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Stock Market & Financial Investment News

News Breaks
February 4, 2013
07:39 EDTBAC, JPM, WFC, USBBank of America takes new mortgage course, WSJ reports
Bank of America (BAC) has cut back its mortgage business, but is still making a lot of money from it, reports the Wall Street Journal's. In the fourth quarter of 2012, BofA originated about $22B, about a third of what it produced in Q1 of 2011. The bank's gain-on-sale margin, or the revenue it books divided by the value of mortgages originated, was 4.33%, compared with about 2.85% at J.P. Morgan Chase (JPM), 2.56% at Wells Fargo (WFC) and about 2.13% at U.S. Bancorp (USB). The trouble is, BofA may be hard-pressed to sustain this performance, especially if interest rates on government bonds continue to rise. That will put more pressure on the bank to boost its share of the mortgage market so that it can maintain this revenue source, the Journal says. Reference Link
News For BAC;JPM;WFC;USB From The Last 14 Days
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October 14, 2014
08:08 EDTWFCWells Fargo reports $300M reserve release due to improved credit quality
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08:03 EDTWFCWells Fargo reports Q3 EPS $1.02, consensus $1.02
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06:47 EDTJPMJPMorgan: While challenges remain in recovery, US economy is exception
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06:46 EDTJPMJPMorgan reports Q3 Consumer & Business banking deposits up 9%
Reports Q3 credit card sales volume up 12%; Reports Q3 client investment assets up 16%. Reports Q3 Business Banking loan origination up 27%.
06:06 EDTJPMUKAR sells GBP 2.7B mortgage portfolio to JPMorgan consortium
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05:33 EDTJPMJPMorgan reports Q3 headcount 138,686 vs. 156,064 last year
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05:31 EDTJPMJPMorgan reports Q3 results included $2.96B in other expenses
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05:24 EDTJPMJPMorgan reports Q3 EPS 1.36, consensus $1.38
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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.
15:24 EDTJPM, WFCNotable companies reporting before tomorrow's open
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14:42 EDTJPMJPMorgan technical notes ahead of results
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13:40 EDTWFCWells Fargo October volatility increases into Q3 and guidance
Wells Fargo October call option implied volatility is at 31, November is at 20, January is at 19; compared to its 26-week average of 16 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on October 14.
12:42 EDTJPMJPMorgan Chase volatility increases into Q3 and guidance
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12:30 EDTJPMEarnings Preview: JPMorgan to report after disclosing massive security breach
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07:39 EDTJPMPharmaceutical Care Management Association to hold annual meeting
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07:19 EDTWFC, BAC, JPMAmEx, 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 EDTUSB, WFC, JPM, BACRegulators seeking banks' auto loan data, Reuters reports
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00:04 EDTWFC, JPM, BAC, USBBanking 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
17:34 EDTJPMJPMorgan to double spending on cybersecurity over next five years, WSJ says
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13:03 EDTBAC, JPM, WFC, USBBanks 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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