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Stock Market & Financial Investment News

News For BAC;OCN;WIC;NSM From The Last 14 Days
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December 19, 2014
07:31 EDTBACLarge banks oil exposure manageable, says Wells Fargo
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December 18, 2014
15:16 EDTBACFed gives banks until July 2016 to to conform investments with covered funds
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08:50 EDTOCNOcwen facing new probe over delays on underwater home sales, Bloomberg says
The New York Department of Financial Services and the Consumer Financial Protection Bureau are investigating whether Ocwen improperly delayed short sales by borrowers who are underwater on their homes, according to Bloomberg, citing two people briefed on the case. A spokeswoman for Ocwen said the company “has no desire to delay short sales” and that costs increase when the process is prolonged, Bloomberg noted. Reference Link
December 17, 2014
16:00 EDTBACOptions Update; December 17, 2014
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13:47 EDTBACNCAU files suit in federal court against BofA over mortgage securities
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December 16, 2014
16:00 EDTBACOptions Update; December 16, 2014
iPath S&P 500 VIX Short-Term Futures up 1.55 to 34.60. Option volume leaders: AAPL TSLA TWTR AMZN FB C GILD BAC NFLX AA MGM MCD according to Track Data.
13:09 EDTBACFINRA fines Merrill $1.9M for fair pricing violations
The Financial Industry Regulatory Authority, FINRA, announced that it has fined Merrill Lynch, Pierce, Fenner & Smith Incorporated $1.9M for fair pricing and supervisory violations in connection with more than 700 retail customer transactions in distressed securities over a two-year time period. Merrill Lynch was also ordered to pay more than $540,000 in restitution, plus interest, to affected customers. Reference Link
09:59 EDTBACOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: BB&T (BBT) initiated with a Neutral at Guggenheim... Bank of America (BAC) initiated with a Buy at Guggenheim... Ciena (CIEN) initiated with a Neutral at Wedbush... Cimarex Energy (XEC) initiated with a Perform at Oppenheimer... Citigroup (C) initiated with a Neutral at Guggenheim... Extended Stay America (STAY) initiated with a Market Perform at JMP Securities... Infinera (INFN) initiated with a Neutral at Wedbush... JPMorgan (JPM) initiated with a Neutral at Guggenheim... Morgan Stanley (MS) initiated with a Buy at Guggenheim... Newfield Exploration (NFX) initiated with an Outperform at Oppenheimer... Nike (NKE) initiated with a Market Perform at Cowen... PNC Financial (PNC) initiated with a Neutral at Guggenheim... Peak Resorts (SKIS) initiated with an Outperform at FBR Capital... Peak Resorts initiated with an Outperform at Oppenheimer... Ralph Lauren (RL) initiated with an Outperform at Cowen... U.S. Bancorp (USB) initiated with a Neutral at Guggenheim... Under Armour (UA) initiated with an Outperform at Cowen... Wells Fargo (WFC) initiated with a Neutral at Guggenheim... Whiting Petroleum (WLL) initiated with an Outperform at Oppenheimer... Lowe's (LOW) initiated with a Neutral at Nomura... Home Depot (HD) initiated with a Neutral at Nomura... Estee Lauder (EL) initiated with a Buy at KeyBanc... Huntsman (HUN) initiated with a Buy at Nomura... Dow Chemical (DOW) initiated with a Buy at Nomura.
08:58 EDTOCNOcwen says will file corrective action plans as needed based on OMSO report
Ocwen Financial has been working closely with the Office of Mortgage Settlement Oversight, or OMSO, on two issues identified in the report covering the first six months of 2014, the National Mortgage Settlement Monitor said in a public filing, according to the company. OMSO's fourth report on mortgage servicers' compliance with the National Mortgage Settlement discloses two items that precluded the Monitor from reporting on Ocwen's progress for the first half of 2014. The first concerns the processes used by the company's NMS Internal Review Group and was flagged by a complaint from an IRG employee. The IRG is responsible for reporting on Ocwen's compliance with the NMS. The second issue concerns the letter dating issue raised by the New York Department of Financial Services in October. To the extent the Monitor determines that Ocwen did not meet the minimum compliance standards mandated by the NMS in any period, Ocwen will file a corrective action plan in accordance with the NMS protocols.
07:20 EDTBACBank of America volatility elevated at 25
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06:45 EDTOCNRegulator says Ocwen reports unreliable, NY Times reports
A monitor put in place as part of a mortgage settlement between banks and the government said he could not rely on information provided by Ocwen Financial, according to The New York Times.The monitor, Joseph Smith, Jr., said he concluded that he could not rely on Ocwen's reports for the first half of 2014, the newspaper explained. Ocwen said it would seek to allay Smith's concerns, The Times reported.
December 15, 2014
16:14 EDTBACBank of America initiated with a Buy at Guggenheim
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10:13 EDTBACBank of America reports November default rate 3.08% vs. 2.81% last month
Reports November delinquency rate 1.91% vs. 1.94% last month.
09:20 EDTBACFirst South Bancorp completes purchase of nine branches from Bank of America
First South Bancorp (FSBK), the parent holding company of First South Bank, announced that the bank has completed its acquisition of nine branch banking operations in eastern and central North Carolina from Bank of America (BAC). The purchase was finalized and the branches were converted to First South Bank branches during the weekend of December 12-14 and opened for business as First South Bank branches Monday morning, December 15.
December 12, 2014
16:06 EDTOCNOcwen announces $253M early buyout of mortgages from Ginnie Mae pools
Ocwen Financial announced the purchase of 1,705 delinquent FHA-insured loans with a principal balance of $253.1M from Ginnie Mae pools for which Ocwen Loan Servicing was already the servicer. The purchase was made by the company's mortgage servicing arm, Ocwen Loan Servicing, and closed on December 1. On the same day, the Ginnie Mae EBO Loans were sold to an unrelated third party. Ocwen Loan Servicing will remain the servicer of the loans. Ocwen's Ginnie Mae buyout program began in the first quarter of 2014. "We expect to execute more such purchases in the next few months, as long as market conditions are favorable," said John Britti, Chief Investment Officer.
13:31 EDTOCNOcwen misdating issue being reviewed by Treasury, Inside Mortgage Finance says
Ocwen’s misdating of loan modification letters has been a subject of focus for the NYDFS, as widely reported, but in the Treasury Department is now also reviewing what impact Ocwen's misdating may have had on the Making Home Affordable program, reported Inside Mortgage Finance. Reference Link
07:21 EDTBACBofA/Merrill to hold a discussion
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December 11, 2014
10:17 EDTBACFINRA fines Barclays Capital, Citigroup Global Markets, others $43.5M total
FINRA announced that it has fined 10 firms a total of $43.5M for allowing their equity research analysts to solicit investment banking business and for offering favorable research coverage in connection with the 2010 planned initial public offering of Toys"R"Us. FINRA fined the following firms. Barclays Capital (BCS) - $5M; Citigroup Global Markets (C) – $ 5M; Credit Suisse Securities (CS) – $5M; Goldman, Sachs & Co. (CS) – $5M; JP Morgan Securities LLC (JPM) – $5M; Deutsche Bank Securities Inc. (DB) – $4M; Merrill Lynch, Pierce, Fenner & Smith Inc. (BAC) – $4M; Morgan Stanley & Co., LLC (MS) – $4M; Wells Fargo Securities, LLC (WFC) – $4M; Needham & Company LLC – $2.5M. In addition, FINRA found that six of the 10 firms — Barclays, Citigroup, Credit Suisse, Goldman Sachs, JP Morgan and Needham — had inadequate supervisory procedures related to research analyst participation in investment banking pitches. Toys"R"Us and its sponsors offered each of the 10 firms various roles in the IPO but it eventually decided not to proceed with the offering. In settling this matter, the 10 firms neither admitted nor denied the charges, but consented to the entry of FINRA's findings.
December 10, 2014
16:00 EDTBACOptions Update; December 10, 2014
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12:24 EDTBACOn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory and have remained there throughout the morning. The averages have moved in a narrow range as the price of crude continues to fall. Near noon, WTI crude was down another 5% to roughly $60 per barrel. The weakness is effecting equities, as investors are concerned the oil price weakness is indicative of the slowing global economy. ECONOMIC EVENTS: In the U.S., House and Senate lawmakers reportedly reached a deal on a nearly $1.1T bill to fund most of the government through September and avert a shutdown. The EIA estimated crude oil supplies grew 1.5 Mmbbls last week, while consensus expected a 2.7 Mmbbls decrease. The Treasury budget statement for November is expected at 2:00 pm ET, with the consensus expectation for a deficit of $63B. COMPANY NEWS: Shares of JPMorgan (JPM) declined 2% after guidelines proposed yesterday by the Federal Reserve would likely result in the firm managing to a higher capital buffer. Additionally, JPMorgan CFO Marianne Lake, speaking earlier at a Goldman Sachs conference, said the bank sees its Q4 reported markets revenues down by a "high teens" percentage and that its "core" markets performance in Q4, excluding the sale of physical commodities and allocation of preferred dividend expense, is indicated down 4% to-date compared to last year's quarter. Lake became the latest bank executive to discuss a Q4 trading slump, after Bank of America (BAC) CEO Brian Moynihan, speaking yesterday at the same financial conference, said the bank expects its Q4 trading revenue to be down on both a linked-quarter and year-over-year basis. Also yesterday, Citigroup (C) CEO Michael Corbat estimated that the bank's Q4 markets revenue would be down year-over-year by about 5%. MAJOR MOVERS: Among the notable gainers was Analogic (ALOG), which rose 12% after the company reported better than expected quarterly earnings. Also higher was Novadaq (NVDQ), which gained 11.5% after the company signed a multi-year distributor agreement with LifeNet Health that analysts at Canaccord said could potentially be a big deal and materially help its near and long-term prospects. Among the noteworthy losers was Yum! Brands (YUM), which dropped nearly 5% after the owner of the KFC, Pizza Hut and Taco Bell brands issued a negative preannouncement on its China business and provided lower than expected 2015 EPS guidance. Also lower were shares of Krispy Kreme (KKD), which sunk 8% after the donut maker reported weaker than expected earnings and revenue. INDEXES: Near midday, the Dow was down 164.41, or 0.92%, to 17,636.79, the Nasdaq was down 32.79, or 0.69%, to 4,733.68, and the S&P 500 was down 17.43, or 0.85%, to 2,042.39.
11:03 EDTBACJPMorgan drops 2% after CFO talks down Q4 numbers
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December 9, 2014
16:00 EDTBACOptions Update; December 9, 2014
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14:57 EDTBACFed to propose rulemaking on risk-based capital surcharges for GSIB banks
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14:42 EDTBACFed sees setting capital surcharge up to 4.5% for big U.S. banks, Bloomberg says
Bloomberg cites surcharge estimates in Federal Reserve staff memo. 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).
09:38 EDTBACActive equity options trading
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09:15 EDTBACBank of America sees Q4 sales and trading revenue down linked-quarter, y/y
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December 8, 2014
16:00 EDTBACOptions Update; December 8, 2014
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06:35 EDTBACValue of Wall Street's M&A bankers has risen, NY Times says
The value of Wall Street's bankers who advise large companies seems to be increasing, while traders are becoming less valuable, according to The New York Times. Bankers who work on M&A deals are expecting their bonuses to increase, while traders anticipate that their compensation will drop, the newspaper added. Furthermore, banks seem to be going the extra mile to hire top notch bankers, the newspaper stated. Publicly traded large banks 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
December 5, 2014
11:23 EDTBACOption volume leaders
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09:36 EDTBACActive equity options trading
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