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Stock Market & Financial Investment News

News Breaks
February 12, 2014
04:55 EDTALL, ALL, Y, Y, PRE, PRE, MET, MET, XL, XL, AFG, AFG, VR, VR, LNC, LNC, AHL, AHL, AGII, AGII, HIG, HIG, WRB, WRBBofA/Merrill to hold a conference
2014 Insurance Conference is being held in New York on February 12-13.
News For ALL;HIG;AGII;AHL;LNC;VR;AFG;XL;MET;PRE;Y;WRB From The Last 14 Days
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April 22, 2015
10:02 EDTPREOn The Fly: Analyst Downgrade Summary
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05:49 EDTPREPartnerRe downgraded to Neutral from Buy at UBS
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April 20, 2015
16:02 EDTHIGHartford Financial names Kathy Bromage Chief Marketing, Communications Officer
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April 17, 2015
10:00 EDTPREOn The Fly: Analyst Downgrade Summary
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09:12 EDTAGII, PREIndustry bankers see Argo Group at potential takeout target, dealReporter says
Recently announced deals in the insurance space, such as PartnerRe’s (PRE) proposed merger with AXIS Capital (AXS) and the subsequent bid for PartnerRe from Exor, could provide "compelling logic" for a takeover of Argo Group (AGII), industry bankers told dealReporter, according to contacts.
April 16, 2015
17:11 EDTPREPartnerRe downgraded to Market Perform from Outperform at BMO Capital
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April 15, 2015
10:36 EDTMET, ALLBofA/Merrill U.S. credit analysts hold an analyst/industry conference call
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April 14, 2015
19:02 EDTPREAXIS Capital acknowledges Exor made unsolicited proposal for PartnerRe
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16:53 EDTPREOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street were mixed for the day, beginning the session in positive territory helped by better than expected earnings reports from JPMorgan (JPM), Johnson & Johnson (JNJ), and Wells Fargo (WFC). The early economic data was slightly below Wall Street expectations and became a headwind for the market. By the end of the first hour of trading the market had turned negative, and it spent the remainder of the day trading in mixed fashion. ECONOMIC EVENTS: In the U.S., retail purchases for March advanced 0.9%, bouncing up from a 0.5% decline in February. However, economists had predicted a 1.1% growth after improvements on last month's weather. The producer price index grew 0.2% for March, in line with consensus estimates. Core PPI grew 0.2% versus expectations of 0.1% growth. The International Monetary Fund's World Economic Outlook Report trimmed U.S. growth forecast to 3.1% from its previous outlook of 3.6%, while global forecast was left unchanged at 3.5%. COMPANY NEWS: Avon (AVP) surged 66c, or 8.24%, to $8.67 following a Wall Street Journal report that the company is exploring strategic alternatives, including potentially selling its North American business, though a Bloomberg report later in the day claimed the company is not conducting a formal sale process... Nokia (NOK) confirmed it is in "advanced discussions" to buy French telecom firm Alcatel-Lucent (ALU), prompting French President Francois Hollande to schedule meetings with leaders from both companies. Later in the day, the French government announced it supports the potential deal, with French Economy Minister Emmanuel Macron stating Nokia reassured officials by detailing "clear undertakings." Nokia fell 34c, or 4.1%, to $7.96 at the close, while Alcatel jumped 58c, or 13.33%, to $4.93. MAJOR MOVERS: Among the notable gainers was 58.com (WUBA), which rallied 33.52%, or $17.04, to $67.87 after the Financial Times reported the company has signed a memorandum of understanding to merge with rival classifieds service Ganji.com. Also higher was PartnerRe (PRE), which advanced 8.49% to $129.25 after EXOR proposed to acquire the company for $130.00 per share in cash, valuing PartnerRe at $6.4B. Following earnings, JPMorgan (JPM) advanced 1.56% to $63.04 after beating expectations, while Wells Fargo (WFC) fell 0.73% and Johnson & Johnson fell 0.03% after reducing its FY15 earnings guidance. Among the noteworthy losers was Arrowhead Research (ARWR), which tumbled 7.75% after Jefferies downgraded the stock to Hold and lowered its price target to $9 from $30. The firm said that while ARC-520 offers the potential for a Hepatitis B virus functional cure, it prefers to wait for multi-dosing data. Also lower was Norfolk Southern (NSC), which dropped 4.18% to $100.49 and was downgraded to Hold at TD Securities following first quarter guidance that fell below expectations. INDEXES: The Dow rose 59.66, or 0.33%, to 18,036.70, the Nasdaq lost 10.96, or 0.22%%, to 4,977.29, and the S&P 500 advanced 3.41, or 0.16%, to 2,095.84.
14:46 EDTPREPartnerRe says will review EXOR proposal to determine best course of action
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12:24 EDTPREOn The Fly: Top stock stories at midday
Stocks on Wall Street were mixed at midday despite better than expected headline earnings from JPMorgan (JPM), Wells Fargo (WFC) and Johnson & Johnson (JNJ). The market began the session in positive territory on the heels of those solid earnings reports, but the averages were unable to hold their early gains as the retail sales figures released during the pre-market trading session missed expectations. ECONOMIC EVENTS: In the U.S., retail purchases grew 0.9% in March, rebounding from a 0.5% decline in February. However, economists were expecting a more pronounced 1.1% advance in recovery from the prior month's weather driven weakness. The producer price index rose 0.2% in March, matching expectations. The core PPI, which excludes food and energy, grew 0.2% as well, versus expectations for it to have risen 0.1%. Business Inventories grew 0.3% in February, versus expectations for them to be up 0.2%. The International Monetary Fund, in its latest World Economic Outlook Report, trimmed its U.S. growth forecast to a 3.1% pace from its prior 3.6% view, but left its global forecast intact at a 3.5% rate. COMPANY NEWS: Shares of JPMorgan advanced 1.5% after its headline earnings per share topped expectations, even before accounting for 13c per share in aftertax legal expense that the bank identified as a "significant item." Conversely, fellow large bank Wells Fargo (WFC) slid 1.5% after its own report on first quarter results, despite the fact that its earnings and revenue both topped the consensus forecast... Shares of Johnson & Johnson (JNJ) were fractionally higher at midday after its first quarter earnings and revenue beat expectations. The multinational company, however, lowered its FY15 adjusted earnings outlook, citing further negative foreign currency movements... Nokia (NOK) and Alcatel-Lucent (ALU), in response to "recent media speculation," confirmed that they are in advanced discussions with respect to a potential full combination, which would take the form of a public exchange offer by Nokia for Alcatel. MAJOR MOVERS: Among the notable gainers was 58.com (WUBA), which jumped 25% after Financial Times reported the company has signed a memorandum of understanding to merge with peer Ganji.com to create one of the largest specialized online classified companies in China. Also higher was PartnerRe (PRE), which advanced nearly 9% to trade near $129.50 after Europe based investment company EXOR announced that it submitted a written proposal to acquire 100% of the common shares of the company for $130.00 per share in cash, valuing PartnerRe at $6.4B. EXOR said its all-cash proposal represents a 16% premium to the implied value per share of $112.53 for PartnerRe under the merger deal it has in place with AXIS Capital (AXS). Among the noteworthy losers was Arrowhead Research (ARWR), which tumbled over 6% after Jefferies downgraded the stock to Hold and cut its price target for shares to $9 from $30 after assuming coverage of the stock. The firm said that while ARC-520 offers the potential for a Hepatitis B virus functional cure, it prefers to wait for multi-dosing data. Also lower was Norfolk Southern (NSC), which fell nearly 6% and was downgraded to Hold from Buy at TD Securities after the railroad operator provided first quarter guidance that came in below analysts' consensus estimates. INDEXES: Near midday, the Dow was up 53.15, or 0.3%, to 18,030.19, the Nasdaq was down 16.19, or 0.32%, to 4,972.06, and the S&P 500 was up 2.20, or 0.11%, to 2,094.63.
11:55 EDTPREEXOR tops AXIS offer with $130 per share bid for PartnerRe
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11:44 EDTPREExor offers $130 per share, or $6.4B cash, for PartnerRe
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11:36 EDTPREPartnerRe offered $6.4B takeover offer from Exor, Bloomberg reports
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10:42 EDTMETWheeler retirement adds uncertainty to MetLife CEO succession, says Wells Fargo
Wells Fargo said the retirement of Metlife's President of the Americas Bill Wheeler was unexpected and adds uncertainty around the issue of CEO succession, since Wheeler was widely viewed as a possible successor to CEO Steve Kandarian. Wheeler's exit leaves the company with no clear front runner to next take up the CEO post, said the firm, which has an Outperform rating on Metlife shares.
10:01 EDTLNCOn The Fly: Analyst Upgrade Summary
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09:07 EDTAFGHC2 Holdings acquires American Financial Group long-term care insurance business
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09:04 EDTAFGAmerican Financial Group to sell run-off long-term care business to HC2 Holdings
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08:45 EDTLNCLincoln National upgraded to Buy from Neutral at BofA/Merrill
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08:36 EDTMETMetLife announces retirement of president of Americas Bill Wheeler
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