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Stock Market & Financial Investment News

News Breaks
April 9, 2014
07:00 EDTBAC, INTCBofA, Intel fire 3K workers, leaving Costa Rica shocked, Bloomberg says
Bank of America (BAC) and Intel (INTC) have shocked Costa Rica’s government by announcing that they would fire about 3K workers in the country just two days after the opposition won a presidential runoff, according to Bloomberg, citing comments from an Intel spokesman and the head of Costa Rica’s foreign investment promotion agency. Reference Link
News For BAC;INTC From The Last 14 Days
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October 14, 2014
16:04 EDTINTCIntel reports Q3 PC Client Group revenue $9.2B, up 6% sequentially, up 9% YoY
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16:02 EDTINTCIntel reports Q3 gross margin 65%
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16:02 EDTINTCIntel sees Q4 revenue $14.7B, plus or minus $500M, consensus $14.49B
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16:01 EDTINTCIntel reports Q3 EPS 66c, consensus 65c
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15:29 EDTBACNotable companies reporting before tomorrow's open
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15:29 EDTINTCNotable companies reporting after market close
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15:14 EDTBACEarnings Preview: Bank of America to report after upbeat notes from analysts
Bank of America (BAC) is scheduled to report third quarter earnings before the open on Wednesday, October 15, with a conference call scheduled for 8:30 am ET. Bank of America is a financial services company. EXPECTATIONS: Analysts are looking for earnings per share of (9c) on revenue of $21.36B, according to First Call. The consensus range for EPS is (14c)-(5c) on revenue of $20.73B-$21.93B. LAST QUARTER: Bank of America reported stronger than expected second quarter results, as its net charge-offs dropped to $1.1B in Q2 from $1.4B in Q1 and $2.1B in Q2 of 2013. Its provision for credit losses tumbled to $411M from $1.2B in the same period a year earlier. The drop was driven by lower levels of delinquencies across its consumer lending portfolio, as well as improvement in its consumer real estate portfolios, the bank stated. Bank of America added that its net interest income was positioned to rise as interest rates increased.. The bank's investment banking pipeline remained strong, while the second half of 2014 "looks healthy," the bank's CEO said. On August 6, the bank increased its quarterly dividend to 5c per share from 1c per share. On August 21, Bank of America announced that it had reached a $16.65B settlement with the Department of Justice and state Attorneys General on charges related to its residential mortgage-backed securities and collateralized debt obligation businesses. On September 10, the bank said its credit quality continued to improve, while most of its exposure to legacy mortgages had been eliminated. PEER RESULTS :Three large banks reported their Q2 results today. Citigroup (C) reported stronger than expected Q3 results today, while Wells Fargo's (WFC) results were roughly in-line with expectations. JPMorgan's (JPM) profit beat expectations, but its revenue came in slightly lower than expected. JPMorgan reported that its consumer and business banking deposits had risen 9%, and it lowered its fiscal 2014 charge-off guidance. The global economy faces challenges, but the U.S. economy is steadily improving, the bank stated. Citi said that its net credit losses had tumbled 14% from year ago levels, while its book value per share had risen 4% versus the same period a year earlier. Citi added that its consumer banking revenue was continuing to grow. As for Wells Fargo, the bank released $300M of its reserves due to improved credit quality, and said that it continued to sees signs of an improving economy. However, the bank added that its net interest margin had fallen to 3.06% from 3.15% as of June 30. STREET RESEARCH: On October 2, UBS upgraded Bank of America to Buy from Hold. The bank should be under less pressure than its peers to raise the interest rates it pays on deposits as the Federal Reserve starts to increase rates, the firm believes. Research suggests that holders of deposit accounts at Bank of America are less sensitive to rates than holders of deposit accounts at other banks, the firm explained. This situation should enhance the bank's ability to benefit from rising interest rates, according to UBS, which raised its price target on the shares to $20 from $16.80. On September 8, Goldman Sachs upgraded Bank of America to Buy from Neutral. The bank's business mix has improved significantly, as it has begun obtaining a greater percentage of its revenue from more profitable businesses, Goldman stated. Consequently, the bank's earnings per share volatility has decreased, Goldman believes. The firm increased its price target on the shares to $19 from $17. On September 20, Barron's echoed Goldman's enthusiasm, saying that Bank of America's earnings per share could hit $2 by 2017, up from an estimated 75c this year, while its cumulative dividends between now and 2017 could reach $1 per share. The stock could be worth $25 by 2017, the magazine stated. PRICE ACTION: Bank of America's stock is up 15% in the last year, but it is down 1.5% in the last month.
15:02 EDTBACBank of America October 16.5 straddle priced for 3.6% move into Q3
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14:47 EDTBACBank of America technical comments ahead of earnings
The shares have outperformed the broader averages in the last three months, trading up over 5%. The trend in the shares has been bullish with relatively low volatility. In technical terms the short-term and intermediate-term picture is bullish. On a longer-term basis however, the stock is at an interesting juncture. On a 5-year chart, the last 2.5 years to present are a mirror of the period from 5 years to 2.5 years ago. That puts the stock right back at resistance levels from early 2010. The key for the stock now is either breaking through resistance at the $18.50 area, or, fading. A breakout above $18.50 on strong news and a positive outlook would be very long-term bullish for share price. Resistance above $18.50 is at $18.99. Equally, news that fails to push the stock above that area could be a catalyst for a resumption of consolidation as traders await another upside catalyst. Support in that event is at $15.45, $14.98, and $14.02.
14:45 EDTINTCEarnings Preview: Intel to report after Microchip correction warning
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12:31 EDTINTCIntel October 32.5 straddle priced for 6% move into Q3
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11:39 EDTINTCIntel technical comments ahead of earnings
The shares have outperformed the broader averages over the last three months. Removing today's bounce, the stock has been flat against the down performance of the averages. The trading pattern for the stock when viewed with a three-month window has been up sharply, sideways, and down sharply. That doesn't leave a great deal of room for trend interpretation other than traders being cautious into results. When we pull back to a 1-year view, the technical picture is strikingly different. Almost all of the gains in shares this year, up over 34% excluding today, has come since the early summer. That sharp rise then developed into a bearish rounding formation viewed on a closing basis. On an OHLC chart, the formation instead is an Island Top. That is, a bullish gap, the sideways move previously described, and a bearish gap from yesterday. That leaves the price action of the last several months isolated, an island, within the context of the longer term uptrend. Island Tops are usually considered extremely bearish on a technical basis, suggesting the up move has exhausted itself in a blow-off. If the news on earnings and outlook supports this bearish price interpretation, there could be significant downside risk. Levels to watch on the downside would be at $31.80, the bottom of the bullish gap from July, $30,03, and $28.10, the bottom of the bullish gap from June. A break below $28 might leave the shares back in the $24 to $26 range characteristic of the price action at the start of the year. If the news is positive, the first major resistance is at the 52-week high at $35.56 and then at $37.15.
10:10 EDTINTCChip makers rise following Skyworks positive preannouncement
Shares of a number of semiconductor makers are climbing after one of the companies in the sector, Skyworks (SWKS), preannounced stronger than expected results. WHAT'S NEW: Skyworks, which develops chips for cell phones, raised its fourth quarter earnings per share outlook to $1.08 from $1.00. Analysts' consensus estimate was $1.01. The chip maker increased its Q4 revenue guidance to $718M from $680M. Analysts' consensus estimate was $679.5M. "Skyworks’ upwardly revised outlook demonstrates the broad-based strength of our business and our ability to capitalize on positive underlying market trends to connect everyone and everything, all the time,” said Skyworks CEO David Aldrich. "These multi-year technology trends are setting the stage for us to outperform the broader semiconductor industry in the December quarter and for the foreseeable future," the CEO added. WHAT'S NOTABLE: Skyworks' positive report comes less than a week after another semiconductor maker, Microchip (MCHP), preannounced lower than expected revenue and said it thought the sector had entered a correction. Semiconductor stocks have sold off sharply since Microchip's preannouncement and pessimistic comments. PRICE ACTION: In early trading, Skyworks surged 6.4% to $48.24, Intel (INTC) rose 1.5% to $31.94, NXP Semiconductors (NXPI) rose 1.2% to $54.55, STMicroelectronics (STM) advanced 2% to $6.82, and Avago Technologies (AVG) gained fractionally to $69.30.
07:24 EDTINTCIntel gains government ally in China with new deals, Reuters says
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06:29 EDTINTCTSMC and rivals racing to pack computer power in each chip, WSJ says
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October 13, 2014
16:02 EDTBACOptions Update; October 13, 2014
iPath S&P 500 VIX Short-Term Futures up 3.71 to 39.56. Option volume leaders: AAPL TSLA TWTR AMZN FB NFLX SUNE GILD BAC PBR according to Track Data.
07:19 EDTBACAmEx, Capital One profits seen boosted by credit card 'sweet spot,' WSJ says
Credit card players such as American Express (AXP) and Capital One (COF), as well as banks with significant card units like JPMorgan (JPM), stand to benefit from the U.S. card industry's "sweet spot" of moderate economic growth, low interest rates and consumers who are better managing payments while growing their spending, said The Wall Street Journal, which noted that consulting firm R.K. Hammer estimates U.S. card issuers' revenue will grow 9% this year to $158.6B. Other U.S. banks with credit card units include Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC) and other card companies include Visa (V) and MasterCard (MA). Reference Link
06:44 EDTBACRegulators seeking banks' auto loan data, Reuters reports
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00:04 EDTBACBanking regulators want more disclosure on auto loans, Reuters says
Banking regulators are requesting that banks provide more details on their auto loan portfolios, says Reuters. Balances remaining on auto loans are rising and about a fifth of the loans are subprime, added Reuters. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Capital One (COF), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
October 12, 2014
13:03 EDTBACBanks agree on derivatives procedures for future crisis scenario, WSJ says
Meeting at the Federal Reserve in Washington, top banking executives from 18 large U.S., European and Japanese banks agreed in principle to wait up to 48 hours before seeking to terminate derivatives contracts and collect associated payments from a troubled financial institution, says the Wall Street Journal. 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). Reference Link
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