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Stock Market & Financial Investment News

News Breaks
July 21, 2014
17:47 EDTAF, CSAstoria Financial to sell non-performing residential mortgages to Credit Suisse
Astoria Financial (AF) announced that the bank had entered into an agreement to sell certain non-performing residential mortgage loans, or NPL, to Credit Suisse (CS) for consideration of approximately $186M. The NPL Sale is expected to close on or about July 31, subject to usual and customary closing conditions. In anticipation of the NPL Sale, such non-performing loans were designated as held-for-sale as of June 30 and were written down from their carrying value of approximately $195M to their estimated fair value of $186M. As a result, the company recorded an $8.7M charge-off and a $5.7M loan loss release in Q2.
News For AF;CS From The Last 14 Days
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February 9, 2016
09:53 EDTCSCredit Suisse volatility increases
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05:44 EDTCSCredit Suisse volatility elevated as shares trend lower
Credit Suisse February call option implied volatility is at 57, March is at 47; compared to its 52-week range of 22 to 50, suggesting large near term price movement.
February 7, 2016
19:04 EDTCSCredit Suisse CEO offers to 'markedly' cut personal bonus, Reuters says
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February 5, 2016
10:02 EDTCSOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Ashford Hospitality Prime (AHP) downgraded to Neutral from Buy at SunTrust... Cascade Microtech (CSCD) downgraded to Hold from Buy at Craig-Hallum... Cinemark (CNK) downgraded to Neutral from Outperform at Credit Suisse... ConocoPhillips (COP) downgraded to Sector Perform from Outperform at Scotia Howard Weil... Credit Suisse (CS) downgraded to Equal Weight from Overweight at Morgan Stanley... Cree (CREE) downgraded to Neutral from Overweight at JPMorgan... Deckers Outdoor (DECK) downgraded to Neutral from Buy at BofA/Merrill... Esterline (ESL) downgraded to Hold from Buy at Canaccord... GrubHub (GRUB) downgraded to Perform from Outperform at Oppenheimer... Kohl's (KSS) downgraded to Underweight from Neutral at Atlantic Equities... LINN Energy (LINE) downgraded to Sell from Hold at Stifel... LinkedIn (LNKD) downgraded to Sector Perform from Outperform at RBC Capital... LinnCo (LNCO) downgraded to Sell from Hold at Stifel... Magellan Midstream (MMP) downgraded to Neutral from Outperform at Credit Suisse... Marathon Petroleum (MPC) downgraded to Neutral from Overweight at JPMorgan... Multi-Fineline (MFLX) downgraded to Hold from Buy at Needham... NIC Inc. (EGOV) downgraded to Market Perform from Outperform at Avondale... Outerwall (OUTR) downgraded to Neutral from Overweight at Piper Jaffray... PPL Corp. (PPL) downgraded to Hold from Buy at Deutsche Bank... PennyMac Mortgage (PMT) downgraded to Equal Weight from Overweight at Barclays... Pixelworks (PXLW) downgraded to Hold from Buy at Lake Street... Qorvo (QRVO) downgraded to Sell from Neutral at Citi... Ralph Lauren (RL) downgraded to Underperform from Neutral at BofA/Merrill... TrueBlue (TBI) downgraded on macro concerns at BMO Capital... WEC Energy (WEC) downgraded to Hold from Buy at Deutsche Bank.
09:11 EDTCSCredit Suisse downgraded to Equal Weight from Overweight at Morgan Stanley
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February 4, 2016
06:52 EDTCSCredit Suisse says not in asset sale talks with Wells Fargo, Reuters reports
Credit Suisse (CS) CEO Tidjane Thiam says there is "no foundation" to reports suggesting the company is in asset sale talks with Wells Fargo (WFC), Reuters reports. Thiam says the company's investment bank is "important" to its strategy. Reference Link
06:45 EDTCSCredit Suisse 'accelerating the pace at which we are restructuring'
Credit Suisse says "Given the losses sustained in 2015 and continued uncertainties in our environment, we have been accelerating the pace at which we are restructuring the bank. We have initiated this acceleration and it is resulting in a reduction in workforce of approximately 4,000 positions. Combined with the measures already implemented in 4Q15, the cost savings identified and initiated by end-January will be CHF 1.2 billion per annum, representing 34% of the announced 2018 cost savings target of CHF 3.5 billion. In addition to the cost reduction program, we are continuously looking for ways to lower our break-even point... The restructuring of GM activities is also continuing as we further reduce fixed income legacy positions and make the franchise less vulnerable to negative developments in the credit markets."
06:44 EDTCSCredit Suisse CEO: Environment deteriorated 'materially' during Q4
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06:43 EDTCSCredit Suisse says implementing reduction of approx. 4,000 positions
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05:58 EDTCSCredit Suisse reports Q4 pre-tax loss of CHF 6.44B
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February 2, 2016
05:40 EDTCSOaktree-backed AdvancePierre picks Barclays for IPO, Bloomberg reports
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February 1, 2016
12:26 EDTCSNY AG, SEC to take further actions in dark pool investigations, Bloomberg says
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10:09 EDTCSBarclays, Credit Suisse to pay over $150M to settle dark pool claims
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January 31, 2016
15:37 EDTCSBarclays, Credit Suisse to pay $154M to settle dark pool claims, Bloomberg says
Barclays (BCS) and Credit Suisse (CS) are expected to reach a $154.3M settlement Monday with New York and the SEC over allegations that they didn't give clients accurate information regarding their dark pool trading, reports Bloomberg, citing a source. Barclays will pay $70M while Credit Suisse will pay $84.3M, noted Bloomberg. Reference Link
January 27, 2016
16:41 EDTAFAstoria Financial reports Q4 EPS 16c with items, consensus 15c
Q4 EPS includes 4c per common share of tax benefits recognized primarily related to the resolution of a tax matter with New York State and the related impact of changes in New York State tax legislation. Reports Q4 NII $84.7M vs. $83.9M a year ago. Reports a $4.3M loan loss release in Q4 vs. a $2.3M release in the 2014 Q4. Reports Q4 net charge-offs $1.2M vs. ($316K) a year ago.

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