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Stock Market & Financial Investment News

News Breaks
March 14, 2013
19:11 EDTJPM, ULTA, CNP, BAC, GS, GLDD, COF, BBT, ARO, OGE, DFSOn The Fly: After Hours Movers
HIGHER: A number of financial companies, including Bank of America (BAC), up 3.2%, Discover (DFS), up 2.9%, and Capital One (COF), up 1.2%, advanced after the Federal Reserve approved their respective capital plans for 2013... CenterPoint Energy (CNP), up 4% after announcing a midstream partnership with OGE Energy (OGE)... DOWN AFTER EARNINGS: Great Lakes Dredge (GLDD), down 33% after reporting earnings, saying it would restate Q2 and Q3 revenue in its demolition segment, and announcing the departure of its COO... Ulta Salon (ULTA), down 10.8%... Aeropostale (ARO), down 7.3%... ALSO LOWER: Goldman Sachs (GS), down 1.8%, and JPMorgan (JPM), down 2.1% after the Federal Reserve said the companies need to submit new capital plans by the end of Q3 to address certain weaknesses... BB&T (BBT), down 2.9% after the Federal Reserve objected to some elements of its capital plan.
News For BAC;DFS;COF;CNP;OGE;GLDD;ULTA;ARO;GS;JPM;BBT From The Last 14 Days
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November 12, 2014
07:04 EDTBBTBB&T to acquire Susquehanna Bancshares for approximately $2.5B
BB&T (BBT) and Susquehanna (SUSQ) announced the signing of a definitive agreement under which BB&T will acquire Susquehanna in a cash and stock transaction for total consideration valued at approximately $2.5B.In connection with the acquisition, BB&T plans to establish three new banking regions encompassing certain markets in Pennsylvania and New Jersey. BB&T also plans to integrate its Baltimore region with Susquehanna's. These four regions are expected to be led by legacy Susquehanna executives. Under the terms of the agreement, which was approved by the boards of each company, shareholders of Susquehanna will receive as merger consideration 0.253 shares of BB&T common stock and $4.05 in cash for each share of Susquehanna common stock. The merger consideration is valued at $13.50 per share based on the average closing price of BB&T over the 45 trading days ending on November 10, 2014. BB&T expects to incur pre-tax merger and integration costs of approximately $250M and expects to achieve annual cost savings of approximately $160M. BB&T expects this acquisition to be accretive to earnings per share in the first full year excluding one-time charges and expects the transaction to exceed its IRR hurdle. This acquisition is subject to customary closing conditions including regulatory approvals and approval of Susquehanna shareholders.
07:02 EDTBBTBB&T to acquire Susquehanna Bancshares for approximately $2.5B
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07:02 EDTJPMJPMorgan makes changes in response to foreign exchange probe, Reuters says
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06:12 EDTJPMCFTC fines five banks $1.4B for manipulation of FX benchmark rates
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06:05 EDTJPMFCA fines five banks $1.7B over FX trading operations
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06:04 EDTJPMJPMorgan downgraded to Market Perform from Outperform at Bernstein
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November 11, 2014
14:30 EDTJPMBanks to be hit with billions in fines for currency manipulation, Telegraph says
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11:56 EDTBACAmerican Commercial weighs sale with value of over $1B, Financial Times says
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10:00 EDTCOF, JPMOn The Fly: Analyst Downgrade Summary
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07:49 EDTAROBofA/Merrill retail and consumer analysts hold analyst/industry conference call
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07:06 EDTGSMarkit Genpact KYC Services registers 600+ firms, appoints CEO
Markit Genpact KYC Services, the joint venture from Markit Ltd. (MRKT) and Genpact Ltd. (G) announced that more than 600 buyside firms and corporations are registered for its centralized service to streamline the management of know your customer information required by banks. Markit Genpact KYC Services also announced the appointment of Jon May as CEO. He joins Markit Genpact KYC Services from Goldman Sachs (GS) where he was a managing director and global head of client onboarding as well as head of Securities Operations and Operations Data Quality Management in India. Jon May will join Markit Genpact KYC Services in January 2015, based in London.
07:00 EDTCOFCapital One downgraded to Neutral from Buy at Nomura
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06:59 EDTBACBank of America's head of FICC trading to retire by year-end, WSJ reports
Bank of America's head of global fixed income, currencies and commodities trading trading, David Sobotka, will retire by year-end, the Wall Street Journal reports, citing an internal memo sent to employees. Sobotka is planning to take some time off before deciding on his next steps. Sources say BofA will name Sobotka's replacement by the end of the year. Reference Link
06:39 EDTJPMJPMorgan downgraded on valuation at Keefe Bruyette
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05:47 EDTJPMJPMorgan downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette downgraded JPMorgan to Market Perform with a $64 price target.
November 10, 2014
15:17 EDTJPMCFPB may require added disclosures on prepaid cards, WSJ says
The Consumer Financial Protection Bureau is expected to propose new rules later this week that will require more disclosure for prepaid debit cards and cracking down on allowing consumers to spend more money on the cards than they have, according to The Wall Street Journal, citing people familiar with the matter. The rules come as traditional financial institutions, such as JPMorgan (JPM) and American Express (AXP) have moved into the business and the industryís biggest players donít allow overdrafts so it is unclear whether the new rules will dent industry profits, the report said. Green Dot (GDOT) also does not permit overdrafts and Visa (V) recently excluded overdraft abilities in guidelines for its prepaid cards, the report added. Reference Link
07:08 EDTCOFCredit Suisse to hold a conference
2014 Boston Financials 1:1 Conference to be held in Boston on November 10-11.
06:53 EDTBACBank of America, U.S. Bancorp settle bond trustee class action, Reuters says
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06:46 EDTJPM, GS, BACRegulators set new capital buffer rule for banks, Reuters reports
Global banks should have buffers of bonds or equity worth 16%-20% of their risk-weighted assets, beginning in January 2019, The Financial Stability Board decided, according to Reuters. The board said the buffer would prevent the need for government bailouts, the news service explained. Publicly traded global banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) Wells Fargo (WFC), 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
06:18 EDTJPMUBS to settle misconduct allegations at precious metals trading unit, FT reports
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