts at Bank of America are less sensitive to rates than holders of deposit accounts at other banks, the firm explained. This situation should enhance the bank's ability to benefit from rising interest rates, according to UBS, which raised its price target on the shares to $20 from $16.80. On September 8, Goldman Sachs upgraded Bank of America to Buy from Neutral. The bank's business mix has improved significantly, as it has begun obtaining a greater percentage of its revenue from more profitable businesses, Goldman stated. Consequently, the bank's earnings per share volatility has decreased, Goldman believes. The firm increased its price target on the shares to $19 from $17. On September 20, Barron's echoed Goldman's enthusiasm, saying that Bank of America's earnings per share could hit $2 by 2017, up from an estimated 75c this year, while its cumulative dividends between now and 2017 could reach $1 per share. The stock could be worth $25 by 2017, the magazine stated. PRICE ACTION: Bank of America's stock is up 15% in the last year, but it is down 1.5% in the last month.
15:02 EDTBACBank of America October 16.5 straddle priced for 3.6% move into Q3
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14:47 EDTBACBank of America technical comments ahead of earnings
The shares have outperformed the broader averages in the last three months, trading up over 5%. The trend in the shares has been bullish with relatively low volatility. In technical terms the short-term and intermediate-term picture is bullish. On a longer-term basis however, the stock is at an interesting juncture. On a 5-year chart, the last 2.5 years to present are a mirror of the period from 5 years to 2.5 years ago. That puts the stock right back at resistance levels from early 2010. The key for the stock now is either breaking through resistance at the $18.50 area, or, fading. A breakout above $18.50 on strong news and a positive outlook would be very long-term bullish for share price. Resistance above $18.50 is at $18.99. Equally, news that fails to push the stock above that area could be a catalyst for a resumption of consolidation as traders await another upside catalyst. Support in that event is at $15.45, $14.98, and $14.02.
October 13, 2014
16:02 EDTBACOptions Update; October 13, 2014
iPath S&P 500 VIX Short-Term Futures up 3.71 to 39.56. Option volume leaders: AAPL TSLA TWTR AMZN FB NFLX SUNE GILD BAC PBR according to Track Data.
10:17 EDTTXTEbola related weakness in aerospace stocks seen as buying opportunity
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10:08 EDTDOVOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Bankrate (RATE) downgraded to Equal Weight from Overweight at Stephens... CME Group (CME) downgraded to Market Perform from Outperform at Wells Fargo... Cliffs Natural (CLF) downgraded to Neutral from Overweight at JPMorgan... Dana Holding (DAN) downgraded to Sector Perform from Outperform at RBC Capital... Darden (DRI) downgraded to Neutral from Overweight at Piper Jaffray... Dover (DOV) downgraded to Neutral at RW Baird... DryShips (DRYS) downgraded to Underperform from Outperform at Imperial Capital... Infineon (IFNNY) downgraded to Neutral from Overweight at JPMorgan... J.C. Penney (JCP) downgraded to Sell from Neutral at UBS... Johnson Controls (JCI) downgraded to Outperform from Top Pick at RBC Capital... Juniper (JNPR) downgraded to Hold from Buy at Argus... Kennametal (KMT) downgraded to Market Perform from Outperform at Wells Fargo... Masco (MAS) downgraded to Equal Weight from Overweight at Barclays... New Gold (NGD) downgraded to Neutral from Overweight at JPMorgan... ON Semiconductor (ONNN) downgraded to Sector Perform from Outperform at Pacific Crest... PBF Energy (PBF) downgraded to Underweight from Equal Weight at Barclays... Parker-Hannifin (PH) downgraded to Market Perform from Outperform at Wells Fargo... STMicroelectronics (STM) downgraded to Neutral from Overweight at JPMorgan... Silicon Laboratories (SLAB) downgraded to Sector Perform at Pacific Crest... VOXX International (VOXX) downgraded to Market Perform from Outperform at Cowen.
09:21 EDTDOVDover downgraded to Neutral at RW Baird
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08:04 EDTTXTTextron announces $15.22M foreign military sales contract
Textron Systems Marine & Land Systems, a Textron business, announced a $15.22M firm-fixed-price, foreign military sales contract from the U.S. Army Contracting Command, Warren, MI, to provide 10 COMMANDO Select four-wheeled armored vehicles, along with related fielding hardware and technical services, to the Bulgarian National Military Forces. The vehicles initially will be deployed in support of the International Security Assistance Force in Afghanistan. Work will be performed in Slidell, LA, Hunt Valley, MD, and Afghanistan with vehicle deliveries in the 1Q15. All contract activities are expected to be completed by June 30, 2015.
07:26 EDTPEPAB InBev has studied potential deal to acquire PepsiCo, Bloomberg says
Anheuser-Busch InBev (BUD), which has a history of growth via acquisition and has been speculated to be targeting peer SABMiller (SBMRY), has also studied whether a merger with PepsiCo (PEP) makes sense, according to Bloomberg, citing people familiar with the matter. The report added that one source said no talks between Anheuser-Busch and Pepsi are ongoing, no deal is imminent, and the scenario is among many that has been examined. The report also noted that Albert Fried views Monster Beverage (MNST) and Keurig Green Mountain (GMCR) as other suitable targets for AB InBev. Reference Link
07:25 EDTSTJEuropean Association of Cardiothoracic Surgery to hold annual meeting
28th EACTS Annual Meeting is being held in Milan, Italy on October 11-15.
07:19 EDTBACAmEx, Capital One profits seen boosted by credit card 'sweet spot,' WSJ says
Credit card players such as American Express (AXP) and Capital One (COF), as well as banks with significant card units like JPMorgan (JPM), stand to benefit from the U.S. card industry's "sweet spot" of moderate economic growth, low interest rates and consumers who are better managing payments while growing their spending, said The Wall Street Journal, which noted that consulting firm R.K. Hammer estimates U.S. card issuers' revenue will grow 9% this year to $158.6B. Other U.S. banks with credit card units include Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC) and other card companies include Visa (V) and MasterCard (MA). Reference Link
06:51 EDTDOVDover downgraded to Neutral from Outperform at RW Baird
06:44 EDTUSB, BACRegulators seeking banks' auto loan data, Reuters reports
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06:37 EDTBLKBlackRock, Morgan Stanley to buy shares in Link Net, WSJ reports
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00:04 EDTBAC, USBBanking regulators want more disclosure on auto loans, Reuters says
Banking regulators are requesting that banks provide more details on their auto loan portfolios, says Reuters. Balances remaining on auto loans are rising and about a fifth of the loans are subprime, added Reuters. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Capital One (COF), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
October 12, 2014
13:03 EDTBAC, USBBanks agree on derivatives procedures for future crisis scenario, WSJ says
Meeting at the Federal Reserve in Washington, top banking executives from 18 large U.S., European and Japanese banks agreed in principle to wait up to 48 hours before seeking to terminate derivatives contracts and collect associated payments from a troubled financial institution, says the Wall Street Journal. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
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