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Stock Market & Financial Investment News

News For BLK;MET;FCY;AEG;MTG;JPM;MS;BBT;BAC;FRE;FNM From The Last 14 Days
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March 3, 2015
13:04 EDTJPMJPMorgan weekly flat into stress test results
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10:20 EDTJPMJPMorgan to pay $50M in settlement with Justice Department
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06:50 EDTJPMJPMorgan's consumer business outshining its investment bank, NY Times says
In a reversal from the last several years, JPMorgan's consumer banking business seems to be performing better than its investment bank, The New York Times wrote, after viewing presentations by the heads of both banks. The head of the consumer bank, Gordon Smith, is in line to succeed Jamie Dimon as JPMorgan's CEO if he steps down in the near future, the newspaper noted. Reference Link
March 2, 2015
17:08 EDTBACOverstock.com market-riggin case to proceed
Overstock.com (OSTK) announces that due to the California Supreme Court's decision last week not to review a lower appellate court ruling, relevant discovery materials gained in its long-fought battle with Goldman Sachs (GS) and Merrill Lynch (BAC) will be released to the public, and it will be proceeding to trial against Merrill Lynch. In a suit filed in 2007, Overstock.com alleged certain brokerages engaged in illegal market manipulation in a deliberate effort to manipulate Overstock.com's share prices. Over many years and millions of dollars of discovery generating millions of documents, it fashioned its case against some of the premier brokerages on Wall Street. As was previously disclosed in a filing with the SEC in December 2010, Overstock.com entered into a settlement with certain other defendants in the aggregate amount of $4.44M, the terms of which are confidential. In January 2012, a California trial court decided that relevant portions of the voluminous discovery records regarding Goldman and Merrill should be made public, but dismissed the case on narrow, technical grounds. Last week's decision by the California Supreme Court not to review the appellate court ruling means that the process for public release of information gathered through the discovery process may now proceed, and also the trial against Merrill Lynch. Overstock SVP and General Counsel Mark Griffin added, "It is unfortunate the Court has decided that, despite the substantial evidence against Goldman Sachs, due to jurisdictional grounds they cannot be made to account for it in a California courtroom. Overstock looks forward to making that evidence available to the public for review, and we can't wait to get Merrill Lynch in front of a jury, and let them decide what to do about these manipulative stock market abuses."
16:02 EDTBACOptions Update; March 2, 2015
iPath S&P 500 VIX Short-Term Futures down 91c to 26.70. Option volume leaders: AAPL TSLA TWTR MBI MCD NFLX AMZN GOOG BAC C according to Track Data.
12:20 EDTMSNew York Attorney General to sue Morgan Stanley over subprime deals
In a regulatory filing submitted Monday, Morgan Stanley stated that on January 13, the New York Attorney General’s Office indicated that it intends to file a lawsuit related to approximately 30 subprime securitizations sponsored by the company. NYAG indicated that the lawsuit would allege that the company misrepresented or omitted material information related to the due diligence, underwriting and valuation of the loans in the securitizations and the properties securing them and indicated that its lawsuit would be brought under the Martin Act. The company does not agree with NYAG’s allegations and has presented defenses to them.
10:41 EDTJPMJPMorgan investment banking head sees 'very active' year, Bloomberg says
Dorothee Blessing, JPMorgan's vice chairman of EMEA investment banking, stated in a Bloomberg interview that “We expect 2015 to continue to be very active," similar to last year's cross-border deals and transactions in health care and telecoms, media and technology. Blessing said , "We see a continuous flow of ECM activity this year and the pipeline for IPOs is robust.” Separately today, she appointed Callum Mitchell-Thomson as head of investment banking for Germany. Reference Link
10:02 EDTJPMSantander names Scott Powell CEO of Santander Holdings USA
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10:00 EDTAEG, BLKOn The Fly: Analyst Downgrade Summary
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08:14 EDTBLKBlackRock, State Street may lose advantage over newer ETF firms, Reuters says
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07:43 EDTMSBrookings Institution holds a discussion
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06:23 EDTJPMBanco Santander's U.S. unit expected to name Powell as CEO, WSJ reports
Santander Holdings USA, the U.S. unit of Banco Santander (SAN), is expected to announce as today that Scott Powell will become its new CEO, sources tell The Wall Street Journal. Powell, a former head of JP Morgan Chase's (JPM) consumer-banking operations, would replace Roman Blanco. Reference Link
06:15 EDTBLKBlackRock downgraded to Neutral from Buy at Citigroup
Citigroup downgraded BlackRock (BLK) to Neutral citing the stock's proximity to its unchanged price target of $385. Citi's top pick in the Asset Managers space is Invesco (IVZ), followed by AllianceBernstein (AB) and OM Asset Management (OMAM), which it upgraded this morning to Buy.
05:32 EDTAEGAEGON downgraded to Hold from Buy at ING Group
February 27, 2015
16:19 EDTBACBank of America files mixed securities shelf
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16:06 EDTBACOptions Update; February 27, 2015
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10:45 EDTBACBank of America falls after analyst warns of potential Fed test failure
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10:17 EDTBLKBlackRock invests $300M in Jawbone, Fortune reports
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09:58 EDTBACOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 500.com (WBAI) downgraded to Hold from Buy at Deutsche Bank... Akorn (AKRX) downgraded to Hold after share rally at Needham... Allscripts (MDRX) downgraded to Market Perform from Outperform at Leerink... Bank of America (BAC) downgraded to Neutral from Buy at UBS... Bill Barrett (BBG) downgraded to Hold from Buy at KLR Group... CA Technologies (CA) downgraded to Underperform from Neutral at Credit Suisse... CBOE Holdings (CBOE) downgraded at BofA/Merrill... CONE Midstream (CNNX) downgraded to Sector Perform from Outperform at RBC Capital... Calamos (CLMS) downgraded to Underperform from Neutral at Credit Suisse... Crane (CR) downgraded to Market Perform from Outperform at FBR Capital... Dick's Sporting (DKS) downgraded to Equal Weight from Overweight at Barclays... EnerNOC (ENOC) downgraded to Buy from Strong Buy at Needham... Hercules Offshore (HERO) downgraded to Sell from Buy at Deutsche Bank... Insulet (PODD) downgraded at Oppenheimer... Intelsat (I) downgraded to Underperform from Neutral at Credit Suisse... Laredo Petroleum (LPI) downgraded to Market Perform from Outperform at Northland... Mavenir Systems (MVNR) downgraded to Equal Weight from Overweight at Morgan Stanley... Memorial Production (MEMP) downgraded to Underperform from Perform at Oppenheimer... Mobileye (MBLY) downgraded to Neutral from Buy at Dougherty... NTELOS (NTLS) downgraded to Market Perform from Outperform at Wells Fargo... Ocwen (OCN) downgraded to Sell from Neutral at Compass Point... Pegasystems (PEGA) downgraded to Neutral from Buy at Merriman... Performant Financial (PFMT) downgraded to Neutral from Buy at Compass Point... Pharmacyclics (PCYC) downgraded to Neutral from Buy at Goldman... Potbelly (PBPB) downgraded to Underweight from Overweight at Piper Jaffray... SYNNEX (SNX) downgraded to Hold from Buy at Stifel... Safe Bulkers (SB) downgraded at Credit Suisse... Sarepta (SRPT) downgraded to Market Perform from Outperform at Cowen... Seadrill Partners (SDLP) downgraded to Sector Perform from Outperform at RBC Capital... Spirit Realty (SRC) downgraded at RBC Capital... Transocean (RIG) downgraded to Sector Perform from Outperform at Iberia... UIL Holdings (UIL) downgraded to Neutral from Outperform at RW Baird... WCI Communities (WCIC) downgraded to Neutral from Buy at Citigroup... Walter Investment (WAC) downgraded to Neutral from Outperform at Credit Suisse.
09:42 EDTBACBank of America falls as Chief Accounting Officer, two directors, step down
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