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News Breaks | | | | January 7, 2013 | | 16:26 EDT |  | BAC, ILMN, ESI, SCTY, VVUS, USB, STI, PNC, MET, WFC, JPM, C, WAC, NSM, RHHBY | On 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. | |
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News For BAC;NSM;WAC;C;JPM;WFC;MET;PNC;STI;USB;VVUS;SCTY;ESI;ILMN;RHHBY From The Last 14 Days Check below for free stories on BAC;NSM;WAC;C;JPM;WFC;MET;PNC;STI;USB;VVUS;SCTY;ESI;ILMN;RHHBY the last two weeks. |
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| May 24, 2013 | | 12:34 EDT |  | BAC | Bank of America seeking buyers for 40 branches, Bloomberg reports
 Subscribe for More Information | | | 10:22 EDT | | ESI | Boehner defends student loan bill, White House threatens veto, Politico says
GOP House Speaker John Boehner defended the student loan legislation that the House passed yesterday, according to Politico. The bill would tie student loan rates to Treasury note rates, and would cause an increase of less than two percentage points in student loan rates this year, the website stated. The White House has threatened to veto the bill, as it believes that the legislation would cause rates to jump when the economy improves, Politico stated. Student loan interest rates will double on July 1 if Congress doesn't take action. | | | 10:09 EDT |  | SCTY | Solars advance after EU reportedly says talks with China still alive
Subscribe for More Information | | | 09:50 EDT |  | VVUS | VIVUS has a conference call hosted by JPMorgan
Subscribe for More Information | | | 09:05 EDT | | VVUS | Sarissa Capital reports 1.99% stake in VIVUS
Subscribe for More Information | | | 06:44 EDT | | SCTY | EU denies that talks over Chinese solar dispute broke down, Reuters reports
The EU denied assertions that talks between the EU and China over alleged dumping of solar panels by China had broken down, according to Reuters. A major Chinese trade association stated on Wednesday that the first round of talks had collapsed, the news service explained. Reference Link | | | 06:28 EDT |  | SCTY | SolarCity June volatility elevated at 93 on wide price movement
SolarCity June call option implied volatility is at 93, July is at 84, October is at 71; compared to its 22-week average of 66 according to Track Data, suggesting large price movement. | | | 06:23 EDT | | SCTY | U.S. solar instllations may only reach 3.5GW in 2013, DigiTimes reports
Subscribe for More Information | | | May 23, 2013 | | 16:00 EDT | | C | Options Update; May 23, 2013
Subscribe for More Information | | | 15:27 EDT | | SCTY | Copperfield says SolarCity report to come next week
Subscribe for More Information | | | | 15:19 EDT | | RHHBY | FDA announces approval of Roche diabetes test
Subscribe for More Information | | | 14:45 EDT | | JPM | JPMorgan names Barry Sommers head of consumer bank, Reuters says
Subscribe for More Information | | | 11:56 EDT | | JPM | Visa names Ryan McInerney president
Visa (V) announced the appointment of Ryan McInerney as president of Visa. In this role, McInerney will be responsible for Visa's global client organization, product management as well as a new solutions group, which will focus on building and bringing to market new products and services to Visa's issuer, acquirer and merchant clients. Mr. McInerney will report to Charlie Scharf, CEO of Visa . McInerney joins Visa from JP Morgan Chase (JPM) where he was the CEO of Consumer Banking. | | | 10:08 EDT |  | STI | On The Fly: Analyst Upgrade Summary
Subscribe for More Information | | | 08:31 EDT | | NSM | New Residential Announces new MSR co-investment with Nationstar
Subscribe for More Information | | | 08:10 EDT |  | JPM | JPMorgan compelling at current levels, says RW Baird
Subscribe for More Information | | | 07:45 EDT | | STI | SunTrust upgraded to Buy from Neutral at Guggenheim
Guggenheim upgraded SunTrust based on the rebound in residential real estate, an improving regional economy, excess capital deployment and valuation. | | | 07:12 EDT | | JPM, BAC | Wall Street trying to use trade deals to weaken Dodd-Frank, Bloomberg reports
Subscribe for More Information | | | 06:32 EDT | | JPM | Dimon looks to improve JPMorgan after winning vote, NY Times says
After JPMorgan's (JPM) shareholders voted to allow Jamie Dimon to keep his dual role as the bank's CEO and chairman, Dimon is looking to repair the bank's relationship with regulators and "fortify risk controls," according to The New York Times. Reference Link | | | 06:29 EDT | | JPM | Software firm Luxoft files for IPO in New York, Bloomberg reports
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