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Stock Market & Financial Investment News

News Breaks
January 7, 2013
16:26 EDTRHHBY, SCTY, STI, WFC, WAC, ILMN, VVUS, PNC, JPM, NSM, ESI, USB, MET, C, BACOn The Fly: Closing Wrap
Stocks on Wall Street pulled back from the highs reached on Friday, when the week long rally fueled by the deal to avert part of the fiscal cliff drove the S&P 500 to its best level in five years. Banking news dominated today's headlines with multiple settlements announced related to the mortgage markets... ECONOMIC EVENTS: In the U.S. no market moving economic data was reported... COMPANY NEWS: Bank of America (BAC) confirmed deals to sell the servicing rights on about 2M residential mortgages with unpaid principal balances of approximately $306B to Nationstar Mortgage Holdings (NSM) and Walter Investment (WAC). Shares of Nationstar rose $5.60, or 16.85%, to $38.83 and those of Walter Investment advanced $3.63, or 8.24%, to $47.68, while BofA shares slid 2c, or 0.17%, to $12.09... Bank of America also announced it will repurchase $6.75B worth of residential mortgage loans it sold to Fannie Mae and will pay $3.6B to settle claims related to certain loans. Separately from BofA's settlement with Fannie Mae, the Federal Reserve and the Office of the Comptroller of the Currency announced a deal that will see ten mortgage servicing companies pay more than $8.5B in cash payments and other assistance to mortgage borrowers to settle claims related to loan servicing and foreclosure processing. The regulators listed Bank of America, Citibank (C), JPMorgan Chase (JPM), MetLife Bank (MET), PNC (PNC), SunTrust (STI), U.S. Bank (USB) and Wells Fargo (WFC) among those participating... In other banking news, the Basel Committee on Banking Supervision made it easier for banks to meet the new "liquidity coverage ratio" rule and delayed its full implementation until 2019... MAJOR MOVERS: Among the notable gainers was VIVUS (VVUS), up $1.12, or 8.15%, to $14.87, after the company reported Qsymia prescription information and was added to the U.S. 1 List at Merrill Lynch. Also higher were shares of SolarCity (SCTY), up $1.57, or 10.90%, to $15.97 after a number of research firms initiated coverage on the stock with Buy ratings. Among the noteworthy losers was ITT Educational (ESI), down $3.72, or 19.28%, to $15.57 after reporting that it has entered into a settlement agreement and release with Sallie Mae that will impact Q4 EPS by 56c. Also lower were shares of Illumina (ILMN), which dropped $3.86, or 7.06%, to $50.90 following comments over the weekend from Roche's (RHHBY) chairman indicating his company was no longer interested in acquiring Illumina... INDICES: The Dow was down 50.92, or 0.38%, to 13,384.29; the Nasdaq was down 2.85, or 0.09%, to 3,098.81; and the S&P 500 was down 4.58, or 0.31%, to 1,461.89.
News For BAC;NSM;WAC;C;JPM;WFC;MET;PNC;STI;USB;VVUS;SCTY;ESI;ILMN;RHHBY From The Last 14 Days
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May 15, 2015
07:50 EDTJPM, CDOJ tearing up prior UBS rigging settlement after new violations, WSJ reports
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07:09 EDTNSMHayman Capital gives quarterly update on stakes
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06:18 EDTJPMJPMorgan reports April Net Credit Losses 2.34% vs. 2.61% last month
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06:17 EDTBACBank of America CEO still struggles to move past financial crisis, WSJ reports
Five years into his job as Bank of America CEO, Brian Moynihan is still struggling to move past the financial crisis, which is testing his reputation as a "fixer" as well as the patients of investors who are concerned about his progress in turning the bank around, The Wall Street Journal reports. Reference Link
06:04 EDTESIITT Educational implied volatility of 190 at upper end of index
05:50 EDTMETMetLife initiated with a Neutral at Goldman
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May 14, 2015
16:54 EDTESIITT Educational says SEC case 'will not withstand judicial scrutiny'
ITT Educational disclosed the following in a filing: "On May 12, a complaint was filed by the SEC against ITT Educational Services and its CEO and CFO in the United States District Court for the Southern District of Indiana under the following caption: United States Securities and Exchange Commission v. ITT Educational Services, Inc., Kevin M. Modany and Daniel M. Fitzpatrick. The complaint relates to the matters addressed in the Wells notice that the company previously received and disclosed. The complaint is a civil enforcement action and alleges that the defendants engaged in a fraudulent scheme and course of business and made various false and misleading statements and omissions to defraud the company’s investors. The company was surprised by this action and disappointed that the Commission allowed this matter to go forward despite fundamental flaws in their case. The SEC does not credit the findings of the Audit Committee investigation that disputed key SEC allegations. The SEC ignored the fact that the very auditors that were allegedly 'misled' stayed on as the company’s auditors, even after being informed of the SEC’s allegations, and later delivered an audit opinion. Nowhere in the complaint is there a citation to a document or email that evidenced any intent to deceive anyone. The company believes that the SEC could not do so because there was no intent to deceive. The company believes there are many other major flaws in the SEC’s case. In essence, the company believes this is little more than a “fraud by hindsight” case that will not withstand judicial scrutiny. The company remains of the belief that any perceived shortcomings related to the complex accounting matters involved were acts taken in good faith and are being mischaracterized by the SEC as deception. Nevertheless, the company takes seriously the SEC action and will vigorously defend itself against the unjustified charges. Moreover, the company’s Board of Directors is heightening its oversight of the process leading up to the filing of the company’s late Form 10-K for 2014. It is expected that the Form 10-K with audited financials will be filed in a matter of weeks, though no assurance can be given that the current estimated timetable will be met."
16:00 EDTBACOptions Update; May 14, 2015
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09:31 EDTJPMJPMorgan to buy $45B in mortgage servicing rights from Ocwen
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09:31 EDTJPMJPMorgan to buy $45B in mortgage servicing rights from Ocwen
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09:22 EDTRHHBYLeerink pharma/biotech analysts hold an analyst/industry conference call
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06:51 EDTWFCWells Fargo looking to streamline operations, Charlotte Observer says
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06:49 EDTC, JPMBanks to pay several billion over alleged currency violations, NY Times says
Barclays (BCS), JPMorgan Chase (JPM), Citigroup (C) and the Royal Bank of Scotland (RBS) are expected to agree to pay a combined "several billion dollars" as part of a settlement with the U.S. over alleged foreign exchange rigging, according to The New York Times, which cited unnamed sources. The banks are also expected to plead guilty to criminal antitrust violations, but it is not anticipated that their operations will be significantly affected as a result of those pleas, the newspaper stated. Meanwhile, UBS (UBS) will pay a fine of up to $500M related to alleged "foreign currency misconduct," the newspaper stated. Reference Link
06:25 EDTMETStandard Chartered seeks buyers for Hong Kong pension unit, Reuters reports
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05:49 EDTESIStocks with implied volatility movement; ESI BRCM
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May 13, 2015
18:12 EDTRHHBYGenentech alectinib shrank tumors in about half of ALK-positive NSCLC patients
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17:04 EDTRHHBYGenentech announces interim results from POPLAR study
Genentech, a member of the Roche Group announced interim results from a global, randomized Phase II study, POPLAR, in people with previously treated non-small cell lung cancer, NSCLC. The study showed the investigational cancer immunotherapy MPDL3280A doubled the likelihood of survival; hazard ratio [HR]=0.47) in people whose cancer expressed the highest levels of PD-L1 compared with docetaxel chemotherapy. An improvement in survival was also observed in people who had medium and high or any level of PD-L1 expression, as characterized by a test being developed by Roche. MPDL3280A was generally well tolerated and adverse events were consistent with what has been previously reported for MPDL3280A in NSCLC. Updated results will be presented in an oral session at the 51st Annual Meeting of the American Society of Clinical Oncology. “In our study of MPDL3280A in previously treated lung cancer, the amount of PD-L1 expressed by a person’s cancer correlated with improvement in survival,” said Sandra Horning, M.D., chief medical officer and head of Global Product Development. “The goal of PD-L1 as a biomarker is to identify people most likely to experience improved overall survival with MPDL3280A alone, and which people may be appropriate candidates for a combination of medicines.”
09:39 EDTBACActive equity options trading on open
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08:59 EDTCEasterly Government Properties names Meghan Baivier as COO
Easterly Government Properties (DEA) announced that Meghan Baivier has been named EVP and COO, effective May 12. Baivier will be responsible for overseeing the alignment of the firm’s growth strategy and financial goals with operations, capital markets and finance activities. Prior to joining Easterly Government Properties, Baivier served as VP of Citigroup’s (C) Real Estate and Lodging Investment Banking group.
07:29 EDTBAC, CUBS to hold a conference
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