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Stock Market & Financial Investment News

News Breaks
January 7, 2013
16:26 EDTBAC, ILMN, ESI, SCTY, VVUS, USB, STI, PNC, MET, WFC, JPM, C, WAC, NSM, RHHBYOn 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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October 13, 2014
16:02 EDTBAC, COptions 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, WFC, CNotable companies reporting before tomorrow's open
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14:42 EDTJPMJPMorgan technical notes ahead of results
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14:33 EDTCEarnings Preview: Citigroup to report with shares up 11% over last six months
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13:48 EDTCCitigroup October volatility increases into Q3 and revenue outlook
Citigroup October call option implied volatility is at 39, November is at 25, December is at 25, January is at 24; compared to its 26-week average of 23 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on October 14.
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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10:58 EDTSCTYSolarCity volatility elevated on wide price movement
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08:45 EDTPNCPNC Financial October volatility elevated into Q3 and outlook
PNC Financial October call option implied volatility is at 33, November is at 23, January is at 19; compared to its 26-week average of 18 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on October 16.
08:03 EDTSCTYSolarCity lowered pricing in California, says JPMorgan
JPMorgan says SolarCity lowered its pricing in California, implementing a fixed price of 15c per watt, down from a prior average of 17c. To reflect the change, SolarCity dropped the NPV of its average new residential deployment to $1.75 per watt from $2.19 historically, the firm notes. JPMorgan cut its Retained Value estimates and dropped its price target for SolarCity shares to $74 from $83. The firm believes the price change could be tied to the proposed compression of rate tiers in 2015, allowing the company to address a larger market. It keeps an Overweight rating on SolarCity.
07:39 EDTJPMPharmaceutical Care Management Association to hold annual meeting
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07:19 EDTWFC, BAC, C, 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 EDTBAC, WFC, C, JPM, USBRegulators seeking banks' auto loan data, Reuters reports
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00:04 EDTUSB, JPM, C, BAC, WFCBanking 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, C, USB, WFCBanks 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
October 10, 2014
16:20 EDTWACBaker Street Capital reports 11.3% passive stake in Walter Investment
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09:38 EDTCActive equity options trading on open
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06:44 EDTWFCWells Fargo to pay $5M to settle discrimination allegations
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