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Stock Market & Financial Investment News

News Breaks
March 4, 2013
05:55 EDTAIG, AIG, RE, RE, ALTE, ALTE, XL, XL, ACGL, ACGL, MMC, MMC, CNA, CNA, Y, Y, MET, MET, PRE, PREAssociation of Insurance and Financial Analysts to hold a conference
38th Annual Conference of AIFA is being held in Boca Raton, Florida on March 3-5.
News For AIG;MET;Y;CNA;MMC;ACGL;XL;ALTE;RE;PRE From The Last 14 Days
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January 26, 2015
08:53 EDTMETBig name mortgage investors take step toward Ocwen lawsuit, Reuters says
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08:50 EDTPREAXIS Capital to hold a conference call
Conference call to discuss $11B merger with PartnerRe is being held on January 26 at 8:30 am. Webcast Link
January 25, 2015
20:51 EDTPREPartnerRe Director David Zwiener to assume position of interim CEO
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20:43 EDTPREAXIS Capital, PartnerRe combination to have gross premiums written of $7B
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20:34 EDTPREAXIS Capital, PartnerRe to combine in $11B merger
AXIS Capital Holdings (AXS) and PartnerRe (PRE) announced that they have signed a definitive amalgamation agreement to create one of the world’s preeminent specialty insurance and reinsurance companies, with gross premiums written in excess of $10B, total capital of more than $14B, and cash and invested assets of more than $33B. The merger of equals has been unanimously approved by the boards of directors of both companies, and brings together market-leading insurance and reinsurance franchises that will benefit from increased scale and enhanced market presence. Under the terms of the transaction agreement, PartnerRe shareholders will receive 2.18 shares of the combined company’s common shares for each share of PartnerRe common shares they own and AXIS Capital shareholders will receive one share of the combined company’s common shares for each share of AXIS Capital common shares they own. Upon completion of the transaction, shareholders of PartnerRe and AXIS Capital will own approximately 51.6% and 48.4% of the combined company, respectively. PartnerRe Chairman, Jean-Paul L. Montupet will be non-executive chairman of the combined company. AXIS Capital CEO Albert A. Benchimol will serve as CEO of the combined company. The new company will have a 14-person Board of Directors, consisting of seven AXIS Capital directors and seven PartnerRe directors, including Messrs. Montupet and Benchimol. Current AXIS Capital Chairman, Michael A. Butt will continue to serve on the Board as Chairman Emeritus. Mr. Benchimol stated: “This transformational combination will leverage the complementary strengths of both companies and create an organization with the size and breadth to enhance product and service offerings, maximize growth opportunities, optimize portfolios, and deliver both economies of scale and capital efficiencies. The combined company will have three strongly positioned businesses – a top-five global reinsurer, a $2.5B specialty insurance underwriting business, and a highly successful and growing life, accident and health franchise – all with increased strategic flexibility. As a top five global reinsurer with leading positions in a number of specialty lines, we will be strongly positioned to turn the challenges presented by the structural changes in the reinsurance market into opportunities.”
20:29 EDTPREPartnerRe sees Q4 EPS $4.20-$4.60, may not compare to consensus $3.04
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January 22, 2015
09:03 EDTMETMetLife assigned favorable judge in SIFI case, says Sterne Agee
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January 21, 2015
05:12 EDTAIGAIG to acquire Laya Healthcare
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January 20, 2015
08:05 EDTAIGAerCap may consider stock buyback from AIG, Reuters says
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January 14, 2015
10:00 EDTCNA, ACGLOn The Fly: Analyst Upgrade Summary
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06:43 EDTACGLArch Capital upgraded to Outperform from Neutral at Macquarie
Macquarie upgraded Arch Capital to Outperform based on relative valuation, low prop-cat exposure, and growth. Price target is $69.
06:25 EDTCNACNA Financial upgraded to Outperform from Neutral at Macquarie
Macquarie upgraded CNA Financial to Outperform with a $43 price target given improving underwriting profitability in its commercial lines segment and improving market conditions.
January 13, 2015
16:24 EDTMET, AIGOn 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.
10:46 EDTMET, AIGMetLife has only upside in challenging SIFI designation, says Wells Fargo
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07:41 EDTMETMetLife CEO says SIFI designation could lead to higher costs for consumers
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07:33 EDTMETMetLife CEO: FSOC's designation of MetLife 'premature'
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07:32 EDTMETMetLife CEO says company 'not systemically important'
07:31 EDTMETMetLife to ask federal court to review SIFI designation
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07:30 EDTMETMetLife to ask federal court to review SIFI designation
07:13 EDTMET, AIGMetLife CEO could decide soon whether to file suit against U.S., WSJ reports
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