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Stock Market & Financial Investment News

News Breaks
March 14, 2014
14:39 EDTCS, BAC, JPM, HSBC, CBanks sued by FDIC over Libor rigging allegations, Bloomberg says
Over a dozen banks, including Bank of America (BAC), Citigroup (C) and Credit Suisse (CS), were sued by FDIC, which claimed that banks “fraudulently and collusively suppressed” the U.S. dollar London Interbank Offered Rate from 2007 to 2011, reported Bloomberg. JPMorgan (JPM) and HSBC (HSBC) may face an EU complaint as soon as next month from the bloc’s antitrust chief related to the Libor rigging case, the report noted. Reference Link
News For BAC;C;JPM;CS;HSBC From The Last 14 Days
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March 18, 2015
07:20 EDTHSBCU.S. considers 'tearing up' non-prosecution deals with banks, Bloomberg says
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07:10 EDTBACPlatts to hold a forum
11th Annual Steel Markets North America is being held in Chicago on March 17-18.
March 17, 2015
16:41 EDTJPMJPMorgan formally authorizes $6.4B equity repurchase program
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16:00 EDTCOptions Update; March 17, 2015
iPath S&P 500 VIX Short-Term Futures down 11c to 27.30. Option volume leaders: AAPL RIG MGM HTZ TWTR TSLA CY KO NFLX C according to Track Data.
14:37 EDTC, JPMCiti, Barclays near $800M settelement of forex suit, WSJ says
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13:40 EDTCSAmended settlement agreement announced between Credit Suisse, Freeport
On March 16, an Addendum to the Stipulation and Agreement of Settlement, Compromise and Release was entered into with respect to the consolidated stockholder derivative litigation captioned In Re: Freeport-McMoRan Copper & Gold (FCX) Derivative Litigation, C.A. No. 8145-VCN. The Addendum modifies the terms of the settlement in order to resolve potential derivative claims against Credit Suisse Securities (CS) in connection with its engagement to act as lead financial advisor to the Special Committee of the Board of Directors of Freeport-McMoRan with respect to the company’s 2013 acquisitions of Plains Exploration & Production Company and McMoRan Exploration Co., which potential claims were previously excluded from the settlement as set forth in the Stipulation and Agreement of Settlement, Compromise and Release filed on January 15. As set forth in the Addendum, the original settlement consideration will be increased by $16.25M, consisting of a $10M cash payment to the company by Credit Suisse, and a credit of $6.25M to be redeemable by the company in connection with future assignments Credit Suisse performs. The Supplemental Cash Amount, together with the original settlement amount, less plaintiffs’ attorneys’ fees and expenses as awarded by the Court of Chancery of the State of Delaware, will be distributed to the company’s stockholders as a special dividend. The settlement is subject to specified conditions, including final approval by the Court of Chancery of the State of Delaware. The settling defendants and Credit Suisse vigorously deny all allegations of wrongdoing or fault but entered into the settlement to avoid the costs and distraction of continued litigation.
13:10 EDTJPMJPMorgan could acquire Ocwen's Fannie MSR portfolio, IMF reports
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12:26 EDTCCitibank to exit custody business in Argentina following ruling, WSJ reports
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10:00 EDTCSOn The Fly: Analyst Downgrade Summary
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08:34 EDTBACBank of America reinstated with an Outperform at Raymond James
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07:15 EDTCCiti price target raised on positive news flow at Deutsche Bank
Deutsche Bank raised its price target for Citi (C) shares to $56 from $54 citing recent positive news flow around the sale of OneMain, the credit card deal with Costco (COST) and last week's stress test results. Deutsche notes the stock still trades at a 6% discount to tangible book. It keeps a Buy rating on Citi.
06:30 EDTCSCredit Suisse downgraded to Underperform from Neutral at Macquarie
Macquarie downgraded Credit Suisse to Underperform following recent share strength.
05:34 EDTJPMJPMorgan providing financial advice to UK government to fight dementia
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March 16, 2015
17:07 EDTCSCredit Suisse to pay Freeport McMoRan $10M to settle allegations, WSJ says
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16:00 EDTCOptions Update; March 16, 2015
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14:09 EDTCCiti reports February credit loss 2.55% vs. 2.30% last month
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14:08 EDTCS, HSBCEU regulator says time for fine-tuning, Reuters says
The Basel Committee on Banking Supervision believes the necessary bank regulatory framework is in place though some additional work must be done to finalize leverage ratio and capital floor rules, Reuters reported yesterday, citing statements by secretary-general William Coen at a financial conference in Doha. Coen added, "We're now at the state where we can take a step back and look to see how [the regulations] fit together," cautioning that further analysis must be data-driven but admitting that both banks and regulatory bodies were feeling "regulation fatigue." Publicly traded companies in the space include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Reference Link
10:22 EDTBACBank of America February default rate 2.98% vs. 2.93% last month
Reports February delinquency rate 1.86% vs. 1.83% last month.
08:28 EDTJPMJPMorgan reports February net credit losses 2.42% vs. 2.53% last month
Reports February delinquency rate 1.35% vs. 1.34% last month.
06:20 EDTJPMU.S.poised to charge JPMorgan hacking suspects, NY Times says
U.S. authorities probing last summer's cyberattack on JPMorgan are increasingly confident that they will be able to file criminal charges against perpetrators of the attack in coming months, according to The New York Times, which cited unnamed sources who have been briefed on the investigation. Several of the suspects are located in countries with whom the U.S. has extradition treaties, the newspaper explained. Reference Link
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