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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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August 21, 2014
05:42 EDTILMNIllumina announces strategic partnership with AstraZeneca, Sanofi, Janssen
Illumina (ILMN) announced it has formed collaborative partnerships with leading pharmaceutical companies to develop a universal next-generation sequencing, or NGS,-based oncology test system. The system will be used for clinical trials of targeted cancer therapies with a goal of developing and commercializing a multi-gene panel for therapeutic selection, resulting in a more comprehensive tool for precision medicine. Initial strategic partners include AstraZeneca (AZN), Janssen Biotech, a Johnson & Johnson (JNJ) company, and Sanofi (SNY). Illumina is working with the strategic partners to develop assays that detect and measure multiple variants simultaneously to support partners’ clinical trials, with the objectives of securing regulatory agency approvals and test commercialization. In parallel, Illumina is working with key thought leaders to set standards for NGS-based assays in routine clinical oncology practice, as well as to define regulatory frameworks to enable this new testing paradigm. Together, Illumina and its strategic partners aim to transition from single-analyte companion diagnostics to panel-based assays that select for “companion therapeutics.”
August 20, 2014
18:29 EDTBAC, JPMBofA, JPMorgan weigh plans to raise salaries for junior bankers, Bloomberg says
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17:12 EDTBAC, METOn The Fly: Closing Wrap
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14:39 EDTMETMetLife nearing 'systemically important' designation, WSJ reports
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14:35 EDTBACBofA reaches $17B settlement over mortgage backed securities sales, AP says
Bank of America along with federal and state authorities agreed upon a $17B settlement for the bank in connection with the sale of mortgage-backed securities in the run-up to the 2008 financial crisis, says AP. Reference Link
14:20 EDTBACBofA reaches $17B settlement over mortgage backed securities sales, AP says
10:04 EDTILMNOn The Fly: Analyst Upgrade Summary
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08:38 EDTBACRevolution Lighting enters loan, security agreement with BofA
Revolution Lighting (RVLT) announced that it has entered into a three year loan and security agreement with Bank of America (BAC). The agreement allows Revolution Lighting to borrow up to $25M on a revolving basis. Borrowings under the agreement are determined on specified percentages of eligible receivables and inventory, and bear interest either on the base rate plus specified margins or at LIBOR plus specified margins, at the election of Revolution Lighting. The loan provides Revolution Lighting with favorable interest rates with an initial interest rate of 3%. The agreement contains customary covenants and restrictions typical of these agreements.
07:18 EDTILMNIllumina upgraded to Outperform from Neutral at Wedbush
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06:17 EDTCCitigroup looks to sell Japanese retail banking unit, Reuters says
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06:02 EDTWFCWells Fargo wins approval for $62.5M settlement, Charlotte Observer says
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August 19, 2014
16:24 EDTNSMNationstar appoints Kevin Dahlstrom as Chief Marketing Officer
Nationstar Mortgage Holdings announced the hiring of Kevin Dahlstrom as Executive Vice President & Chief Marketing Officer. In this new role for the company, Dahlstrom will lead all marketing activities across the enterprise with particular focus on analytics-driven, digital and web-based strategies to broaden Nationstar’s customer acquisition and retention programs to further the company’s mission to become the leading provider of real estate services.
13:42 EDTWFCWells Fargo looks to bulk up asset-management business, WSJ says
Wells Fargo is looking to increase the size of its asset-management business to over $1T over the next decade by making acquisitions of smaller asset managers and more aggressive sales to larger investors, says the Wall Street Journal. Reference Link
13:08 EDTCCitigroup tells appeals court Agentina banking license at risk, Reuters reports
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12:14 EDTCCitigroup considers selling Japan retail-banking unit, WSJ reports
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11:32 EDTILMNLabCorp prenatal test a negative for Sequenom, says Maxim
Maxim views LabCorp's (LH) announcement today that it will begin offering the informaSeq prenatal test as a long-term negative for Sequenom (SQNM) due to increased competition. The news is also negative for Illumina (ILMN) and PerkinElmer (PKI), who both offer Non-Invasive Prenatal Tests, Maxim adds. The firm recommends buying shares of LabCorp and keeps a Buy rating on the name with a $130 price target.
10:13 EDTSCTYOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: CNOOC (CEO) downgraded to Hold from Buy at Jefferies... Guess (GES) downgraded to Neutral from Overweight at Piper Jaffray... Ingersoll-Rand (IR) downgraded at RW Baird... Lehigh Gas (LGP) downgraded to Neutral from Buy at Ladenburg... Lexicon (LXRX) downgraded to Hold from Buy at Gabelli... Monster Beverage (MNST) downgraded to Neutral from Buy at SunTrust... Nobel Biocare (NBHGY) downgraded to Hold from Buy at Berenberg... Saint Joe Co. (JOE) downgraded to Market Perform from Outperform at Raymond James... SolarCity (SCTY) downgraded at RW Baird.
09:11 EDTSCTYSolarCity downgraded at RW Baird
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06:20 EDTBACBofA COO transfers, senior manager assumes role, Bloomberg says
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06:00 EDTSCTYSolarCity downgraded to Neutral from Outperform at RW Baird
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