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Stock Market & Financial Investment News

News Breaks
January 17, 2013
16:25 EDTBA, C, BAC, BLK, KSWS, CBS, HLF, CLSNOn The Fly: Closing Wrap
Stocks on Wall Street were higher as better than expected domestic economic data pushed the market up at the open and investors continued to buy through the session. The S&P 500 and Dow hit five-year highs in the second half of the session, but closed just off their best levels... ECONOMIC EVENTS: In the U.S., weekly jobless claims fell to 335K, versus expectations for a relatively flat level at 370K. Housing starts surged 12.1% to 954K in December, which was better than expected, while building permits edged up 0.3% to 903K, which was in-line with forecasts. The day's lone disappointing data came from the Philly Fed, which had its manufacturing survey unexpectedly fall to -5.8, compared to consensus calls for a much smaller decline to a 6.0 reading... COMPANY NEWS: The FAA last night announced it was grounding all Boeing (BA) 787 flights until the safety of the plane's battery can be proven to the agency. Air India and EU flight regulators also joined the list of organizations that have grounded the Boeing plane, and while shares of Boeing opened lower, they advanced through the session and closed up 92c, or 1.24%, to $75.26... Financial giants Citigroup (C) and Bank of America (BAC) both reported earnings before today's open and shares of both banks lost ground on the day. Citigroup missed expectations and saw shares lose $1.24, or 2.92%, to $41.24, while Bank of America beat lowered EPS estimates but slid 50c, or 4.24%, to $11.28. BlackRock (BLK), however, advanced $9.76, or 4.39%, to $232.00 after it beat Street estimates and raised its dividend... MAJOR MOVERS: Among the notable gainers was K-Swiss (KSWS), which rose $1.52, or 47.65%, to $4.71 after agreeing to be acquired for $4.75 cash per share. Also higher were shares of CBS (CBS), up $3.01, or 7.93%, to $40.95 after announcing plans to convert its U.S. outdoor advertising business to a REIT and to seek to sell its outdoor operations in Europe and Asia. Among notable losers were shares of Herbalife (HLF), down $1.54, or 3.42%, to $43.52 after the company said it sees Q4 and FY12 EPS just above Street estimates and said it expects to begin repurchasing shares soon. Also lower were shares of Celsion (CLSN), down 79c, or 9.75%, to $7.31 following a downgrade to Sell at Brean Capital... INDICES: The Dow was up 84.79, or 0.63%, to 13,596.02; the Nasdaq was up 18.46, or 0.59%, to 3,136.00; and the S&P 500 was up 8.31, or 0.56%, to 1,480.94.
News For BA;C;BAC;BLK;KSWS;CBS;HLF;CLSN From The Last 14 Days
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August 21, 2014
09:37 EDTBACActive equity options trading on open
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09:20 EDTBACBank of America volatility expected to move on $16.65B settlement with DOJ
Bank of America volatility is expected to move on paying a $16.65B settlement with DOJ. Overall option implied volatility of 21 is below its 26-week average of 23 according to Track Data, suggesting decreasing price movement.
09:11 EDTBACSEC says Bank of America settles two cases
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09:09 EDTBACBofA settlement to reduce Q3 pre-tax earnings by approx. 43c per share after tax
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09:09 EDTBACBofA to pay $9.65B in cash, $7B worth of consumer relief in settlement
Borrower relief will be in the form of mortgage modifications, including first-lien principal and forbearance forgiveness and second-lien extinguishments, low- to moderate-income mortgage originations, and community reinvestment and neighborhood stabilization efforts, with initiatives focused on communities experiencing, or at risk of, urban blight. This includes lien releases, uninhabitable and abandoned property demolition, and remediation and property donations. Also, Bank of America will support the expansion of available affordable rental housing. Bank of America has committed to complete delivery of the relief by no later than August 31, 2018. The consumer relief will be subject to oversight by an independent monitor.
09:07 EDTBACBofA to pay $16.65B in settlement with DOJ, state AGs
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09:03 EDTBACBank of America to pay $16.65B in settlement with DOJ, Bloomberg reports
08:41 EDTBACBank of America, DOJ settlement to be announced today, CNBC reports
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06:43 EDTBAC, CRegulators up bank warning efforts for poor risk assessment, Reuters says
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06:20 EDTCBSCBS seeking bigger share of pay-television revenue from affiliates, WSJ reports
CBS last week stripped an Indianapolis station of its affiliation due to a fee disagreement as it seeks a bigger share of pay-television revenue, reports the Wall Street Journal. The Indianapolis station's owner LIN Media (LIN) was set to be acquired by Media General (MEG) for $1.6B this year, but Media General cut its acquisition price Wednesday by 7%, or more than $100M, with the move from CBS cited as one of the reasons. According to Gabelli & Co., the lack of a CBS affiliation may cost the statio tens of millions of dollars in annual revenue to decline. Reference Link
August 20, 2014
18:29 EDTBACBofA, JPMorgan weigh plans to raise salaries for junior bankers, Bloomberg says
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17:12 EDTBACOn The Fly: Closing Wrap
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14:35 EDTBACBofA reaches $17B settlement over mortgage backed securities sales, AP says
Bank of America along with federal and state authorities agreed upon a $17B settlement for the bank in connection with the sale of mortgage-backed securities in the run-up to the 2008 financial crisis, says AP. Reference Link
14:20 EDTBACBofA reaches $17B settlement over mortgage backed securities sales, AP says
08:38 EDTBACRevolution Lighting enters loan, security agreement with BofA
Revolution Lighting (RVLT) announced that it has entered into a three year loan and security agreement with Bank of America (BAC). The agreement allows Revolution Lighting to borrow up to $25M on a revolving basis. Borrowings under the agreement are determined on specified percentages of eligible receivables and inventory, and bear interest either on the base rate plus specified margins or at LIBOR plus specified margins, at the election of Revolution Lighting. The loan provides Revolution Lighting with favorable interest rates with an initial interest rate of 3%. The agreement contains customary covenants and restrictions typical of these agreements.
06:17 EDTCCitigroup looks to sell Japanese retail banking unit, Reuters says
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August 19, 2014
16:45 EDTBABombardier shakes up commercial aircraft marketing division, WSJ says
Canadian transportation company Bombardier (BDRBF) has replaced its commercial aircraft marketing chief Philippe Poutissou with Ross Mitchell, says the Wall Street Journal. The moves come as part of a broader restructuring of Bombardier's marketing division as the company competes with Boeing (BA) and Airbus Group (EADSY), added the Wall Street Journal. Reference Link
13:08 EDTCCitigroup tells appeals court Agentina banking license at risk, Reuters reports
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12:14 EDTCCitigroup considers selling Japan retail-banking unit, WSJ reports
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06:20 EDTBACBofA COO transfers, senior manager assumes role, Bloomberg says
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