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Stock Market & Financial Investment News

News For BCS;UBS;RBS;DB;HBC;C;JPM From The Last 14 Days
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October 2, 2014
10:09 EDTBCSHigh option volume stocks
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10:05 EDTJPMOn The Fly: Analyst Downgrade Summary
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09:37 EDTCActive equity options trading on open
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08:24 EDTCCiti, Wells Fargo mortgage units must face credit report suit, Reuters reports
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08:06 EDTCCitigroup extends $1.4B credit facility to NHL
Citi announced today that it has closed a $1.4B league-wide credit facility to the National Hockey League. The transaction represents the NHL's inaugural league-wide credit facility. Citi acted as the sole Administrative Agent and Co-Lead Arranger on the transaction. Under the terms of the transaction, each participating franchise will receive $100M in credit facilities comprised of both bank debt and term notes. Initial participation included 14 member clubs.
05:51 EDTJPMBank of America upgraded to Buy from Neutral at UBS
UBS upgraded its rating on shares of Bank of America (BAC) to Buy saying the company's deposit profile will benefit from rising interest rates. UBS believes the bank will be under less pressure than peers to pass on rate increases to deposit holders, driving higher long-term earnings power from higher rates. The firm raised its price target for shares to $20 from $16.80. UBS coupled its upgrade of Bank of America with a downgrade of JPMorgan (JPM) to Neutral.
05:02 EDTJPMJPMorgan downgraded to Neutral from Buy at UBS
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October 1, 2014
14:37 EDTCCitigroup ordered to hand over Banamex records, WSJ says
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12:59 EDTJPMJPMorgan to receive $869M in credit for client mortgage activity, WSJ says
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11:46 EDTC, JPMDavid Tepper says economy good, stock market not at high multiple currently
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September 30, 2014
19:34 EDTJPMJudge says JPMorgan must face class action suit over $10B MBS case, Reuters says
A federal judge ruled that JPMorgan must face an investor led class action lawsuit that claims the bank misled investors about the safety of $10B of mortgage-backed securities, or MBS, it sold before the financial crisis, Reuters reports. Judge Paul Oetken certified a class action for JPMorgan's liability, but not for damages, saying it was unclear how investors could value the certificates they bought. Judge Oetken said the plaintiffs could attempt to certify a class on damages. Reference Link
16:00 EDTCOptions Update; September 30, 2014
iPath S&P 500 VIX Short-Term Futures up 37c to 31.18. Option volume leaders: AAPL TSLA NFLX BAC TWTR AMZN HTZ DOW C F NFLX PBR according to Track Data.
14:44 EDTCSEC grants Citigroup waivers from restrictions, WSJ says
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08:06 EDTUBSUBS settles French tax investigation with $1.4B deposit, Bloomberg says
UBS is positioned to settle a French tax-evasion lawsuit by paying a security deposit worth approximately $1.4B as the company combats the claims and bond demand, according to Bloomberg, citing a person with knowledge of the probe. Reference Link
07:19 EDTDBReport says Deutsche Bank holding on to unpaid 2011 bonuses, Reuters says
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07:12 EDTCCitigroup head feels banks to likely earn more stable profits, Bloomberg says
Citigroup CEO Michael Corbat said that he thinks that banks will most likely gross steadier profits, though the levels will not be as high as those prior to the 2008 financial crisis, as company adjusts to new regulations and pressure to reduce risk, according to Bloomberg, citing comments from Corbat. Reference Link
06:09 EDTRBSRBS expects to outperform prior guidance for impairments for 2014
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September 29, 2014
11:44 EDTRBSRoyal Bank of Scotland to invest $1.6B to improve services, Reuters reports
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10:46 EDTUBSUBS CFO says new group structure to prompt higher returns, Reuters says
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07:58 EDTC, JPMWarren calls for hearing on 'disturbing' Fed tapes, Reuters reports
Two members of the the Senate Banking Committee, Democrats Elizabeth Warren and Sherrod Brown, called for an investigation into the issues raised by secretly taped conversations between officials at Goldman Sachs (GS) and supervisors at the New York Federal Reserve, reported Reuters. Other large U.S. banks include Bank of America (BAC), Citigroup (C), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
07:29 EDTCCitigroup allowed to make Argentina bond payment, NY Post reports
A U.S. federal judge agreed to stay his prior order that would have prevented Citibank from making its September 30 payments on Argentina’s bonds, which the bank said would break the country's law and could lead it to lose its license there, reported the New York Post. However, the judge did not lift his injunction against Citi related to the disputed payments, the report noted. Reference Link
07:26 EDTDBInforma Business Information to hold a conference
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06:54 EDTRBSRBS grosses nearly $424M from selling Citizens shares, Reuters says
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06:23 EDTBCS, C, JPM, RBS, UBSCitigroup, JPMorgan meet with FCA to settle forex rigging probe, WSJ reports
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06:08 EDTUBSUBS launches share-for-share exchange offer to establish group holding company
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September 26, 2014
09:37 EDTCActive equity options trading on open
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September 25, 2014
15:10 EDTJPM, CHolder resignation as AG positive for banks, says Rafferty Capital
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September 24, 2014
16:22 EDTRBSOn The Fly: Closing Wrap
Stocks on Wall Street were higher after a report showed that sales of new homes rose to their highest level in over six years in August. The volume and news flow were relatively light, which may be the case again tomorrow as many market participants celebrate the Jewish holiday of Rosh Hashanah. ECONOMIC EVENTS: In the U.S., new home sales rose 18.0% in August to a 504K unit rate, which was much higher than the expected 4.4% increase. COMPANY NEWS: Bed Bath & Beyond (BBBY) advanced $4.64, or 7.4%, to $67.33 after the home goods retailer last night reported second quarter earnings and revenue that surpassed analysts' consensus estimates. The better than expected report and rise in the stock comes a day after William Blair downgraded the stock yesterday morning... Citizen Financial (CFG), the U.S. retail bank unit of Royal Bank of Scotland (RBS), became the year's second largest IPO behind Alibaba (BABA) after 140M shares began trading on the NYSE this morning. The stock ended it first day up $1.58, or 7.35%, at $23.08, which was far cry from the advance seen by another of the day's new stock debuts. CyberArk (CYBR) priced 5.36M shares at $16.00, opened for trade at $25.00 and ended the day at $29.94, making for a rise of over 87% from its IPO pricing. MAJOR MOVERS: Among the notable gainers was Acorda Therapeutics (ACOR), which advanced $8.27, or 28.18%, to $37.62 after the company agreed to acquire Civitas Therapeutics for $525M in cash. Civitas, which was private, had been scheduled to come public via an IPO that was expected to happen later this week prior to the deal announcement. Also higher was Hasbro (HAS), which rose $2.01, or 3.8%, to $54.95 after striking a deal that gives the company global rights, excluding Japan, to develop dolls based on Disney's (DIS) princess characters, as well as Frozen, beginning in 2016. Mattel (MAT), which currently holds those rights, slid 40c, or 1.25%, to $31.67 in the wake of the news. Also lower were shares of Skechers (SKX), which fell $5.69, or 9.8%, to $52.40 after research firm SportscanInfo reported that the footwear maker's sales had fallen 3% last week. However, Sterne Agee recommended buying the stock on the weakness. INDEXES: The Dow rose 154.19, or 0.9%, to 17,210.06, the Nasdaq gained 46.53, or 1.03%, to 4,555.22, and the S&P 500 added 15.53, or 0.78%, to 1,998.30.
15:04 EDTJPM, C, DBGoldman, other banks near deal to buy Bloomberg messaging alternative, WSJ says
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14:30 EDTRBSRBS seeks to sell additional 25% stake of Citizens Financial, FT says
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10:18 EDTRBSGlaxoSmithKline set to name RBS' Philip Hampton as next chairman, Sky News says
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10:10 EDTRBSCitizens Financial IPO opens at $21.50, IPO priced at $21.50
Citizens Financial (CFG) is a U.S. subsidiary of Royal Bank of Scotland (RBS).
09:48 EDTRBSCitizens Financial IPO indicated to open $21.50
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09:34 EDTCActive equity options trading on open
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09:33 EDTRBSCitizens Financial IPO indicated to open $21.25
Citizens Financial (CFG) priced 140M shares at $21.50. Morgan Stanley and Goldman acted as joint book running managers for the offering. Citizens Financial is a U.S. subsidiary of Royal Bank of Scotland (RBS).
05:45 EDTUBSMorgan Stanley downgraded to Neutral from Overweight at JPMorgan
JPMorgan downgraded its rating on Morgan Stanley (MS) to Neutral saying shares look expensive and that it does not see the bank meeting its 10% return on equity target. JPMorgan sees better value in other investment banks, specifically UBS (UBS), and keeps a $34 price target for Morgan Stanley shares. The stock closed yesterday down 16c to $35.02.
September 23, 2014
16:00 EDTCOptions Update; September 23, 2014
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15:34 EDTRBSRBS pressured to lower Citizens Financial IPO price range, FT says
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12:49 EDTBCSSEC says Barclays failed to maintain adequate internal compliance system
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10:33 EDTJPMWebster Financial to acquire HSA business from JPMorgan
Webster Financial (WBS), the holding company for Webster Bank, N.A., said that it had signed a definitive agreement to acquire the health savings account, or HSA, business from JPMorgan Chase Bank, N.A., a subsidiary of JPMorgan Chase (JPM). Under the agreement, approximately 700,000 accounts, including an estimated $1.3B in deposits and $175M in investments, will migrate from JPMorgan Chase Bank to HSA Bank, a division of Webster Bank, over a transitional period. In the near term, Webster will use approximately 60% of the deposits to pay down short-term borrowings with the remaining funds invested in securities. Transaction consideration will be all cash; the purchase price was not disclosed. Webster expects the transaction to be modestly accretive to earnings per share and return on equity in the first year following closing. The transaction is expected to improve Webster's loan-to-deposit ratio to approximately 80% from 87% pro forma at June 30. The company estimates the transaction will have tangible book value dilution of approximately 3%. JPMorgan Chase has advised Webster that the transaction is not expected to have a material impact on JPMorgan Chase's earnings.
08:34 EDTDBDeutsche Bank co-CEO, former CEOs face fraud charges in Kirch case, AP says
The Munich prosecutor's office has charged Deutsche Bank co-CEO Juergen Fitschen, as well as former CEOs Rolf Breuer and Josef Ackermann, with attempted serious fraud over allegedly misleading statements made during a lawsuit brought by Leo Kirch, reported Associated Press. Reference Link
08:14 EDTUBSCFA Society of Chicago to hold a meeting
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07:33 EDTCCitigroup threatened by Argentina over bond payments, Reuters reports
Argentine Economy Minister Axel Kicillof threatened Citigroup with "penalties" if the bank failed to make a $5M interest payment due to bondholders by Sept. 30 and the bank plans to ask a U.S. judge to stay an order barring it from processing payments on $8.4B in bonds issued after the country's 2002 default, reported Reuters. Reference Link
06:18 EDTBCSFCA fines Barclays GBP 37.75M for putting assets at risk
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06:02 EDTBCSBarclays CEO defends bank against dark pool allegations, CNBC reports
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September 22, 2014
16:00 EDTCOptions Update; September 22, 2014
iPath S&P 500 VIX Short-Term Futures up 91c to 28.14. Option volume leaders: AAPL TSLA NFLX C TWTR AMZN BP PBR CLF WLT according to Track Data.
13:39 EDTBCSFCA to fine Barclays GBP 38M over client assets, Sky News reports
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09:38 EDTCActive equity options trading on open
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09:24 EDTUBSAppeals court upholds UBS must deposit EUR1.1B over tax charges, Reuters says
A French appeals court upheld a prior ruling and ordered UBS to deposit EUR1.1B as a guarantee for the fine the court believes the bank may need to pay if it is found guilty of assisting its wealthy French customers to avoid paying taxes, reported Reuters. Reference Link
09:04 EDTUBSFrench court rules UBS must deposit $1.4B, Bloomberg reports
07:49 EDTDBDeutsche Bank fires Sydney-based currency trader, FT reports
Deutsche Bank has fired Andy Donaldson, a Sydney-based currency trader, for allegedly misreporting trades, the Financial Times reports. Donaldson was suspended in June after checks uncovered "irregularities" in how his trading activities were recorded. Reference Link
07:23 EDTRBSReport says Julius Baer mulling RBS unit acquisition, Reuters says
A report from German newspaper Sonntagsblick noted that Julius Baer (JBAXY) CEO Boris Collardi said that the company is contemplating an acquisition agreement for Royal Bank of Scotland's (RBS) Coutts International, according to Reuters, citing comments from Collardi in the report. Collardi said that the Swiss company is not looking to get in a bidding battle for Coutts' overseas division. Reference Link
06:15 EDTRBSLloyds Banking could still leave Scotland, Daily Mail reports
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06:11 EDTJPMEMC explores merger, holds talks with HP, Dell, WSJ reports
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September 20, 2014
21:15 EDTCCitigroup and Argentina's appeal on bond case dismissed, Reuters says
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September 19, 2014
11:14 EDTCSumitomo Mitsui, Mitsubishi UFJ on short list for Citigroup unit, WSJ reports
Sumitomo Mitsui Financial Group (SMFG), Sumitomo Mitsui Trust Holding, Mitsubishi UFJ Financial (MTU) and Shinsei Bank have been shortlisted by Citigroup (C) as buyers for the U.S. bank's retail bank in Japan, the Wall Street Journal reports, citing sources. Citi could pick a buyer for the unit by the end of the year or early next year. Citigroup could sell its Diners Club branded credit card unit in Japan along with the retail bank, a source says. Reference Link
09:37 EDTCActive equity options trading on open
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07:17 EDTCCitigroup up against hard situation in Argentina bond plea, Reuters says
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06:46 EDTRBSStarwood Property appoints Jeffrey DiModica President effective September 18
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September 18, 2014
14:08 EDTC, JPMBanks look to high-interest personal loans to boost revenue, WSJ says
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07:52 EDTDB, RBS, BCS, UBSUBS Chair says litigation bigger worry than stress test, Bloomberg reports
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06:39 EDTUBS, DB, RBS, BCSEuropean banks take out EUR83B of loans from central bank, NY Times says
European banks agreed to take out EUR83B in low interest loans from the European Central Bank, as part of a program in which all of the funds must be loaned to businesses or individuals, or repaid to the central bank within two years, according to The New York Times. Several analysts had said that they would be disappointed if banks took out less than EUR100B in loans, but a number of analysts said that a second round of the program, due to occur in December after stress tests have been completed, may be more popular, the newspaper stated. 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). Reference Link
05:31 EDTJPMVisa to undertake assessment of stake in Monitise
Visa (V) and Monitise entered into an alliance agreement in 2009. At the same time, Visa began investing in Monitise. Given the maturation of Monitise as a company, Visa is considering its options with respect to the investment and has engaged J.P. Morgan Securities (JPM) to assist. Visa will also be lessening its dependence on external mobile development resources. In 2009, in conjunction with its commercial partnership, Visa invested in Monitise as a 14.4% owner of the company in order to provide capital support to a leader in the evolution of the mobile payments sector. Over time, Visa’s holdings have been reduced to its current 5.5% stake in the company. This reduction in ownership and associated influence is consistent with Visa’s investment practice to seed emerging players and, over time, taper that influence as the partner company grows. Under their agreement, Monitise will provide Visa with mobile platform development services through 2016. As both Visa and the payments industry evolve at a rapid pace, Visa intends to continue increasing its investment in its own in-house capabilities and, as a result, reducing its use of external resources.
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