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Stock Market & Financial Investment News

News Breaks
January 7, 2013
11:12 EDTUBS, STI, BAC, PNC, JPM, MET, C, WFCOCC says IFR settlement to speed recovery in nationís housing markets
The Office of the Comptroller of the Currency released the following statement by Comptroller of the Currency Thomas Curry regarding the settlement with 10 mortgage servicers subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing: "When we began the Independent Foreclosure Review, the OCC pledged to fix what was broken, identify who was harmed, and compensate them for that injury. While todayís announcement represents a significant change in direction, it meets those original objectives by ensuring that consumers are the ones who will benefit, and that they will benefit more quickly and in a more direct manner. We have learned a great deal from the reviews that have been conducted to date. However, it has become clear that carrying the process through to its conclusion would divert money away from the impacted homeowners and also needlessly delay the dispensation of compensation to affected borrowers. Our new course of action will get more money to more people more quickly, and it will speed recovery in the nationís housing markets."
News For BAC;C;JPM;WFC;MET;PNC;STI;UBS From The Last 14 Days
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September 28, 2015
06:20 EDTUBSCOMCO probing UBS, Julius Baer for metals market price fixing, AFP reports
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06:11 EDTCCiti upgraded to Buy from Hold at Jefferies
Jefferies analyst Ken Usdin upgraded Citi to Buy citing a better risk/reward following the recent pullback in shares. At current levels the stock is discounting bad news from the global macro slowdown, Usdin tells investors in a research note. Book value growth and better capital return should drive long-term value, the analyst argues. He cut his price target for Citi shares to $60 from $65. Credit Suisse analyst Susan Roth Katzk also upgraded Citi this morning to a buy. She has a $62 price target for shares. The bank closed Friday up $1.43 to $50.56.
05:40 EDTCCiti upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse analyst Susan Roth Katzke upgraded Citi to Outperform saying the current valuation more adequately reflects her concerns. Further, Citi has the "capacity for a material step up in capital return," Katzke tells investors in a research note. The analyst believes capital management and valuation will drive Citi shares higher in the near-term. She keeps a $62 price target for the stock. The bank closed Friday up $1.43 to $50.56.
September 27, 2015
13:50 EDTBACBank of America likely to increase dividend, buyback plans, Barron's says
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September 25, 2015
16:00 EDTBACOptions Update; September 25, 2015
iPath S&P 500 VIX Short-Term Futures up 66c to 25.09. Option volume leaders: AAPL NFLX BAC FB AU NKE PFE INTC AMZN TSLA
12:04 EDTCGlencore taps banks to help sell grains business, Bloomberg reports
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09:34 EDTBACActive equity options trading on open
Active equity options trading on open: AAPL BAC FB NKE NFLX PFE AU TSLA
07:33 EDTWFCGlobal Interdependence Center to co-host a discussion
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September 24, 2015
16:00 EDTBACOptions Update; September 24, 2015
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07:10 EDTC, JPM, WFC, BACBanks clash with regulators over energy lending, WSJ reports
Banks are fighting with regulators over loan reviews that might compress the flow of net credit to the oil patch, the Wall Street Journal reports. The disagreement is focused on the narrow issue of loans secured by oil and gas companies' reserves, but it highlights the point of how postcrisis regulation of the financial industry impacts sectors outside of Wall Street, the report says. Caught in between banks and regulators are the small and medium exploration and production companies that rely on credit lines using their energy reserves as collateral, the report says. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
September 23, 2015
16:00 EDTBAC, JPMOptions Update; September 23, 2015
iPath S&P 500 VIX Short-Term Futures down 53c to 23.81 Option volume leaders: AAPL NFLX BAC FB BABA DOW RIG MU FCX PBR XOM JPM
13:41 EDTCCiti to close remaining 17 branches in Massachusetts, Boston Globe reports
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06:43 EDTUBSUBS CEO: Mistakes, risks are acceptable, FT reports
UBS CEO Sergio Ermotti has advised his top managers to tell employees that taking more risks and making mistakes is okay, the Financial Times reports. Ermotti argues that there needs to be a "degree of tolerance" for mistakes, since various regulatory and criminal fears are stopping legitimate businesses from taking honest risks, the report says. Reference Link
September 22, 2015
17:22 EDTWFCOakland accusses Wells Fargo of mortgage discrimination, Reuters says
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16:36 EDTBACOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street began the session sharply lower and remained that way throughout the session. There was little in the way of buying as each of the major equity indexes slid over 1% and the market internals were decidedly negative. The auto industry and biotech sector were both notably weak, after the French government called for an investigation into the entire auto industry in the wake of the Volkswagen (VLKAY) emissions scandal and Democratic Presidential hopeful Hillary Clinton presented a plan to limit the cost of drugs for consumers. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.6% to 224.5 in July, which was better than the 0.4% rise that was expected. The Richmond Fed factory index fell to -5 in September, versus the reading of 2 that was expected. In Asia, the Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. COMPANY NEWS: Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... Bank of America (BAC) shareholders approved a proposal to ratify the 2014 amendments to the company's bylaws that permitted the board of directors to determine its leadership structure, meaning Brian Moynihan can retain his dual role as both Chairman and CEO... Shares of several fertilizer companies slid after Mosaic (MOS) announced it will reduce its potash production in response to current crop nutrient market conditions, primarily related to delayed fertilizer purchases in Brazil and North America. Shares of Mosaic finished the day down 7% at $33.87 following last night's announcement, while Potash (POT) fell 6.5% and Agrium (AGU) dropped 3.5%. MAJOR MOVERS: Among the notable gainers was Ashland (ASH), which advanced $2.78, or 2.6%, to $108.50 after announcing it will proceed with a plan to separate into two independent, publicly traded companies. Also higher was Weatherford (WFT), which gained 90c, or 10.7%, to $9.31 after cancelling plans for a public share offering, after which research firms Jefferies and Iberia both reiterated Buy-equivalent ratings on the stock. Among the noteworthy losers were Office Depot (ODP) and Staples (SPLS), which declined a respective 4% and 5.8% after the New York Post quoted a source as saying the FTC may move to block their merger plan. Also lower was Groupon (GRPN), which slipped 2.2% to $4.08 after announcing plans to cut 1,100 jobs related primarily to its international operations. ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell 7%, 5.5%, and 4.65%, respectively, following their quarterly earnings reports. INDEXES: The Dow fell 179.72, or 1.09%, to 16,330.47, the Nasdaq lost 72.23, or 1.5%, to 4,756.72, and the S&P 500 dropped 24.23, or 1.23%, to 1,942.74.
16:16 EDTMETMetLife raises share repurchase authorization to $1B
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16:00 EDTC, JPM, BACOptions Update; September 22, 2015
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10:36 EDTBACBank of America shareholders approve resolution on board leadership structure
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10:15 EDTBACBank of America shareholders vote to retain Brian Moynihan as both Chairman, CEO
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07:34 EDTBACDenver Gold Group to hold a forum
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