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November 14, 2012
16:28 EDTMS, AIG, SEE, JPMAppaloosa reports new positions in AIG, JPMorgan, Sealed Air, Morgan Stanley
News For AIG;JPM;SEE;MS From The Last 14 Days
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November 23, 2015
10:19 EDTAIGAIG says to take actions to further accelerate strategy
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09:09 EDTAIGIcahn to commence AIG consent solicitation, may seek board representation
Carl Icahn, who identifies himself as one of AIG's largest shareholders that currently owns over 42M shares, noted he wrote a public letter to the CEO of AIG on October 28 suggesting that the company is "Too Big To Succeed" and should accelerate cost cutting and separate into three public companies to shrink below the threshold for systemically important financial institutions. "Since we released that letter, many large institutional shareholders and analysts have contacted us and expressed their support for our views. We have also met and had a number of conversations with AIG CEO Peter Hancock, and he has invited us to continue having conversations. However, despite that invitation, in all of our discussions with Mr. Hancock it was abundantly clear to us that he is not willing to take the bold steps that we, and so many other shareholders, believe are long overdue. In addition, in those conversations he failed to lay out any alternative strategic plan with the potential to unlock value for shareholders or to provide compelling reasons as to why these businesses belong together," Icahn wrote in a new statement released via his website. Icahn went on to say: "While we plan to accept Mr. Hancock's offer to continue having discussions and meetings with AIG, we do not believe that he will ever sincerely consider what we, and so many others, have proposed. Nor do we believe that the AIG board of directors will respond to the demands of AIG shareholders absent a clear mandate. As a result, we intend to commence shortly a consent solicitation that will enable shareholders to express their views directly to the board, which may include a proposal to add a new director who would agree in advance to succeed Mr. Hancock as CEO if asked by the board to do so. We thank our fellow shareholders for their continued support and look forward to sharing the details of our consent solicitation over the next few weeks."
09:07 EDTAIGIcahn to commence AIG consent solicitation, may seek board representation
09:00 EDTJPMChase Visa cardholders can now use Samsung Pay
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November 18, 2015
15:24 EDTAIGIcahn says had 'constructive' meeting with AIG CEO last week, Reuters reports
Carl Icahn says still long AIG, reiterates call for break-up, Reuters reports, citing comments made by the investor at the news service's summit.
08:55 EDTMS, JPMMorgan Stanley exec sees Q4 not much better than Q3 for banks, DJ reports
Morgan Stanley (MS) Institutional Securities President Colm Kelleher cautioned that fixed-income markets "still seem subdued," according to Dow Jones, citing his comments at an investment conference. Morgan Stanley was among the banks that reported lower revenue from fixed-income, currency and commodities trading during the third quarter and Kelleher said he doesn't think "the fourth quarter is going to be much better," the report noted. Large bank peers to Morgan Stanley include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:50 EDTAIGAIG CEO opposes split but open to divestitures, WSJ says
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November 17, 2015
18:34 EDTJPMU.S. pursuing criminal charges against JPMorgan, RBS executives, WSJ says
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09:44 EDTMSBrookings Institute to hold a discussion
The Hutchins Center on Fiscal and Monetary Policy at Brookings and Ben Bernanke host a discussion with Betsy Graseck of Morgan Stanley, Governor Tarullo of the Federal Reserve on the role of collateral in the financial system, liquidity in bond markets and the shadow banking system in a meeting being held in Washington, D.C. on November 17 at 1:30 pm. Webcast Link
07:50 EDTJPMClearing House to hold a conference
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07:48 EDTJPM, MSBofa/Merrill to hold a conference
Banking & Financial Services Conference 2015 is being held in New York on November 17-18.
November 16, 2015
18:03 EDTAIGAIG amends by-laws to implement proxy access
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17:16 EDTAIGIcahn liquidated eBay stake, took Paypal stake
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11:24 EDTJPMClearing House to hold a conference
Clearing House Annual Conference is being held in New York on November 16-18.
09:42 EDTJPMJPMorgan reports October net credit losses 2.22% vs. 2.21% last month
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08:58 EDTJPMAmerican Express slips following Marriott, Starwood deal announcement
Shares of American Express (AXP) are slipping in pre-market trading following the news that Marriott (MAR) and Starwood Hotels & Resorts (HOT) have agreed to merge. In early June, American Express and Starwood announced new benefits to the Starwood Preferred Guest credit card. Marriott, however, has its co-brand program with JPMorgan Chase (JPM) and the early weakness in American Express shares could reflect concern over a potential change in the merged hotels' co-brand relationships. In pre-market trading, AxEx shares are down about 0.5% to $70.88.
November 13, 2015
17:04 EDTAIG, SEEThird Point gives quarterly update on stakes
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08:26 EDTMSFederal Reserve Board to hold a conference
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November 12, 2015
09:19 EDTJPMPayPal sinks with Apple eyeing peer-to-peer payments
Shares of PayPal (PYPL) are weak again this morning following a report yesterday afternoon alleging that Apple (AAPL) is set to launch a competitor to one of the payment technology company's offerings. Analysts that were already split about PayPal's prospects are also divided on the potential impact of Apple's entry, with a bull at Citi downplaying the risk and a bear at Piper Jaffray voicing greater concern. APPLE COMPETITION: Apple is in talks with U.S. banks to create a mobile person-to-person payment service, reported The Wall Street Journal yesterday afternoon, citing people familiar with the matter. Apple's service, which would likely be linked to the company's Apple Pay system and could get off the ground next year, would compete with PayPal's Venmo peer-to-peer, or P2P, payment platform, the Journal said. BULLISH TAKE: Citi analyst Ashwin Shirvaikar says his Buy thesis on PayPal is unchanged after the Journal's report regarding Apple's efforts. Apple is a "viable competitor in a crowded field," but its product is unlikely to change the near-term growth trajectory of PayPal's Venmo, Shirvaikar told investors in a research note. He keeps a Buy rating on PayPal with a $44 price target. BEARISH TAKE: Piper Jaffray analyst Gene Munster believes Apple's reported plans for a P2P payment offering sometime in 2016 will have limited to no impact on his model for the iPhone maker, but cautions that more mobile wallets offering P2P will add to the challenges facing PayPal's Venmo. The analyst believes the "real estate for all logos at the point-of-sale will be scarce and cluttered," noting that in addition to new entrants like Apple Pay, Samsung Pay, Google's (GOOG) Android Pay, JPMorgan's (JPM) Chase Pay, MCX/CurrentC and PayPal there are still legacy players such as Visa (V) Checkout, MasterCard (MA) Masterpass, and American Express' (AXP) Express Checkout. Munster thinks Venmo is a strong offering that will keep gaining share, but in addition to competition, he sees low interest rates hindering float income and thinks the value proposition for consumers and merchants remains "uncertain." The analyst keeps an Underweight on PayPal, which is the firm's equivalent of a "sell" rating, with a $30 target for its shares. PRICE ACTION: Shares of PayPal slipped 1.8% to close at $36.33 yesterday following the Journal's report. In pre-market trading, the stock fell another 1% to $36 per share.
06:12 EDTMS, JPMMorgan Stanley to offer wealth management clients savings accounts, Reuters says
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