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Stock Market & Financial Investment News

News Breaks
February 15, 2013
07:44 EDTSCGLY, BNPQY, UBS, HBC, BCS, RY, MTU, DB, RBS, CRARY, JPM, C, LYGFSA urges banks not to leave Libor panel, Independent says
The 16 banks that make up the panel which sets Libor have been told by the Financial Services Authority that they should not try to pull out because they fear the growing scandal over rate rigging, according to The Independent. The FSA is worried that if banks quit the stability of the market could be challenged, and the ECB sent a similar warning last week to banks involved in setting Euribor rates, the report added. Reference Link
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April 3, 2014
14:01 EDTJPMJPMorgan to sell large-market 401(k) recordkeeping business
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13:13 EDTJPMJPMorgan names Canavari Chief Brand Officer for Chase
JPMorgan Chase announced that Susan Canavari will join the firm as Chief Brand Officer for Chase. In this newly created role, Canavari will lead strategy and development for the consumer brand, including advertising, creative services and social media marketing. Canavari will report to Kristin Lemkau, the firmís Chief Marketing Officer. Canavari joins Chase from mcgarrybowen, where she was Managing Director and lead on the JPMorgan Chase account.
12:10 EDTCOn The Fly: Midday Wrap
Stocks on Wall Street began the session in positive territory, with the Dow notching a new all-time high, but had slid into negative ground at midday. The Nasdaq is the biggest loser, as it is down more than 0.6%, while the Dow and Nasdaq are just slightly below the flat line. ECONOMIC EVENTS: In the U.S., initial jobless claims rose to 326K in the week ended March 29, versus the expected 319K claims. The trade deficit widened to $42.3B in February from a revised $39.3B deficit in January. ISM's non-manufacturing PMI rose 1.5 points to 53.1 in March, though that was a bit below the 53.5 forecast of economists. In Europe, the ECB maintained its current rates despite the ongoing debate over disinflationary forces posing an increasing risk. In Asia, China's State Council announced a stimulus package for new railways and subways, low-income housing and tax breaks for small business, but most of the measures were part of the government's previously communicated annual economic work plan. COMPANY NEWS: Shares of Barnes & Noble (BKS) are declining after Liberty Media (LMCA) announced a deal to reduce its stake in the bookseller. Liberty said it has sold the majority of its shares to institutional buyers and will retain approximately 10% of its initial investment, which has been reported to equate to a roughly 2% stake in Barnes & Noble. B&N Chairman Leonard Riggio said that Libertyís reduced ownership gives the company greater flexibility to pursue various strategic options, but shares of B&N slid 13% following the announcement... Citigroup (C) shares fell almost 2% after The New York Times said the federal government has started a criminal investigation into alleged fraud involving Citi's Banamex unit in Mexico. Also of note, research firm Sterne Agee downgraded the stock to Neutral, citing the Fed's refusal to approve the bank's capital plan, along with its slowing earnings growth and lack of catalysts, as reasons for the downgrade. MAJOR MOVERS: Among the notable gainers was Amyris (AMRS), which rose 8% after announcing that it is entering into a strain engineering research and development agreement with chemical giant BASF (BASFY). Also higher was chemical, paint, and coating maker RPM (RPM), which gained 4% and hit a fresh 52-week high earlier in the session after the company raised its fiscal 2014 profit outlook. Among the noteworthy losers was Liquidity Services (LQDT), which slid another 12% after the company confirmed it's withdrawal from auction bidding for a U.S. Department of Defense contract and said it will need to reset its adjusted earnings expectations. Also lower were shares of weight-loss drug maker VIVUS (VVUS), which fell nearly 8% following a downgrade to Underweight at Piper Jaffray. INDEXES: Near midday, the Dow was down 16.31, or 0.1%, to 16,556.69, the Nasdaq was down 26.65, or 0.62%, to 4,249.81, and the S&P 500 was down 3.48, or 0.18%, to 1,887.42.
10:00 EDTDB, COn 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.
09:37 EDTCActive equity options trading on open
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08:10 EDTCCitigroup downgraded at Sterne Agee
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07:30 EDTDBMoody's left off bond deal as risk appetites grow, WSJ says
Moody's (MCO), known for adopting more-cautious stances than its rivals, was conspicuously absent from rating more than $1B in commercial-mortgage bonds that recently sold at similar yields as other recent sales, reported The Wall Street Journal. McGraw Hill Financial 's (MHFI) Standard & Poor's, Fitch and Kroll Bond Rating were called on to rate the "conduit" commercial-mortgage-backed deal organized by Deutsche Bank (DB) and Cantor Fitzgerald, the report noted. Reference Link
07:19 EDTCCitigroup downgraded at Sterne Agee
As previously reported, Sterne Agee downgraded Citigroup to Neutral from Buy. The firm downgraded shares citing the Fed's concerns in the recent capital review, increasing regulatory risk, slowing earnings growth, and lack of meaningful catalysts to drive shares higher. Price target lowered to $52 from $60.
06:52 EDTJPMJPMorgan eases tension with Russian embassy by processing payment, Reuters says
JPMorgan is processing a payment from Russia's embassy in Kazakhstan to insurance agency Sogaz in an effort to ease tension after Moscow accused the firm of illegally blocking the transaction under the pretext of sanctions, according to Reuters, citing a company statement from the U.S. bank. Reference Link
06:39 EDTRBSRBS to close 44 branches, Reuters says
Royal Bank of Scotland is planning to close 44 branches, of which 14 are classed as "Last Banks in Town", throughout the U.K. and Scotland, according to Reuters, citing comments from a company spokesperson. Reference Link
06:24 EDTCU.S. launches criminal probe of Citigroup's Mexican unit, NY Times reports
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06:23 EDTCCitigroup downgraded to Neutral from Buy at Sterne Agee
05:38 EDTDBDeutsche Bank downgraded to Neutral from Overweight at JPMorgan
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April 2, 2014
16:00 EDTCOptions Update; April 2, 2014
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13:53 EDTJPMJPMorgan commodity chief Masters leaves bank, WSJ says
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12:45 EDTJPMJPMorgan's Blythe Masters to leave company, DJ reports
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08:43 EDTJPMNAREIT to hold a conference
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06:56 EDTJPMJPMorgan reprimanded by Russia as bank blocks payment, Bloomberg says
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06:43 EDTDBTerra Firma appoints Goldman, Deutsche to offer Awas advice, Reuters says
Goldman Sachs (GS) and Deutsche Bank (DB) have been appointed by British private equity firm Terra Firma to offer advice on what to do with aircraft leasing firm Awas, with possible options including a possible stock market listing or complete sale, according to Reuters, citing three people familiar with the matter. Reference Link
06:22 EDTC, RBS, JPMBank overdraft fees hitting highs, WSJ reports
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