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Stock Market & Financial Investment News

News Breaks
April 3, 2014
10:00 EDTBBT, VVUS, LQDT, SJR, USG, LVLT, USB, EXR, FRC, OESX, NSC, NNN, BRCM, CF, CSX, LNG, C, DB, GK, MCS, TUOn The Fly: Analyst Downgrade Summary
BB&T (BBT) downgraded to Outperform from Strong Buy at Raymond James... Broadcom (BRCM) downgraded to Neutral from Overweight at Piper Jaffray... CF Industries (CF) downgraded to Neutral from Buy at Citigroup... CSX (CSX) downgraded to Equalweight from Overweight at Barclays... Cheniere Energy (LNG) downgraded to Neutral from Outperform at Credit Suisse... Citigroup (C) downgraded to Neutral from Buy at Sterne Agee... Deutsche Bank (DB) downgraded to Neutral from Overweight at JPMorgan... G&K Services (GK) downgraded to Neutral from Outperform at RW Baird... Marcus (MCS) downgraded to Neutral from Buy at B. Riley... National Retail Properties (NNN) downgraded to Sell from Neutral at UBS... Norfolk Southern (NSC) downgraded to Neutral from Overweight at Atlantic Equities... Orion Energy (OESX) downgraded to Hold from Buy at Ascendiant... VIVUS (VVUS) downgraded to Underweight from Neutral at Piper Jaffray... Liquidity Services (LQDT) downgraded to Neutral from Outperform at RW Baird... Shaw Communications (SJR) downgraded to Sector Performer from Outperformer at CIBC... USG (USG) downgraded to Neutral from Outperform at Macquarie... Level 3 (LVLT) downgraded to Hold from Buy at Gabelli... U.S. Bancorp (USB) downgraded to Neutral from Conviction Buy at Goldman... Extra Space Storage (EXR) downgraded to Buy from Conviction Buy at Goldman... First Republic Bank (FRC) downgraded to Buy from Conviction Buy at Goldman... TELUS (TU) downgraded to Neutral from Outperform at Macquarie.
News For BBT;BRCM;CF;CSX;LNG;C;DB;GK;MCS;NNN;NSC;OESX;VVUS;LQDT;SJR;USG;LVLT;USB;EXR;FRC;TU From The Last 14 Days
Check below for free stories on BBT;BRCM;CF;CSX;LNG;C;DB;GK;MCS;NNN;NSC;OESX;VVUS;LQDT;SJR;USG;LVLT;USB;EXR;FRC;TU the last two weeks.
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July 14, 2014
07:01 EDTCCitigroup to settle DOJ, FDIC claims for $7B
Citigroup announced that it has reached an agreement to settle the ongoing investigation of the Residential Mortgage-Backed Securities Working Group, part of the Financial Fraud Enforcement Task Force. Today’s agreement resolves actual and potential civil claims by the U.S. Department of Justice, several state attorneys general and the Federal Deposit Insurance Corporation relating to RMBS and collateralized debt obligations (CDOs) issued, structured or underwritten by Citi between 2003 and 2008. Under the terms of the settlement, Citigroup will pay a total of $4.5B in cash and provide $2.5B in consumer relief. The cash portion consists of a $4 billion civil monetary payment to the DOJ and $500M in compensatory payments to the State AGs and the FDIC. The consumer relief will be in the form of financing provided for the construction and preservation of affordable multifamily rental housing, principal reduction and forbearance for residential loans, as well as other direct consumer benefits from various relief programs. Citigroup has agreed to provide the consumer relief by the end of 2018. Michael Corbat, CEO of Citigroup, said, “The comprehensive settlement announced today with the U.S. Department of Justice, state attorneys general, and the FDIC resolves all pending civil investigations related to our legacy RMBS and CDO underwriting, structuring and issuance activities. We also have now resolved substantially all of our legacy RMBS and CDO litigation. We believe that this settlement is in the best interests of our shareholders, and allows us to move forward and to focus on the future, not the past.”
07:00 EDTCCitigroup announces settlement with RMBS Working Group
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06:32 EDTUSGUSG downgraded to Sector Perform from Outperform at RBC Capital
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July 13, 2014
20:31 EDTCCitigroup's $7B U.S settlement on mortgages expected Monday, Reuters says
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July 11, 2014
16:44 EDTBBTBB&T files automatic mixed securities shelf
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15:59 EDTCOptions Update; July 11, 2014
iPath S&P 500 VIX Short-Term Futures down 33c to 28.25. Option volume leaders: AAPL C GILD X FB GOOG AMZN TWTR TSLA according to Track Data.
15:44 EDTCCitigroup technical comments ahead of results
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15:28 EDTCCitigroup July 47 straddle priced for 2.8% move into Q2
12:12 EDTCCitigroup to host conference call
Management holds a 2Q Fixed Income Investor Review conference call on July 18 at 11 am. Webcast Link
10:28 EDTCURS Corporation working with banks on potential sale, Reuters reports
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09:37 EDTCActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL WFC C SUNE FB AMZN TSLA TWTR
07:20 EDTC, USBBig 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
15:51 EDTLQDTLiquidity Services may have chance to rebid on DoD contract, says RW Baird
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11:58 EDTLQDTLiquidity Services tumbles after guidance cut for defense agency change
Shares of surplus and salvage asset auction marketplace Liquidity Services (LQDT) are tumbling after the company lowered its third quarter adjusted earnings per share and EBITDA guidance. WHAT'S NEW: Liquidity Services now sees its Q3 adjusted EPS to be below 28c-34c and sees its Q3 adjusted EBITDA to be below its guidance range of $18M-$21M. Liquidity Services announced that its sales of selected rolling stock and other assets under its Surplus Contract with the U.S. Defense Logistics Agency have ceased at the request of DLA pending further review of the impact of regulatory rules. This action has resulted in the cancellation of selected sales during the June quarter as well as future sales of selected assets. The company noted that the DLA action was unrelated to the company’s performance or conduct and that it expects its Q3 total gross merchandise volume to be within its guidance range of $225M-$250M. WHAT'S NOTABLE: During the company's conference call explaining the DLA surplus property items and its preliminary Q3 results, the company said that the DLA's recent decision to cease the sale of a majority of the rolling stock items is unexpected as it has sold these items for many years. Liquidity Services currently handle the affected rolling stock items under the terms of its DoD surplus contract, which extends through February 2015 including all renewal options. In April, Liquidity Services announced that it withdrew from the live auction bidding for the new DLA rolling stock contract. The company said that bidding reached a level that it determined would be economically unsustainable under the terms of the new contract jeopardizing the high level of service it had historically provided the DLA. Liquidity Services said that it feels the material reduction to the rolling stock property flow caused by DLA's recent actions will require further analysis regarding the viability of a standalone rolling stock program beyond February 2015. At this time, the DLA has not announced the details of a final policy regarding cessation of rolling stock sales covered under its existing DoD surplus contract, or the impact on the future of the rolling stock program. The company said it will continue to work closely with DLA. PRICE ACTION: During late morning trading, shares of Liquidity Services fell $2.18, or 14.8%, to $12.51.
09:15 EDTLQDTOn The Fly: Pre-market Movers
HIGHER: Zumiez (ZUMZ), up 5.7% after raising Q2 outlook... DragonWave (DRWI), up 5% after reporting better than expected Q1 results... International Game (IGT), up 3.6% after Italian press report says the company will soon get a $4B offer from GTECH... United Continental (UAL), up 2.9% after reporting June traffic. LOWER: Lumber Liquidators (LL), down 23% after downgraded at Jefferies and Credit Suisse following the company's reduced full-year outlook. Tile Shop (TTS), which also serves flooring customers, down 5.5% following Lumber Liqudators' profit warning... Family Dollar (FDO), down 1.9% after reporting Q3 earnings that missed expectations... Tractor Supply (TSCO), down 5.9% after reporting Q2 preliminary results, saying it now sees FY14 results at low end of guidance range... Liquidity Services (LQDT), down 8% after revising Q3 guidance after its sales of selected rolling stock and other assets under its Surplus Contract with the U.S. Defense Logistics Agency have ceased at the request of DLA... Potbelly (PBPB), down 18% after lowering its Q2 and FY14 outlook... Memorial Production Partners (MEMP), down 7.4% after filing to sell 8.6M shares of common units for partners... Kosmos (KOS), down 3.3% after filing to sell 17M shares of common stock.
08:02 EDTLVLTLevel 3 data center services to support Brazil's Fototica
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07:08 EDTDBECB keeps tight grip on banks with health check results, Reuters says
The European Central Bank is targeting to keep a tight grip banks in the final phase of a balance sheet health check in October, giving them only 48 hours to review the test results before publishing them, according to Reuters, citing two people familiar with the matter. The assessment will look into banks’ balance sheets and measure their ability to handle shock and stress. Publicly traded European banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), Royal Bank of Scotland (RBS) and UBS (UBS).
07:06 EDTLQDTLiquidity Services ceases sale of selected U.S. Defense Logistics Agency assets
Liquidity Services announced that its sales of selected rolling stock and other assets under its Surplus Contract with the U.S. Defense Logistics Agency have ceased at the request of DLA pending further review of the impact of regulatory rules, unrelated to the company’s performance or conduct, on the DLA rolling stock property stream. This action has resulted in the cancellation of selected sales during the June quarter as well as future sales of selected assets. Liquidity Services anticipates these developments will adversely impact its financial results for its Q3 ended June 30, 2014 and for its FY14.
07:00 EDTLQDTLiquidity Services sees Q3 adjusted EPS to be below 28c-34c, consensus 30c
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06:20 EDTCCalifornia, New York among states to share in Citigroup settlement, LA Times say
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