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Stock Market & Financial Investment News

News Breaks
April 21, 2014
06:51 EDTBAC, ICENYSE, BofA among those sued regarding high-frequency trading, Bloomberg says
Bank of America (BAC) and IntercontinentalExchange's (ICE) New York Stock Exchange were among many exchanges, brokerages and traders that were sued regarding high-frequency trading by the city of Providence, Rhode Island, over allegations they rigged securities markets to divert billions of dollars from buyers and sellers of shares, reported Bloomberg. Reference Link
News For BAC;ICE From The Last 14 Days
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December 16, 2014
07:20 EDTBACBank of America volatility elevated at 25
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December 15, 2014
16:14 EDTBACBank of America initiated with a Buy at Guggenheim
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10:13 EDTBACBank of America reports November default rate 3.08% vs. 2.81% last month
Reports November delinquency rate 1.91% vs. 1.94% last month.
09:20 EDTBACFirst South Bancorp completes purchase of nine branches from Bank of America
First South Bancorp (FSBK), the parent holding company of First South Bank, announced that the bank has completed its acquisition of nine branch banking operations in eastern and central North Carolina from Bank of America (BAC). The purchase was finalized and the branches were converted to First South Bank branches during the weekend of December 12-14 and opened for business as First South Bank branches Monday morning, December 15.
December 12, 2014
07:21 EDTBACBofA/Merrill to hold a discussion
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December 11, 2014
10:17 EDTBACFINRA fines Barclays Capital, Citigroup Global Markets, others $43.5M total
FINRA announced that it has fined 10 firms a total of $43.5M for allowing their equity research analysts to solicit investment banking business and for offering favorable research coverage in connection with the 2010 planned initial public offering of Toys"R"Us. FINRA fined the following firms. Barclays Capital (BCS) - $5M; Citigroup Global Markets (C) – $ 5M; Credit Suisse Securities (CS) – $5M; Goldman, Sachs & Co. (CS) – $5M; JP Morgan Securities LLC (JPM) – $5M; Deutsche Bank Securities Inc. (DB) – $4M; Merrill Lynch, Pierce, Fenner & Smith Inc. (BAC) – $4M; Morgan Stanley & Co., LLC (MS) – $4M; Wells Fargo Securities, LLC (WFC) – $4M; Needham & Company LLC – $2.5M. In addition, FINRA found that six of the 10 firms — Barclays, Citigroup, Credit Suisse, Goldman Sachs, JP Morgan and Needham — had inadequate supervisory procedures related to research analyst participation in investment banking pitches. Toys"R"Us and its sponsors offered each of the 10 firms various roles in the IPO but it eventually decided not to proceed with the offering. In settling this matter, the 10 firms neither admitted nor denied the charges, but consented to the entry of FINRA's findings.
07:24 EDTICEIntercontinentalExchange not currently planning to sell NYSE, Reuters reports
Intercontinental Exchange CEO Jeffrey Sprecher said there are no immediate plans to sell the New York Stock Exchange, Reuters reports, citing comments made at a Goldman Sachs conference. Sprecher said the NYSE could have the fastest EPS growth of all the businesses ICE operates, and expects it will become more profitable as a result of ongoing restructuring. Reference Link
December 10, 2014
16:00 EDTBACOptions Update; December 10, 2014
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12:24 EDTBACOn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory and have remained there throughout the morning. The averages have moved in a narrow range as the price of crude continues to fall. Near noon, WTI crude was down another 5% to roughly $60 per barrel. The weakness is effecting equities, as investors are concerned the oil price weakness is indicative of the slowing global economy. ECONOMIC EVENTS: In the U.S., House and Senate lawmakers reportedly reached a deal on a nearly $1.1T bill to fund most of the government through September and avert a shutdown. The EIA estimated crude oil supplies grew 1.5 Mmbbls last week, while consensus expected a 2.7 Mmbbls decrease. The Treasury budget statement for November is expected at 2:00 pm ET, with the consensus expectation for a deficit of $63B. COMPANY NEWS: Shares of JPMorgan (JPM) declined 2% after guidelines proposed yesterday by the Federal Reserve would likely result in the firm managing to a higher capital buffer. Additionally, JPMorgan CFO Marianne Lake, speaking earlier at a Goldman Sachs conference, said the bank sees its Q4 reported markets revenues down by a "high teens" percentage and that its "core" markets performance in Q4, excluding the sale of physical commodities and allocation of preferred dividend expense, is indicated down 4% to-date compared to last year's quarter. Lake became the latest bank executive to discuss a Q4 trading slump, after Bank of America (BAC) CEO Brian Moynihan, speaking yesterday at the same financial conference, said the bank expects its Q4 trading revenue to be down on both a linked-quarter and year-over-year basis. Also yesterday, Citigroup (C) CEO Michael Corbat estimated that the bank's Q4 markets revenue would be down year-over-year by about 5%. MAJOR MOVERS: Among the notable gainers was Analogic (ALOG), which rose 12% after the company reported better than expected quarterly earnings. Also higher was Novadaq (NVDQ), which gained 11.5% after the company signed a multi-year distributor agreement with LifeNet Health that analysts at Canaccord said could potentially be a big deal and materially help its near and long-term prospects. Among the noteworthy losers was Yum! Brands (YUM), which dropped nearly 5% after the owner of the KFC, Pizza Hut and Taco Bell brands issued a negative preannouncement on its China business and provided lower than expected 2015 EPS guidance. Also lower were shares of Krispy Kreme (KKD), which sunk 8% after the donut maker reported weaker than expected earnings and revenue. INDEXES: Near midday, the Dow was down 164.41, or 0.92%, to 17,636.79, the Nasdaq was down 32.79, or 0.69%, to 4,733.68, and the S&P 500 was down 17.43, or 0.85%, to 2,042.39.
11:03 EDTBACJPMorgan drops 2% after CFO talks down Q4 numbers
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December 9, 2014
16:19 EDTICEAMD announces move to NASDAQ
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16:00 EDTBACOptions Update; December 9, 2014
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14:57 EDTBACFed to propose rulemaking on risk-based capital surcharges for GSIB banks
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14:42 EDTBACFed sees setting capital surcharge up to 4.5% for big U.S. banks, Bloomberg says
Bloomberg cites surcharge estimates in Federal Reserve staff memo. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).
09:38 EDTBACActive equity options trading
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09:15 EDTBACBank of America sees Q4 sales and trading revenue down linked-quarter, y/y
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December 8, 2014
16:00 EDTBACOptions Update; December 8, 2014
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15:08 EDTICEIntercontinentalExchange sees EUR 96.8M proceeds from sale of Euronext stake
Intercontinental Exchange announced the pricing of the placement of 4.2M shares in Euronext, representing approximately 6% of Euronext’s share capital, by way of an accelerated book-building to institutional investors. The gross proceeds to ICE from the sale amount to EUR 96.8M. Following the sale, which is expected to close on December 11, ICE will no longer hold any of Euronext’s shares or voting rights and the transaction marks the final exit from Euronext by ICE initiated in 2014, the company said.
11:41 EDTICEIntercontinentalExchange to sell remaining shares in Euronext
Intercontinental Exchange announced its intention to sell approximately 4.2M shares in Euronext N.V., representing approximately 6% of Euronext’s share capital, by way of an accelerated book-building to institutional investors. Following the sale, assuming all shares are sold, ICE will no longer hold any of Euronext’s share capital and voting rights. This transaction marks the final exit from Euronext by ICE, in line with its previously announced strategy. ICE received a waiver of the lock-up agreement entered into at the time of the Euronext initial public offering in June 2014, which was due to expire on December 21. The shares will be offered by way of a private placement to institutional investors. The book-building will commence immediately. ICE reserves the right to close the books at short notice. Pricing and allocations will be determined at the conclusion of the offering and are expected to be announced in a separate press release.
06:35 EDTBACValue of Wall Street's M&A bankers has risen, NY Times says
The value of Wall Street's bankers who advise large companies seems to be increasing, while traders are becoming less valuable, according to The New York Times. Bankers who work on M&A deals are expecting their bonuses to increase, while traders anticipate that their compensation will drop, the newspaper added. Furthermore, banks seem to be going the extra mile to hire top notch bankers, the newspaper stated. Publicly traded large banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
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