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Stock Market & Financial Investment News

News Breaks
January 9, 2013
13:02 EDTBLK, CSCorrect: BlackRock to buy European ETF business from Credit Suisse, Reuters says
This corrects a previous story.
News For BLK;CS From The Last 14 Days
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April 16, 2014
15:17 EDTBLKNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include General Electric (GE), consensus 32c; Philip Morris (PM), consensus $1.16; Schlumberger (SLB), consensus $1.20; PepsiCo (PEP), consensus 75c; Union Pacific (UNP), consensus $2.37; UnitedHealth (UNH), consensus $1.09; Honeywell (HON), consensus $1.26; Goldman Sachs (GS), consensus $3.44; du Pont (DD), consensus $1.59; Morgan Stanley (MS), consensus 60c; Danaher (DHR), consensus 80c; BlackRock (BLK), consensus $4.14; Blackstone (BX), consensus 55c; Chipotle Mexican Grill (CMG), consensus $2.86; Mattel (MAT), consensus 9c; Snap-on (SNA), consensus $1.54; AutoNation (AN), consensus 74c.
09:00 EDTCSCredit Suisse falls 2.2%
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06:32 EDTBLKGoldman Sachs tries to jump start stock-trading business amid concerns, WSJ says
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06:18 EDTCSCredit Suisse says making progress in resolving litigation issues
Credit Suisse said in its earnings release, "Progress in resolving key legacy litigation issues in 2014 to date; continued focus on resolving the US tax matter with the United States Department of Justice."
06:15 EDTCSCredit Suisse reports Q1 net income CHF 859M vs. CHF 1.3B last year
Reports Q1 revenue CHF 6.47B vs. CHF 7.0B last year. Credit Suisse's Basel III CET1 ratio as of the end of Q1 was 14.3%, compared to 15.7% as of the end of Q4. The company said it is on track to achieve targeted run-off of non-strategic units. Its CEO said, "For the first quarter, we achieved a return on equity of 14% in our strategic businesses, well within reach of our 15% through-the-cycle target. This strong performance was driven by significantly improved profitability in Private Banking & Wealth Management, solid returns in Investment Banking and continued effective cost and capital management."
April 15, 2014
13:28 EDTCSNY regulator sent subpoena to Credit Suisse in tax probe, CNBC says
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08:54 EDTBLKBlackRock April volatility elevated at 38 into Q4 and outlook
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07:28 EDTBLKSEC officials weighing curbs on trading fees, WSJ says
SEC officials, including some commissioners, are considering a trial program to curb "maker-taker" fee plans that are a major source of revenue for exchanges and some high-frequency trading firms, according to The Wall Street Journal. Fund managers, including BlackRock (BLK), are concerned about the negative effects of maker-taker, the report added. IntercontinentalExchange (ICE) CEO Jeffrey Sprecher, along with representatives from T. Rowe Price (TROW) and from RBC Capital (RY), recently held a series of private meetings with SEC Chairman Mary Jo White to push for its elimination, according to the report, citing people familiar with the matter. Like IntercontinentalExchange, which owns the New York Stock Exchange, Nasdaq (NDAQ) is a publicly-traded exchange operator. Reference Link
06:37 EDTCSAleris looking to sell recycling, alloy segment, WSJ reports
Aleris Corp (ARS), an aluminum producer, has hired Credit Suisse (CS) and KeyBank (KEY) as its financial advisers in a move to sell its recycling and custom alloy manufacturing segment, the Wall Street Journal reports, citing sources. The unit could fetch over $400M in a sale, the sources say. Reference Link
April 14, 2014
15:26 EDTCSLazard's Spencer hired away by Credit Suisse, WSJ says
Jim Spencer has been hired away from Lazard (LAZ) and will join Credit Suisse (CS) in October as the new head of the bank’s Financial Institutions Group in the Americas, according to The Wall Street Journal, citing an internal memo. Reference Link
April 10, 2014
13:43 EDTBLKFidelity to pitch new lost cost trading venue to large asset managers, WSJ says
Fidelity is working on a new trading venue, dubbed "Sakura," that it hopes will be a collaboration among big mutual-fund firms to reduce costs and streamline trading and will be an improvement over other "dark pools," reported The Wall Street Journal, citing people with knowledge of the matter. The report said Fidelity is in the initial planning stages and has just started pitching the idea to other large asset managers. Publicly traded fund managers include BlackRock (BLK), Franklin Resources (BEN) and T. Rowe Price (TROW), while Investment Technology Group (ITG) currently operates dark pools that facilitate block trading among large institutions. Exchange operators Nasdaq (NDAQ) and Intercontinentalexchange's (ICE) NYSE have previously testified to legislators that too much trading occurs in dark pools, hurting investors. Reference Link
April 9, 2014
10:06 EDTCSOn The Fly: Analyst Downgrade Summary
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05:38 EDTCSCredit Suisse downgraded to Underweight from Neutral at JPMorgan
JPMorgan downgraded Credit Suisse to Underweight citing concerns over the bank's investment bank strategy.
April 8, 2014
06:26 EDTCSYodle planning IPO for 2014, WSJ reports
Online advertising company Yodle is planning an IPO for the second half of the year, the Wall Street Journal reports. Sources say the startup has selected Credit Suisse (CS) and Deutsche Bank (DB) for the offering, which could raise about $100M. Reference Link
April 7, 2014
06:58 EDTCSDark markets could cause more harm than high-frequency trading, Reuters says
After a book by financial author Michael Lewis sparked worries that high-speed traders have been rigging the U.S. stock market, former regulators and academics say a more serious threat to investors could be the increasing amount of trading that happens outside of exchanges, reported Reuters. Top internalizers include units of KCG Holdings (KCG), Citadel, UBS (UBS), and Citigroup (C). Dark pool operators include Credit Suisse (CS) and Morgan Stanley (MS). In an attempt to earn back some of the retail orders, exchanges such as IntercontinentalExchange Group's (ICE) New York Stock Exchange, Nasdaq (NDAQ), and BATS Global Markets, have allowed brokerages to place dark pool-style orders on their platforms, with the trade hidden until after it is executed. Reference Link
06:28 EDTCSNew York launches probe of Credit Suisse, NY Times says
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April 6, 2014
19:01 EDTBLKBlackRock names Robert Goldstein as COO, WSJ says
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April 4, 2014
10:02 EDTBLKOn The Fly: Analyst Upgrade Summary
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06:26 EDTCSRoyal Bank of Scotland names Ewen Stevenson as CFO
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05:50 EDTBLKBlackRock upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette upgraded BlackRock to Outperform on expectations the company's organic growth will remain above the peer group. The firm raised its price target for shares to $370 from $350.
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