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Stock Market & Financial Investment News

News Breaks
November 14, 2012
16:28 EDTSEE, JPM, MS, AIGAppaloosa 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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January 14, 2015
07:05 EDTJPMJPMorgan reports Q4 mortgage originations improved sequentially
CEO Jamie Dimon said: “Our businesses continue to demonstrate strong momentum and expense discipline. Consumer & Community Banking delivered impressive growth in deposits and investment assets in the fourth quarter and throughout 2014, while outperforming its expense reduction target for the year. Mortgage originations improved sequentially in the fourth quarter, despite a seasonally slow quarter. Our Card business delivered double-digit sales volume growth, outpacing the industry for the 27th consecutive quarter. Auto had a good quarter and the pipeline remains strong. The Corporate & Investment Bank saw strong performance in fees, maintaining its #1 position in Global IB fees in 2014 with particular strength in Europe, although Markets remained somewhat challenged. Commercial Banking grew period-end loans 8% versus the prior year and Commercial Banking clients generated record investment banking revenues for the quarter and the year. Lastly, Asset Management had over $80B of net long-term inflows for the second consecutive year and overall AUM grew 9% this quarter compared to the prior year.”
07:03 EDTJPMJPMorgan reports Q4 provision for credit losses $840M
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07:00 EDTJPMJPMorgan reports Q4 EPS $1.19, consensus $1.31
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06:45 EDTJPMJPMorgan downgraded to Underweight from Neutral at HSBC
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January 13, 2015
16:24 EDTAIGOn The Fly: Closing Wrap
The Wall Street averages spent time in both positive and negative territory during the session, before closing a bit below where they'd started the day. The market opened sharply higher after Alcoa’s (AA) better than expected report gave some optimism about the upcoming earnings season. The early move higher came despite oil continuing its slide. The major averages saw their highs shortly after the open and then began to drift slowly lower. By mid-afternoon the market was in the red, though the equity averages eventually made it briefly back into positive ground, but failed to hold those narrow gains into the close. ECONOMIC EVENTS: In the U.S., the NFIB small business optimism index for December came in at 100.4, which was stronger than the expected 98.5 reading. The JOLTS report showed job openings increased 142K to 4.972M in November, beating the 4.85M consensus forecast. Treasury posted a $1.9B surplus in December, which was a bit below the expected surplus of $3B. Also of note is the fact that the U.S. and European benchmarks of WTI and Brent crude were at parity for the first time since 2013 during the session, with both trading near $46 per barrel for a time. COMPANY NEWS: KB Home (KBH) reported better than expected revenue and higher orders in its fourth quarter, but the stock declined $2.70, or 16.29%, to $13.87 after CEO Jeffrey Mezger warned on the associated earnings call that margins could drop "significantly" in its current quarter from the levels seen last year. KB's margin outlook, which it blamed on rising costs, heavier use of incentives and a sequential decline in average selling prices, dragged down peers in the housing space as well. D.R. Horton (DHI), the biggest homebuilder by market cap, finished the day down $1.26, or 4.83%, to $24.82, while PulteGroup (PHM) also slid $56c, or 2.47%, to $22.13... MetLife (MET) said it will sue to oppose the U.S. Financial Stability Oversight Council’s designation of the insurer as a SIFI, or "systemically important financial institution." The life insurer called the label premature and said it has offered “substantial and compelling evidence” that it isn’t a SIFI. Wells Fargo said it thinks it is appropriate for MetLife to challenge the ruling, though the firm does not presently see a Dodd-Frank provision that enables an entity to shed its designation. Wells added that a MetLife victory would have no impact on either AIG (AIG) or Prudential (PRU), which did not challenge their SIFI designations before their windows closed. MAJOR MOVERS: Among the notable gainers was Emulex (ELX), which rose $1.21, or 20.86%, to $7.01 after the company issued better than expected guidance on its second quarter results. Also higher was McGraw Hill Financial (MHFI), which jumped $5.13, or 5.98%, to $90.89 after reports said the company's Standard & Poor’s rating unit was in talks about a potential $1B settlement to its fight with the Justice Department and state attorneys general over allegations of inflating credit ratings on mortgage investments preceding the financial crisis. Among the noteworthy losers was ChannelAdvisor (ECOM), which plunged $11.32, or 53.52%, to $9.83 after its fourth quarter revenue warning prompted no less than eight downgrades of the stock by Street analysts. Also lower were shares of Ocwen Financial (OCN), which dropped $4.41, or 36.18%, to $7.78 after the Los Angeles Times reported that California is seeking to suspend the company's mortgage license in the state. Altisource Portfolio Solutions (ASPS), which is a related company to Ocwen, also declined $10.45, or 38.79%, to $16.49. Shares of GoPro (GPRO) fell $6.91, or 12.17%, to $49.87 after the Patently Apple blog reported that Apple (AAPL) was granted a patent for a camera system that specifically mentions the weaknesses of GoPro devices. INDEXES: The Dow fell 27.16, or 0.15%, to 17,613.68, the Nasdaq lost 3.21, or 0.07%, to 4,661.50, and the S&P 500 dropped 5.23, or 0.26%, to 2,023.03.
15:21 EDTJPMNotable companies reporting before tomorrow's open
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15:12 EDTMS, JPMU.S. Supreme Court decision gives homeowners leeway to rescind mortgage loans
In an unanimous ruling, the U.S. Supreme Court ruled on Jesinoski vs. Countrywide Home Loans that homeowners are allowed to rescind home mortgages within the three years allotted under the Truth in Lending Act of 1968 by providing written notice to his/her lender. The court ruled that the borrowers were not required to file suit against the lender, which the respondents, Countrywide, claimed. The notice of rescission was sufficient to clear the homeowners of any obligation to the loan, provided they do it within the allotted time. Countrywide Home Loans is a subsidiary of Bank of America (BAC). Other publicly traded companies in the banking space include Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
15:03 EDTJPMJPMorgan technical notes ahead of results
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14:20 EDTJPMJPMorgan January 58.5 straddle priced for 2.9% movement into Q4
14:02 EDTJPMEarnings Preview: JPMorgan to report results after upbeat analyst notes
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10:46 EDTAIGMetLife has only upside in challenging SIFI designation, says Wells Fargo
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07:44 EDTJPMNationstar, non-bank lenders could get boost from refis, WSJ says
As a decline in interest rates and a reduction in federal loan fees boosts refinancing activity, smaller banks and non-bank lenders, such as Quicken Loans, loanDepot, and Nationstar Mortgage (NSM), may be in a better position than large banks to benefit, said The Wall Street Journal. Publicly traded large U.S. banks include Bank of America (BAC), Citi (C), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
07:13 EDTAIGMetLife CEO could decide soon whether to file suit against U.S., WSJ reports
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07:05 EDTJPMJPMorgan volatility increases into Q4 and outlook
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January 12, 2015
10:00 EDTMSOn The Fly: Analyst Downgrade Summary
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09:33 EDTMSMorgan Stanley hires UBS U.K. investment banker Bishop, FT reports
Nick Bishop, a senior investment banker at UBS (UBS), will leave the company to join Morgan Stanley (MS), where he will become a managing director, sources tell The Financial Times. Reference Link
08:29 EDTMSMorgan Stanley downgraded at JMP Securities
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08:22 EDTJPMCiti may have more to gain than JPMorgan from break-up, WSJ says
Analysts have suggested that JPMorgan (JPM) could unlock investor value by breaking-up, but a Citigroup (C) break-up, while complicated, could be more compelling, according to The Wall Street Journal's "Heard on the Street" column. Reference Link
07:41 EDTJPMLarge banks' weakness creates attractive entry point, says Wells Fargo
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07:38 EDTMSMorgan Stanley downgraded to Market Perform from Outperform at JMP Securities
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