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Stock Market & Financial Investment News

News Breaks
June 17, 2014
07:28 EDTTSS, WMT, NTSP, AXP, JPMAmEx ramps up marketing for 'check alternative' cards, WSJ says
Crowing competition for affluent customers from the likes of JPMorgan (JPM) drove American Express (AXP) to launch Bluebird prepaid cards in partnership with Wal-Mart (WMT) and now AmEx is ramping up its marketing for the card it pitches as an alternative to checking accounts for consumers outside its traditional audience, said The Wall Street Journal. With its move to be a more "inclusive brand," AmEx has moved into territory previously dominated by players like Green Dot (GDOT) and NetSpend, which has been acquired by Total System (TSS), the report noted. Reference Link
News For AXP;WMT;JPM;NTSP;TSS From The Last 14 Days
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July 22, 2015
15:26 EDTAXPNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Qualcomm (QCOM), consensus 95... American Express (AXP), consensus $1.32... Texas Instruments (TXN), consensus 65c... Las Vegas Sands (LVS), consensus 61c... Crown Castle (CCI), consensus $1.06... Discover Financial (DFS), consensus $1.32... Tractor Supply (TSCO), consensus $1.11... SanDisk (SNDK), consensus 33c... SL Green Realty (SLG), consensus $1.56... Xilinx (XLNX), consensus 54c... Weatherford (WFT), consensus (12c)... F5 Networks (FFIV), consensus $1.60... United Rentals (URI), consensus $1.74... Fortinet (FTNT), consensus 9c... LaSalle Hotel (LHO), consensus 89c... Oceaneering International (OII), consensus 68c... Cheesecake Factory (CAKE), consensus 62c.
15:01 EDTAXPEarnings Watch: American Express reports after several 'top pick' mentions
American Express (AXP) is expected to report second quarter earnings after the close on July 22, with a conference call scheduled for 5:00 pm ET. American Express is a global financial services company specializing in credit card and pre-paid card products and services. EXPECTATIONS: Analysts are looking for earnings per share of $1.32 on revenue of $8.46B. The consensus range is $1.23-$1.41 for EPS and $8.29B-$9.01B for revenue, according to First Call. LAST QUARTER: On April 16, American Express reported first quarter EPS of $1.48 against expectations for $1.37, and revenue of $7.95B versus estimates of $8.21B. The company reported ROE of 29% and guided towards flat to modestly down FY15 EPS as it ramps investments to offset the March 2016 expiration of its Costco (COST) partnership. NEWS: On May 12, American Express authorized the repurchase of up to 150M company shares while also raising its dividend 12% to 29c per share. During the Bernstein Strategic Decisions Conference on May 28, company executives remarked that a "range" of co-brand deals would be coming up for American Express, adding that the loss of the Costco contract was not the "be-all, end-all" for the company. On June 17, Reuters reported that a U.S. appeals court affirmed a prior ruling that American Express can no longer block businesses from steering customers towards competitor cards, such as those of Visa (V) or Mastercard (MA). STREET RESEARCH: On April 27, Nomura downgraded American Express to Neutral from Buy, citing minimal upside to 2015 and 2016 estimates amid a lack of near-term catalysts. Meanwhile, Bernstein upgraded the stock to Outperform from Market Perform on May 6. On May 18, Deutsche Bank reiterated a Buy rating and $90 price target on American Express shares, saying it sees a $750M-$850M annual revenue opportunity through the "Plenti" loyalty program coalition. On June 2, Bernstein said it expects credit card volumes to grow 10%-12% annually over the next five years, adding that American Express, Capital One (COF) and Synchrony Financial (SYF) are its favorites in the sector. Following meetings with American Express executives, Citi called American's risk/reward ratio "attractive" on June 4, and on July 8, Deutsche Bank said it was positive on credit card stocks going into second quarter earnings, with American Express named a top pick. PRICE ACTION: Shares of American Express are near flat to $78.96 ahead of Wednesday's earnings report.
13:25 EDTWMTWal-Mart to end overnight hours at certain stores, Bloomberg reports
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10:55 EDTAXPAmerican Express technical notes ahead of results
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08:38 EDTWMTNRF cuts 2015 retail sales growth forecast to 3.5% from 4.1%
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06:09 EDTJPM4 arrested men suspected of JPMorgan hacking, NYT reports
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July 21, 2015
19:23 EDTJPMJPMorgan Chase to expand into Washington D.C., NY Post says
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16:13 EDTJPMJPMorgan releases results of 2015 Dodd-Frank Stress Test
Common Equity Tier 1 ratio would be 8.1% in severe adverse scenario and Tier 1 risk-based capital ratio would be 9.6%. Reference Link
13:07 EDTAXPAmerican Express July weekly volatility elevated into Q2 and outlook
American Express July weekly call option implied volatility is at 35, August is at 20, September is at 18; compared to its 52-week range of 12 to 28, suggesting large near term price movement into the expected release of Q2 results on July 22.
08:35 EDTJPMVarian Medical signs agreement to operate first proton facility in New York
Varian Medical Systems (VAR) announced that it has entered into an agreement with New York Proton Management, a consortium of leading New York healthcare institutions including Memorial Sloan Kettering Cancer Center, Mount Sinai Health System, Montefiore Health System, and ProHEALTH Medical Management formed to operate The New York Proton Center, the first proton facility in New York State. Varian will provide the center, which will have four treatment rooms and a research room, with its ProBeam system, as well as 10 years of service for approximately $115M. The center, which will be located in Manhattan, is expected to open for treatment in the first half of 2018. Varian expects to book the equipment portion of the order in Q4 with the remainder of the order to be booked in accordance with the company's policies over the term of the agreement. Under an agreement with MM Proton I, LLC, the project developer, Varian's international subsidiary in Switzerland will provide $91.5M in project financing, including a six-and-half-year $73M senior first lien loan at 9% interest and a six-and-half-year $18.5M subordinate loan at up to 13.5% interest. Other lenders for the $242.7M in total project loans include JPMorgan Chase Bank (JPM) and an affiliate of The Goldman Sachs Group (GS). The project facility is managed by Murphy & McManus, a Boston-based developer of healthcare and life science facilities and Norton Travis of NLT Advisors served as project coordinator on behalf of the consortium.
July 20, 2015
13:46 EDTWMTAmazon seen eclipsing Macy's as top U.S. clothing retailer
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13:03 EDTJPMFed proposes final rule on capital surcharges for largest U.S. banks
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07:16 EDTJPMJPMorgan boosts Spanish bond holdings amid Greek deal, Bloomberg says
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July 19, 2015
19:12 EDTJPMFederal Reserve proposes changes to 'stress test' regulations
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18:27 EDTJPMJPMorgan agrees to pay $388M in mortgage-backed securities case, Reuters says
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July 17, 2015
16:41 EDTJPMStocks end week higher as Google, Greece bring out the buyers
Stocks ended the week higher and the major averages are back at record highs after Iran agreed to a nuclear deal, Greece's parliament paved the way for the country to receive another bailout by agreeing to new austerity measures and Google (GOOG) gave investors hope that earnings from tech's other heavyweights will be similarly better than expected. MACRO NEWS: In the U.S., retail sales unexpectedly fell 0.3% in June, versus the consensus forecast for growth of 0.3%. The producer prices index showed prices rose 0.4% in June, versus expectations for an increase of 0.2%. The consumer price index rose a seasonally adjusted 0.3% in June from a month earlier, matching the consensus forecast. Compared with last year, consumer prices rose 0.1%, marking the first annual increase since December. Housing starts rose 9.8% to a 1.17M rate in June and building permits rose 7.4% to a 1.34M pace, both of which topped expectations. The NAHB homebuilder sentiment index for July came in at 60, a point better than forecast. The University of Michigan's consumer sentiment reading dropped to 93.3 in the preliminary July figure, which was below the 96.0 reading that was expected. During testimony before Congress, Federal Reserve Chair Janet Yellen stayed on message, stating that the central bank is on track to raise record-low interest rates this year, so long as the labor market and the economy keep improving... In China, exports rose 2.1% from a year earlier during June and imports dropped 6.7%, leaving a trade surplus of $45.8B for the month, the nation's customs administration reported. The nation's GDP was reported to have grown 7% in the second quarter from a year earlier, beating the consensus expectation for growth of 6.8%... In Europe, Greek lawmakers passed the country's austerity agreement and Euro-area finance ministers reportedly agreed in principle to extend a bridge loan to Greece. The loan should help keep Greece afloat while its Prime Minister negotiates the details of the country's latest bailout... Iran reached a deal on restrictions and inspections intended to prevent it from developing nuclear weapons in exchange for the lifting of economic sanctions by six world powers. The agreement still faces a political fight in the U.S. before taking effect, but President Barack Obama has vowed to veto any congressional effort to block its implementation. COMPANY NEWS: Class A shares of Google (GOOG, GOOGL) surged at the end of the week after the search giant reported better than expected revenues and earnings in the second quarter. Research firms all over Wall Street raised their price targets on the stock in the wake of the report... Netflix (NFLX) rallied to a split-adjusted all-time high after the streaming service operator reported stronger than expected second quarter results, including higher than expected Q2 subscriber metrics, prompting a large number of research firms to raise their price targets on the stock... Many of the nation's largest banks reported on their results in the second quarter this week. JPMorgan (JPM), Bank of America (BAC) and Citigroup (C) all posted quarterly profits, excluding certain items, that beat the average estimates of analysts. Wells Fargo (WFC) reported earnings in-line with consensus estimates and revenue somewhat below expectations, while Goldman Sachs (GS) reported headline earnings that appeared to fall far short of the consensus forecast. However, that was due to Goldman's nearly $1.5B in provisions for litigation and regulatory matters. Excluding those provisions, the bank's earnings were ahead of consensus... On the M&A front, Receptos (RCPT) advanced after Celgene (CELG) announced a deal to buy the smaller drugmaker for $232 per share in cash, or a total of about $7.2B net of cash acquired. A number of research firms applauded the deal, especially noting the price Celgene agreed to pay, but cautioned that a rival bidder may still emerge for Receptos. Marathon Petroleum (MPC) gained after MPLX (MPLX), the company's fee-based master limited partnership, agreed to acquire MarkWest Energy (MWE) in a cash and stock deal that implies a total enterprise value for MarkWest of approximately $20B, including the assumption of debt of approximately $4.2B. Micron (MU) rose after The Wall Street Journal reported that China's state-owned Tsinghua Unigroup had offered to acquire the memory chip maker for $23B, or $21 per share... Shares of Twitter (TWTR) spiked Tuesday morning after a questionable takeover report was published on a website that mimicked, but had a different web address, than Bloomberg News. A Bloomberg spokesman said soon afterward that the Twitter takeover story being attributed to the news service was a fake, while a Twitter spokesperson also denied the report of an alleged deal... Macy's (M) jumped after Starboard CEO Jeffrey Smith called the stock his "best idea" for 2015, adding that the shares could be worth $125 each if the company takes steps to maximize the value of its real estate holdings. Amazon (AMZN) announced it sold more units on its first "Prime Day" than the biggest Black Friday ever and had more new members try its Prime service worldwide than any single day in company history. The e-commerce giant noted that its worldwide order growth increased 266% over the same day last year and 18% more than Black Friday 2014, adding that it will "definitely be" doing another Prime Day in the future. A number of semiconductor equipment stocks, including Applied Materials (AMAT) and Lam Research (LRCX), dropped after Intel (INTC) cut its capital expenditures guidance while reporting on its quarterly results. INDEXES: For the week, the Dow gained about 1.05% to close at 18,086.45, the Nasdaq advanced about 3.37% to close at 5,210.14, and the S&P 500 rose about 1.67% to close at 2,126.64.
14:00 EDTJPMEarnings Watch: Morgan Stanley rounds out quarterly results for financial firms
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07:45 EDTTSSTotal System should beat consensus in Q2, says Stephens
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July 16, 2015
16:00 EDTJPMOptions Update; July 16, 2015
iPath S&P 500 VIX Short-Term Futures down 1.17 to 16.52 Option volume leaders: NFLX AAPL BAC FB F INTC C EBAY AMZN GM JPM MU PFE BABA JD X
12:36 EDTAXPOakmark's Nygren lists American Express, Fiat Chrysler among new holdings
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