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Stock Market & Financial Investment News

News For BAC;WFC From The Last 14 Days
Check below for free stories on BAC;WFC the last two weeks.
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July 22, 2014
07:17 EDTBACNational Association for Business Economics to hold a seminar
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July 21, 2014
10:02 EDTWFCOn The Fly: Analyst Downgrade Summary
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08:36 EDTWFCWells Fargo downgraded to Hold from Buy at Rafferty Capital
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07:29 EDTBACAIG settlement with BofA takes crisis claw back total up to $2B, FT says
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July 18, 2014
16:47 EDTBACMarket ends week higher as earnings, M&A offset geopolitical tensions
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06:45 EDTBACDocument reveals SEC examining firms in HFT probe, Reuters says
An internal document from the U.S. Securities and Exchange Commission revealed that the regulator has been looking for data on 10 registered broker dealers as part of an ongoing probe into high-frequency trading strategies, according to Reuters, citing the document. The firms in question include Allston Trading, Hudson River Trading, Jump Trading, Latour Trading, which is an affiliate of Tower Trading, Merrill Lynch, Pierce, Fenner & Smith, owned by Bank of America (BAC), Octeg, which has been merged into a unit of KCG (KCG), Tradebot Systems, Two Sigma Investments, Two Sigma Securities and Virtu Financial. Reference Link
July 17, 2014
07:14 EDTWFCWells Fargo CEO John Stumpf says economy stronger than people think
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06:38 EDTBACStudy says UBS largest private bank with assets near $2T, Reuters says
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July 16, 2014
12:26 EDTBACOn The Fly: Midday Wrap
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10:14 EDTBACBofA said to offer $13B to settle mortgage-securities probe, WSJ reports
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09:37 EDTBACActive equity options trading on open
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08:51 EDTBACBank of America sees reserve releases to decline 'modestly' through rest of year
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08:47 EDTBACBofA now sees 'New BAC" cost savings of $2B to be achieved by Q4
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08:45 EDTBACBofA says balance sheet still positioned for NII benefit as rates move up
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08:36 EDTBACBofA says underlying trading business performed well despite lower volumes
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07:17 EDTBACBofA/Merrill to hold a roundtable
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07:13 EDTBACBank of America CEO says economy strengthening, customers doing more business
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07:11 EDTBACBank of America reports $21.16 book value per share at June 30
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07:08 EDTBACBofA reports Q2 provision for credit losses $411M, net charge-offs $1.1B
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07:05 EDTBACBofA sees Basel 3 common equity tier 1 ratio up to 9.5%
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07:04 EDTBACAIG to receive $650M in cash in Bank of America settlement
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07:02 EDTBACBank of America reports Q2 EPS ex-items 41c, consensus 29c
Reports Q2 revenue $21.75B, consensus $21.61B. Results include litigation expense of $4.0B pretax or approximately 22c per share after tax.
07:02 EDTBACAIG announces settlement with BofA on residential mortgage related disputes
American International Group (AIG) announced that it has reached a global resolution of its residential mortgage related disputes with Bank of America (BAC). The resolution includes its claims pending in New York and California federal courts related to the creation, offering, and sale of RMBS from which AIG and its subsidiaries suffered losses either directly on their own account or in connection with their participation in AIG’s securities lending program. The resolution also covers AIG’s objections to the $8.5 billion settlement of Countrywide’s mortgage repurchase obligations to various investors, as well as disputes concerning the issuance of mortgage guaranty insurance by AIG’s United Guaranty subsidiaries to Bank of America and Countrywide. Under the terms of the settlement, AIG will receive $650M in cash plus its pro rata share of whatever amount is ultimately paid out to investors in connection with the Countrywide repurchase settlement. In addition, the parties have agreed, subject to the approval of Fannie Mae, Freddie Mac and certain other mortgage holders, to resolve the outstanding mortgage guaranty claims disputes in accordance with agreed-to claims processes and payment formulae.
07:01 EDTBACAIG announces settlement with BofA on residential mortgage related disputes
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July 15, 2014
15:29 EDTBACBank of America July 15.5 straddle priced for 3.1% move into Q2
15:19 EDTBACNotable companies reporting before tomorrow's open
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14:32 EDTBACEarnings Preview: Bank of America to report after peers beat expectations
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12:10 EDTBACBank of America technical comments ahead of earnings
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10:37 EDTWFCOptions with decreasing implied volatility
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10:12 EDTBACBank of America reports June default rate 3.24% vs. 3.75% last month
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08:03 EDTWFCCBS reports results of CBS Outdoor exchange offer
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July 14, 2014
10:00 EDTWFCOn The Fly: Analyst Downgrade Summary
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08:53 EDTWFCCapital One has positive read from Wells Fargo report, says Janney Capital
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08:35 EDTWFCWells Fargo price target raised to $56 from $51 at RBC Capital
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05:56 EDTWFCWells Fargo downgraded to Neutral from Overweight at JPMorgan
JPMorgan downgraded Wells Fargo to Neutral citing the company's higher expenses in Q2 and the year-to-date outperformance of shares. The firm lowered its price target for the stock to $52 from $54.50.
July 11, 2014
16:46 EDTWFCStocks end week lower on European, Fed concerns
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16:22 EDTWFCOn The Fly: Closing Wrap
Stocks on Wall Street were higher today, but were still lower for the week, as concerns in Europe have come back to the forefront of investors' minds. Today's modest bounce was not enough to make up for the declines seen in three of the other four sessions earlier in the week. ECONOMIC EVENTS: In the U.S., the June federal budget statement showed a surplus of $70.5B for the month, compared to analysts' forecast for a $79B surplus. COMPANY NEWS: Shares of Wells Fargo (WFC) slipped 32c, or 0.62%, to $51.49 after the largest mortgage lender in the U.S. posted earnings of $1.01 a share that matched analysts' consensus forecast. Wells did note that its credit performance continued to improve in Q2 and CEO John Stumpf said he is "optimistic about the future" for the bank... Lorillard (LO) advanced $2.92, or 4.63%, to $66.01, while Reynolds American fell 51c, or 0.82%, to $61.75, after the two cigarette makers confirmed that they are holding talks about a possible merger, as has been speculated by various media reports in recent weeks... In another update to an ongoing M&A story, Japan's Nikkei reported that Sprint's (S) corporate parent, Softbank (SFTBF), has reached an agreement to acquire T-Mobile (TMUS) from Deutsche Telecom (DTEGY), clearing the way for the long-speculated merger between the third and fourth largest wireless carriers in the U.S. Following the new story, Sprint shares finished the day up 30c, or 3.64%, to $8.55, while T-Mobile rose 62c, or 1.89%, to $33.50. MAJOR MOVERS: Among the notable gainers was Ruckus Wireless (RKUS), which advanced 87c, or 7.9%, to $11.88 after the FCC announced that it would allocate new funds to subsidize the launch of WiFi networks in schools and libraries. Also higher was Amazon.com (AMZN), which climbed $18.28, or 5.57%, to $346.20 after consulting firm ChannelAdvisor (ECOM) reported that the company's same-store sales growth had accelerated significantly in June compared with May. Among the noteworthy losers was Rent-A-Center (RCII), which dropped $3.18, or 10.94%, to $25.88 after the company warned that its revenue and earnings for Q2 will not meet expectations. Also lower were shares of industrial and construction supply retailer Fastenal (FAST), which fell $2.00, or 4.16%, to $46.15 after its Q2 revenue missed analysts' consensus view and the company reported plans to close 45 stores. INDEXES: The Dow was up 28.74, or 0.17%, to 16,943.81, the Nasdaq was up 19.29, or 0.44%, to 4,415.49, and the S&P 500 was up 2.83, or 0.14%, to 1,967.51.
12:36 EDTWFCOn The Fly: Midday Wrap
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11:13 EDTWFCWells Fargo sees doing commercial real estate portfolio acquisitions
Says would be willing to sell student loan portfolio in one piece.
10:50 EDTWFCWells Fargo sees gain on sale margins stabilizing
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10:32 EDTWFCWells Fargo says 'absolutely' sees net interest income growth
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10:25 EDTWFCWells Fargo targeting a net payout ratio of 55%-75%
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10:23 EDTWFCWells Fargo says seeing many indicators of economic growth accelerating
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09:37 EDTWFCActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL WFC C SUNE FB AMZN TSLA TWTR
09:09 EDTWFCOn The Fly: Pre-market Movers
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08:54 EDTWFCWells Fargo nears tests of support following earnings, levels to watch
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08:09 EDTWFCWells Fargo reports Q2 Community Banking net income $3.4B
Community Banking reported net income of $3.4B, down $413M, or 11%, from Q1. Revenue of $12.6B rose slightly from the prior quarter. Higher net interest income, mortgage banking revenue and card fees, were offset by lower equity investment gains. Wholesale Banking reported net income of $2.0B, up $210M, or 12%, from Q1. Revenue of $5.9B increased $366M, or 7%, from prior quarter. Wealth, Brokerage and Retirement reported net income of $544M, up $69M, or 15%, from Q1. Revenue of $3.6B increased $82M, or 2%, from the prior quarter as increased asset-based fees and higher gains on deferred compensation plan investments, offset in compensation expense, were partially offset by lower brokerage transaction revenue.
08:06 EDTWFCWells Fargo reports Q2 mortgage originations of $47B
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08:05 EDTWFCWells Fargo says credit performance continued to improve in Q2
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08:04 EDTWFCWells Fargo reports Q2 net charge offs $717M
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08:04 EDTWFCWells Fargo reports loans $828.9B at June 30, up $2.5B from March 31
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08:02 EDTWFCWells Fargo CEO says 'optimistic' about bank's future
“Our strong results in the second quarter reflected the benefit of our diversified business model and our long-term focus on meeting the financial needs of our customers,” said Chairman and CEO John Stumpf. “By continuing to serve customers we grew loans, increased deposits and deepened our relationships. Our results also reflected strong credit quality driven by an improved economy, especially the housing market, and our continued risk discipline. We are committed to both maintaining strong capital levels and returning more capital to our shareholders. In the second quarter we increased our common stock dividend 17 percent and repurchased 39.4 million shares. We remain dedicated to building long-term shareholder value, and I am optimistic about the future as we continue to focus on meeting the needs of our consumer, small business and commercial customers.” CFO John Shrewsberry said, “The primary drivers of Wells Fargo’s business remained strong in the second quarter, with broad-based loan growth, increased deposit balances, and improved credit quality. Revenue increased linked quarter as the Company grew both net interest income and noninterest income, a reflection of Wells Fargo’s diversified business model. These solid fundamental business results led to an increase in pre-tax income linked quarter. Net income was down as the Company’s effective tax rate was lower in the first quarter due to a $423 million discrete tax benefit.”
08:01 EDTWFCWells Fargo reports Q2 EPS $1.01, consensus $1.01
Reports Q2revenue $21.07B, consensus $20.82B.
07:30 EDTWFCGlobal Interdependence Center to hold a summit
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07:20 EDTWFC, BACBig banks seen losing reserve release cushion, Reuters says
Releasing loan-loss reserves has helped U.S. big banks weather a period of weak loan demand and lower fee income, but Q2 results from the banks may see less benefit from the practice as loss rates and reserves near their lower limits, said Reuters. 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
July 10, 2014
15:49 EDTWFCWells Fargo July weekly 52 straddle priced for 2% move into Q2
15:13 EDTWFCNotable companies reporting before tomorrow's open
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13:24 EDTWFCEarnings Preview: Analysts divided on Wells Fargo ahead of results
Wells Fargo (WFC) is scheduled to report second quarter earnings before the open on Friday, July 11 with a conference call scheduled for 10:00 am ET. Wells Fargo is a bank holding company. EXPECTATIONS: Analysts are looking for EPS of $1.01 on revenue of $20.82B, according to First Call. The consensus range for EPS is 93c-$1.06 on revenue of $20.34B-$22.74B. LAST QUARTER: Wells reported stronger than expected first quarter results, as its net chargeooffs tumbled $594M year-over-year and its nonperforming assets sank 18% year-over-year. However, the bank’s revenue did decline to $20.6B, from $21.3B during the same period a year earlier. On May 20, Wells said that it was targeting a net payout ratio of 55%-75%. The bank defined net payout as dividend and share repurchases less issuances. The bank added that it would target return on equity of 12%-15%. Wells said it was "well-positioned for rising rates," and indicated that its competition was intensifying. On June 6, The New York Times reported that Wall Street's largest banks this year significantly cut the number of bonds they held, leaving them with a negative position in bonds in March, as they expected bond prices to drop, Since bond prices rose, a number of the large banks have said that their earnings would be hurt by this trade, the newspaper stated. STREET RESEARCH: In a note to investors on July 7, FBR Capital named Wells as one of its favorite names in the banking space. Wells is one of the banks that’s benefiting from above average loan growth while taking market share from its peers, according to the firm. Wells also has above-average growth prospects, high-quality earnings streams, and solid underlying fundamentals, FBR Capital stated. Conversely, Barron’s warned on June 30 that Wells’ stock looked pricey at $52.46. According to Barron’s, Macquarie predicted that the bank’s EPS growth was set to slow, while the stock rose more than it should have in the first half of 2014. Macquarie, which downgraded Wells to Underperform from Neutral on June 30, said that the bank’s core earnings had declined in the past four quarters, added Barron’s. Banks’ results remain challenging, as net interest income, fee revenues and core pre-provision earnings are all essentially unchanged since 2011, Oppenheimer wrote in a note to investors on July 7. Meanwhile, chargeoffs have likely hit bottom, the firm stated. But on a positive note, consumer lending is finally increasing and banks’ current expansion cycle likely has a few years to go, Oppenheimer believes. However, the firm kept a Perform rating on Wells Fargo. PRICE ACTION: Wells Fargo’s stock is up more than 14% this year and is not far from its 52-week high of $53.08.
06:56 EDTBACBank of America July volatility elevated into Q2 and capital outlook
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06:29 EDTBACBank of America requests 5c dividend reapproval, WSJ reports
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06:28 EDTWFCOptions expected to be active
Options expected to be active: LL PBPB VNO FDO WFC COST ZUMZ UAL BA
06:16 EDTBACHolder refuses meeting with BofA head, Reuters says
Attorney General Eric Holder has formally decided to not meet with Bank of America CEO Brian Moynihan to discuss a multibillion-dollar agreement, as talks to resolve investigations into shoddy mortgage securities sold by the firm and its divisions are delayed, according to Reuters, citing people familiar with the matter. Sources said that no discussions between the bank and the U.S. Department of Justice have occurred since the second week in June. Reference Link
July 9, 2014
07:36 EDTWFCWells Fargo July weekly volatility increases into Q2 and outlook
Wells Fargo July weekly call option implied volatility is at 39, July is at 20, August is at 15, October is at 14; compared to its 26-week average of 16 according to Track Data, suggesting large near term price movement into the expected release of Q2 results on July 11.
06:51 EDTBACBofA also in talks with DOJ to settle civil probes over mortgage unit, WSJ says
In addition to the talks with Citigroup (C), the Department of Justice has also has been in talks with Bank of America (BAC) to resolve civil probes over its mortgage business, the Wall Street Journal reports. Reference Link
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