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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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July 27, 2015
19:18 EDTBLKBlackRock pursuing more private financing deals, Reuters says
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10:15 EDTJPMJPMorgan breaks support, levels to watch
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08:33 EDTBACBank of America increases environmental initiative from $50B to $125B
Bank of America said it has pledged to increase the company’s current environmental business initiative from $50B to $125B in low-carbon business by 2025 through lending, investing, capital raising, advisory services and developing financing solutions for clients around the world.
06:26 EDTJPM, MS, BLKSymphony Communication eyes $1B funding round, WSJ reports
Symphony Communication Services, an instant-messaging software company backed by Wall Street firms including Goldman Sachs (GS), is eyeing an investment round that may value it at as much as $1B, the Wall Street Journal reports, citing people familiar with the matter. The startup is canvassing a range of possible new investors, including venture-capital funds and additional financial firms, the report says. Symphony also wants funds from its existing backers, including Goldman, Morgan Stanley (MS), JPMorgan Chase (JPM), and BlackRock (BLK), the report says. Reference Link
July 24, 2015
17:33 EDTBBTS&P announces changes to S&P 400, 500, and 600 indices
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14:01 EDTBACBank of America's Lynch to step down as general counsel, Bloomberg reports
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09:36 EDTBACActive equity options trading on open
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07:33 EDTBLKSolar Power sells UK solar project to fund managed by BlackRock
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July 23, 2015
07:16 EDTJPMChase Card Services, Southwest announce extension to co-branded card agreement
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07:15 EDTBACBank of America could underperform after executive changes, says Wells Fargo
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07:13 EDTJPMJPMorgan management to meet with Deutsche Bank
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July 22, 2015
18:59 EDTBACBank of America announces CFO Bruce Thompson to step down
Bank of America announced that CFO Bruce Thompson has decided to step down after more than five years as Chief Risk Officer and Chief Financial Officer. Paul Donofrio, who has been with Bank of America since 1999 and has 25 years of global corporate and investment banking experience, will become CFO, effective August 1. Additionally, Global Human Resources executive Andrea Smith will assume a newly created position as Chief Administrative Officer. Replacing Smith as Global Human Resources executive is Sheri Bronstein.
18:37 EDTBACBank of America CFO Bruce Thompson to step down, WSJ reports
Bank of America CFO Bruce Thompson is leaving the bank, according to an internal memo, and will be replaced with Paul Donofrio, the Wall Street Journal reports. Reference Link
10:15 EDTMTGOptions with decreasing implied volatility
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06:09 EDTJPM4 arrested men suspected of JPMorgan hacking, NYT reports
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July 21, 2015
19:23 EDTJPMJPMorgan Chase to expand into Washington D.C., NY Post says
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16:13 EDTJPMJPMorgan releases results of 2015 Dodd-Frank Stress Test
Common Equity Tier 1 ratio would be 8.1% in severe adverse scenario and Tier 1 risk-based capital ratio would be 9.6%. Reference Link
16:01 EDTBACOptions Update; July 21, 2015
iPath S&P 500 VIX Short-Term Futures down 13c to 16.20. Option volume leaders: AAPL BAC FB BAC MSFT NFLX AMD IBM CHK
10:24 EDTMTGOptions with decreasing implied volatility
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09:35 EDTBACActive equity options trading on open
Active equity options trading on open: AAPL FB IBM TSLA BAC PVA NFLX
08:49 EDTMSMorgan Stanley price target raised to $46 from $40 at BMO Capital
BMO Capital raised its price target on Morgan Stanley after the company reported higher than expected core Q2 EPS. The firm says that all of the company's segments delivered results that beat expectations. The firm raised its annual EPS estimates for the company by 2% and keeps an Outperform rating on the shares.
08:35 EDTJPMVarian Medical signs agreement to operate first proton facility in New York
Varian Medical Systems (VAR) announced that it has entered into an agreement with New York Proton Management, a consortium of leading New York healthcare institutions including Memorial Sloan Kettering Cancer Center, Mount Sinai Health System, Montefiore Health System, and ProHEALTH Medical Management formed to operate The New York Proton Center, the first proton facility in New York State. Varian will provide the center, which will have four treatment rooms and a research room, with its ProBeam system, as well as 10 years of service for approximately $115M. The center, which will be located in Manhattan, is expected to open for treatment in the first half of 2018. Varian expects to book the equipment portion of the order in Q4 with the remainder of the order to be booked in accordance with the company's policies over the term of the agreement. Under an agreement with MM Proton I, LLC, the project developer, Varian's international subsidiary in Switzerland will provide $91.5M in project financing, including a six-and-half-year $73M senior first lien loan at 9% interest and a six-and-half-year $18.5M subordinate loan at up to 13.5% interest. Other lenders for the $242.7M in total project loans include JPMorgan Chase Bank (JPM) and an affiliate of The Goldman Sachs Group (GS). The project facility is managed by Murphy & McManus, a Boston-based developer of healthcare and life science facilities and Norton Travis of NLT Advisors served as project coordinator on behalf of the consortium.
06:57 EDTBLKBlackRock wins license to raise funds in China, Reuters reports
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06:07 EDTMSONUG: Yahoo hires VP of global network from Symantec
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July 20, 2015
16:01 EDTBACOptions Update; July 20, 2015
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13:03 EDTJPM, BAC, MSFed proposes final rule on capital surcharges for largest U.S. banks
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12:08 EDTMSOn The Fly: Top stock stories at midday
Stocks on Wall Street were slightly higher at midday in the first trading day of a week that will be light on domestic economic data but heavy on earnings reports. Investors will be receiving profit reports from about 25% of the companies on the S&P 500 this week, making this the highest volume earnings week of this season. ECONOMIC EVENTS: In the U.S., no major data was released. In Europe, Greece reopened its banks three weeks after closing as the country worked out another bailout agreement. The country announced it has started the process of paying off its creditors, including the European Central Bank and the International Monetary Fund, with a bridge loan it just received. COMPANY NEWS: Lockheed Martin (LMT) agreed to buy the Sikorsky Aircraft business from United Technologies (UTX) for $9B, noting the price is "effectively reduced" to $7.1B after taking into account tax benefits resulting from the transaction. Shares of Lockheed, which also reported better than expected second quarter results and increased its fiscal year guidance, gained nearly 2% after the Sikorsky announcement and saying it will conduct a strategic review of its government IT infrastructure services business and technical services business... Shares of Morgan Stanley (MS) shares were little changed near noon after the bank reported earnings and revenue, excluding certain adjustments, that topped analysts' consensus forecasts... SunEdison (SUNE) announced a deal to acquire Vivint Solar (VSLR) for approximately $2.2B, payable in a combination of cash, shares of SunEdison common stock and SunEdison convertible notes. In connection with the proposed acquisition of Vivint Solar, SunEdison has entered into a definitive purchase agreement with a subsidiary of TerraForm Power (TERP) which, concurrently with the completion of SunEdison's acquisition of Vivint, will acquire Vivint Solar's rooftop solar portfolio, consisting of 523 MW expected to be installed by year-end 2015, for $922M in cash. Shares of Vivint rose 44% following the announcement, while SunEdison's stock gained 4% and TerraForm dropped 3%. Fellow residential solar installer SolarCity (SCTY), which is backed by Tesla's (TSLA) Elon Musk, rose 7% following the deal in the space. MAJOR MOVERS: Among the notable gainers was Exelixis (EXEL), which rallied 43% after the company reported that a study of cabozantinib in metastatic renal cell carcinoma met its primary endpoint of significant improvement in progression-free survival. The shares were indicated to rise even more in early pre-market trading, but lost some of their gains after Bristol-Myers (BMY) announced that its Opdivo study was stopped early after showing superior overall survival in a Phase 3 study of previously treated patients with advanced or metastatic renal cell carcinoma. Bristol-Myers rose a bit less than 1% to trade near $70 per share after its own announcement. Also higher was PayPal (PYPL), which gained more than 5.5% in its first day of trading after being spun out of eBay (EBAY). Meanwhile, eBay shares rose over 2%. Cal-Maine Foods (CALM) dropped 8% after posting lower than expected sales and profits in its fourth quarter and warning that while it should have an adequate supply of its primary feed ingredients, the company expects that prices will be "volatile" in the year ahead. Also lower were shares of several gold miners, including Barrick Gold (ABX) and Newmont Mining (NEM), which each fell about 11%, as gold prices declined about 2% near midday. INDEXES: Near midday, the Dow was up 31.66, or 0.18%, to 18,118.11, the Nasdaq was up 9.81, or 0.19%, to 5,219.96, and the S&P 500 was up 2.82, or 0.13%, to 2,129.46.
10:13 EDTMTGOptions with decreasing implied volatility
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10:00 EDTAEGOn The Fly: Analyst Upgrade Summary
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09:34 EDTBACActive equity options trading on open
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09:34 EDTBLKHalliburton sees significant runway for refrack in the future
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09:22 EDTMSOn The Fly: Pre-market Movers
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08:47 EDTMSMorgan Stanley CFO: Retail investor activity yet to increase from subdued levels
Morgan Stanley CFO Jonathan Pruzan said the firm's view on Wealth Management remains positive as the recovery plays out in the U.S., with growth expected to come from its bank strategy and fee-based program. "We continue to see softness in transactional revenues, which were down 8% compared to last quarter as retail investor activity has yet to increase from subdued levels," Pruzan added.
08:43 EDTMSMorgan Stanley CEO says firm should benefit from being overweight U.S.
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07:16 EDTJPMJPMorgan boosts Spanish bond holdings amid Greek deal, Bloomberg says
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07:10 EDTMSMorgan Stanley rises 3.8% to $41.75 in pre-market after Q2 earnings beat
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07:05 EDTMSMorgan Stanley reports tangible book value per common share $29.54
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07:04 EDTMSMorgan Stanley reports Q2 Wealth Management net revenues $3.9B
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07:01 EDTMSMorgan Stanley reports Q2 EPS ex DVA 79c, consensus 74c
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06:31 EDTBBTBB&T reinstated with a Hold at Deutsche Bank
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05:20 EDTAEGAEGON upgraded to Buy from Hold at Jefferies
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July 19, 2015
19:12 EDTMS, JPM, BACFederal Reserve proposes changes to 'stress test' regulations
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18:27 EDTJPMJPMorgan agrees to pay $388M in mortgage-backed securities case, Reuters says
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July 17, 2015
16:41 EDTBAC, JPMStocks end week higher as Google, Greece bring out the buyers
Stocks ended the week higher and the major averages are back at record highs after Iran agreed to a nuclear deal, Greece's parliament paved the way for the country to receive another bailout by agreeing to new austerity measures and Google (GOOG) gave investors hope that earnings from tech's other heavyweights will be similarly better than expected. MACRO NEWS: In the U.S., retail sales unexpectedly fell 0.3% in June, versus the consensus forecast for growth of 0.3%. The producer prices index showed prices rose 0.4% in June, versus expectations for an increase of 0.2%. The consumer price index rose a seasonally adjusted 0.3% in June from a month earlier, matching the consensus forecast. Compared with last year, consumer prices rose 0.1%, marking the first annual increase since December. Housing starts rose 9.8% to a 1.17M rate in June and building permits rose 7.4% to a 1.34M pace, both of which topped expectations. The NAHB homebuilder sentiment index for July came in at 60, a point better than forecast. The University of Michigan's consumer sentiment reading dropped to 93.3 in the preliminary July figure, which was below the 96.0 reading that was expected. During testimony before Congress, Federal Reserve Chair Janet Yellen stayed on message, stating that the central bank is on track to raise record-low interest rates this year, so long as the labor market and the economy keep improving... In China, exports rose 2.1% from a year earlier during June and imports dropped 6.7%, leaving a trade surplus of $45.8B for the month, the nation's customs administration reported. The nation's GDP was reported to have grown 7% in the second quarter from a year earlier, beating the consensus expectation for growth of 6.8%... In Europe, Greek lawmakers passed the country's austerity agreement and Euro-area finance ministers reportedly agreed in principle to extend a bridge loan to Greece. The loan should help keep Greece afloat while its Prime Minister negotiates the details of the country's latest bailout... Iran reached a deal on restrictions and inspections intended to prevent it from developing nuclear weapons in exchange for the lifting of economic sanctions by six world powers. The agreement still faces a political fight in the U.S. before taking effect, but President Barack Obama has vowed to veto any congressional effort to block its implementation. COMPANY NEWS: Class A shares of Google (GOOG, GOOGL) surged at the end of the week after the search giant reported better than expected revenues and earnings in the second quarter. Research firms all over Wall Street raised their price targets on the stock in the wake of the report... Netflix (NFLX) rallied to a split-adjusted all-time high after the streaming service operator reported stronger than expected second quarter results, including higher than expected Q2 subscriber metrics, prompting a large number of research firms to raise their price targets on the stock... Many of the nation's largest banks reported on their results in the second quarter this week. JPMorgan (JPM), Bank of America (BAC) and Citigroup (C) all posted quarterly profits, excluding certain items, that beat the average estimates of analysts. Wells Fargo (WFC) reported earnings in-line with consensus estimates and revenue somewhat below expectations, while Goldman Sachs (GS) reported headline earnings that appeared to fall far short of the consensus forecast. However, that was due to Goldman's nearly $1.5B in provisions for litigation and regulatory matters. Excluding those provisions, the bank's earnings were ahead of consensus... On the M&A front, Receptos (RCPT) advanced after Celgene (CELG) announced a deal to buy the smaller drugmaker for $232 per share in cash, or a total of about $7.2B net of cash acquired. A number of research firms applauded the deal, especially noting the price Celgene agreed to pay, but cautioned that a rival bidder may still emerge for Receptos. Marathon Petroleum (MPC) gained after MPLX (MPLX), the company's fee-based master limited partnership, agreed to acquire MarkWest Energy (MWE) in a cash and stock deal that implies a total enterprise value for MarkWest of approximately $20B, including the assumption of debt of approximately $4.2B. Micron (MU) rose after The Wall Street Journal reported that China's state-owned Tsinghua Unigroup had offered to acquire the memory chip maker for $23B, or $21 per share... Shares of Twitter (TWTR) spiked Tuesday morning after a questionable takeover report was published on a website that mimicked, but had a different web address, than Bloomberg News. A Bloomberg spokesman said soon afterward that the Twitter takeover story being attributed to the news service was a fake, while a Twitter spokesperson also denied the report of an alleged deal... Macy's (M) jumped after Starboard CEO Jeffrey Smith called the stock his "best idea" for 2015, adding that the shares could be worth $125 each if the company takes steps to maximize the value of its real estate holdings. Amazon (AMZN) announced it sold more units on its first "Prime Day" than the biggest Black Friday ever and had more new members try its Prime service worldwide than any single day in company history. The e-commerce giant noted that its worldwide order growth increased 266% over the same day last year and 18% more than Black Friday 2014, adding that it will "definitely be" doing another Prime Day in the future. A number of semiconductor equipment stocks, including Applied Materials (AMAT) and Lam Research (LRCX), dropped after Intel (INTC) cut its capital expenditures guidance while reporting on its quarterly results. INDEXES: For the week, the Dow gained about 1.05% to close at 18,086.45, the Nasdaq advanced about 3.37% to close at 5,210.14, and the S&P 500 rose about 1.67% to close at 2,126.64.
16:24 EDTBACBank of America provides mid-cycle stress test results
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15:20 EDTMSMorgan Stanley July weekly 40 straddle priced for 3.1% movement into Q2
14:00 EDTBAC, MS, JPMEarnings Watch: Morgan Stanley rounds out quarterly results for financial firms
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13:34 EDTMSMorgan Stanley technical comments ahead of results
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10:05 EDTBACOn The Fly: Analyst Upgrade Summary
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09:24 EDTBACBank of America upgraded to Buy from Hold at Argus
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July 16, 2015
16:54 EDTBBTBB&T CEO says acquisitions have always been core part of business
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16:12 EDTBBTBB&T releases results of 2015 Dodd-Frank Stress Test
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16:00 EDTBAC, JPMOptions Update; July 16, 2015
iPath S&P 500 VIX Short-Term Futures down 1.17 to 16.52 Option volume leaders: NFLX AAPL BAC FB F INTC C EBAY AMZN GM JPM MU PFE BABA JD X
13:54 EDTMSEQT Partners exploring selling EEW to Morgan Stanley, Bloomberg reports
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09:35 EDTBACActive equity options trading on open
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08:54 EDTMETBofA/Merrill U.S. life insurance analyst holds analyst/industry conference call
U.S. Life Insurance Analyst Weiss, along with Jill Hoffman, VP of Government Affairs and Felicia Smith, VP & Senior Counsel for Regulatory Affairs from the Financial Services Roundtable, discuss the Labor Department's recent proposal to impose fiduciary standards on the sale of retirement products on an Analyst/Industry conference call to be held on July 20 at 11 am.
08:45 EDTMETMetLife announces launch of LumenLab in Singapore
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08:17 EDTMSMorgan Stanley July weekly volatility elevated into Q2 and outlook
Morgan Stanley July weekly call option implied volatility is at 25, August is at 21, October is at 20 compared to its 52-week range of 16 to 34, suggesting large near term price movement into the expected release of Q2 results on July 20.
08:06 EDTBACBank of America expense savings run-rate sustainable, says Morgan Stanley
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07:09 EDTMTGMGIC Investment sees 2015 new insurance written to exceed 2014
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07:08 EDTMTGMGIC Investment reports Q2 new insurance written $11.8B
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07:07 EDTMTGMGIC Investment reports Q2 EPS 28c, consensus 23c
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05:51 EDTBBTBB&T reports Q2 Tier 1 capital ratio 12.1%
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05:49 EDTBBTBB&T reports Q2 adjusted EPS 69c, consensus 69c
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July 15, 2015
17:50 EDTBLKBlackRock CEO Fink expects Fed to raise rates in September
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17:32 EDTBLKIcahn says BlackRock 'doesn't understand the risks'
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17:24 EDTBLKBlackRock CEO Fink says ETFs create price transparency, liquidity
Larry Fink is speaking on CNBC.
17:19 EDTBLKIcahn says BlackRock a 'very dangerous company'
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16:28 EDTBACOn The Fly: Top stock stories for Wednesday
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16:00 EDTBACOptions Update; July 15, 2015
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14:53 EDTMTG, BBTNotable companies reporting before tomorrow's open
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13:50 EDTBAC, JPMEarnings Watch: Goldman Sachs to report after last quarter's earnings beat
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12:18 EDTBACOn The Fly: Top stock stories at midday
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10:19 EDTBACBank of America reports June default rate 2.62% vs. 2.9% last month
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10:11 EDTBACBank of America trades higher following earnings
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09:32 EDTBACActive equity options trading on open
Active equity options trading on open: AAPL FB BAC RCPT MU YUM NFLX CELG
09:23 EDTBACOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Bank of America (BAC), up 2.9%... CSX (CSX), up 2.6%. ALSO HIGHER: Hertz (HTZ), up 3.9% after being upgraded to Buy from Hold at Deutsche Bank. NOTABLE: Receptos (RCPT), up 10.5% following deal to be acquired by Celgene (CELG)... Celgene is up 7.9% after announcing acquisition of Receptos... UP AFTER RECEPTOS/CELGENE DEAL: ZIOPHARM Oncology (ZIOP), up 1.7%... Arena Pharmaceuticals (ARNA), up 6.5%. DOWN AFTER EARNINGS: Delta Air Lines (DAL), down 2.4%. ALSO LOWER: Mead Johnson (MJN), down 4.8% after reducing fiscal 2015 EPS guidance... Columbia Pipeline Partners (CPPL), down 5.6% after 4.64M share Block Trade priced at $24.15... SINA (SINA), down 2.7% after being downgraded to Hold from Buy at Deutsche Bank... MacroGenics (MGNX), down 2.8% after 3.25M share Secondary priced at $37.00.
08:51 EDTBACBank of America reports full-time equivalent headcount down 7% in Q2
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08:49 EDTBACBofA says 'well positioned' for NII to benefit as rates move higher
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08:43 EDTBACBank of America expects to remain 'opportunistic' to meet future funding needs
BofA reported it issued $10B of parent long-term debt in Q2, including $3B of subordinated debt, and said its Global Excess Liquidity Sources grew to a record $484B. Bank of America's estimated consolidated Liquidity Coverage Ratio exceeds the 2017 requirement, the bank added.
08:40 EDTBACBofA estimates holdco SLR 6.3%, bank subsidiary SLR 7%
Bank of America estimates its bank holding company Supplementary Leverage Ratio, or SLR, Fully Phased-in, is 6.3%, exceeding the 5% required minimum. The estimated primary bank subsidiary SLR is 7.0%, exceeding the 6% “well-capitalized” level, the bank said in slides for its Q2 earnings call.
08:35 EDTBLK, JPMCNBC to hold a conference
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08:33 EDTBACBank of America notes Q2 results impacted by 7c in adjustments, gains
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07:51 EDTJPMJPMorgan weakness would be buying opportunity, says Baird
Baird said they would use any weakness in JPMorgan as a buying opportunity and raised its price target on the shares to $75 from $70. The firm cited what they view as the bank's "solid" capital build and reasonable valuation and reiterated its Outperform rating on JPMorgan shares.
07:45 EDTJPM, JPMJPMorgan price target raised to $78 from $68 at CLSA
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07:42 EDTMS, JPMCommodity Futures Trading Commission to hold a public roundtable
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07:07 EDTBACBank of America says issued 1.3M new consumer credit cards in Q2
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07:06 EDTBACBank of America CEO says benefited from improvement in U.S. economy
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07:05 EDTBACBank of America reports Book Value per Share $21.91 at June 30
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07:04 EDTBACBank of America reports Q2 provision for credit losses $780M
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07:02 EDTBACBank of America reports Q2 revenue net of interest expense $22.3B on FTE basis
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07:01 EDTBACBank of America reports Q2 EPS 45c, consensus 36c
Reports Q2 revenue $21.12B, consensus $21.32B.
07:01 EDTBACBank of America reports Q2 EPS 45c, consensus 36c
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06:17 EDTJPMJPMorgan reports June net credit losses 2.34% vs. 2.59% last month
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05:49 EDTBLKBlackRock reports Q2 assets under management up 3% to $4.72T
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05:47 EDTBLKBlackRock reports Q2 operating income up 10% to $1.24B
Reports Q2 AUM growth of 3%. Reports $7.3B of long-term net outflows for Q2.
05:46 EDTBLKBlackRock reports Q2 adjusted EPS $4.96, consensus $4.80
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July 14, 2015
16:24 EDTJPMOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street opened in relatively quiet fashion following the market's last three days of gains. With headwinds such as the Greek debt crisis and the Iran nuclear deal out of the way for the time being, investors are able to turn their attention more fully to the earnings season. Reports from JPMorgan (JPM), Wells Fargo (WFC) and Johnson & Johnson (JNJ) were mostly in-line with expectations, if not better than hoped, in several dimensions. The averages began to drift higher, with the Dow surpassing the 18,000 level again and the Nasdaq rising back above 5,100. ECONOMIC EVENTS: In the U.S., retail sales unexpectedly fell 0.3% in June, versus the consensus forecast for growth of 0.3%. If autos and gas are removed from the data, the core reading slipped 0.2%, versus expectations for it to be up 0.4%. The import price index fell 0.1% last month, versus expectations for it to be up 0.1%. Business inventories grew 0.3% in May, matching the consensus expectation. In Europe, BOE Governor Mark Carney told U.K. officials that “the point at which interest rates may begin to rise is moving closer.” Additionally, Iran reached a deal on restrictions and inspections intended to prevent it from developing nuclear weapons in exchange for the lifting of economic sanctions by six world powers. The agreement still faces a political fight in the U.S. before taking effect, but President Barack Obama has vowed to veto any congressional effort to block its implementation. COMPANY NEWS: Shares of Twitter (TWTR) spiked as high as $38.82 late this morning after a questionable takeover report was published on a website that mimicked, but had a different web address, than Bloomberg News. A Bloomberg spokesman said soon afterward that the Twitter takeover story being attributed to the news service was a fake, while a Twitter spokesperson also denied the report of an alleged deal. Twitter, which has been the frequent subject of takeover speculation, closed up 93c, or 2.6%, at $36.71. The Securities and Exchange Commission will need to add this latest apparent hoax to the list of others it is investigating, including a filing made two months ago by "PTG Capital Partners" purporting to outline its offer to acquire Avon Products (AVP)... JPMorgan (JPM) reported quarterly earnings before the open, beating on both the top and bottom line. Banking peer Wells Fargo (WFC) also reported its results this morning, with earnings in-line with consensus estimates and revenue somewhat below expectations. Shares of both banks rose about 1% following their reports. Dow member Johnson & Johnson (JNJ) slipped about 0.5% to $99.78 despite reporting better than expected earnings, posting revenue that was in-line with expectations and raising its fiscal year adjusted profit forecast. MAJOR MOVERS: Among the notable gainers was Micron (MU), which rose $2.00, or 11.36%, to $19.61 following a Wall Street Journal report last night that claims China's Tsinghua offered to acquire the company for $23B, or $21 per share. Also higher were shares of WPX Energy (WPX), which advanced 71c, or 6.38%, to $11.83 after announcing an agreement to buy RKI Exploration & Production for $2.35B plus the assumption of $400M in debt. Among the noteworthy losers was Vince Holding (VNCE), which fell $2.24, or 18.73%, to $9.72 after announcing last night that its CEO Jill Granoff has resigned. In the wake of that news, William Blair downgraded the stock today to Market Perform from Outperform. Also lower was Spirit Airlines (SAVE), which dropped $4.73, or 7.44%, to $58.81 after cutting both quarterly and yearly guidance last night, which was followed by a downgrade of the stock at Citi this morning. INDEXES: The Dow advanced 75.90, or 0.42%, to 18,053.58, the Nasdaq rose 33.38, or 0.66%, to 5,104.89, and the S&P 500 gained 9.35, or 0.45%, to 2,108.95.
16:01 EDTJPM, BACOptions Update; July 14, 2015
iPath S&P 500 VIX Short-Term Futures down 15c to 17.76 Option volume leaders: AAPL FB BAC T AMZN BABA INTC JPM LVS AAL CHK MSFT NFLX TSLA TWTR MPC
15:03 EDTBACBank of America July 17 straddle priced for 2.5% movement into Q2
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15:01 EDTBAC, BLKNotable companies reporting before tomorrow's open
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14:30 EDTBLKBlackRock technical remarks ahead of earnings
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14:13 EDTJPM, BACEarnings Watch: Bank of America continues Q2 earnings for big banks
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12:28 EDTJPMOn The Fly: Top stock stories at midday
Stocks on Wall Street were higher at midday despite data showing that retail sales unexpectedly fell last month. With a nuclear pact agreed to by Iran and the Greek debt crisis pushed to the back burner for the time being, earnings are set to take center stage, beginning with the reports this morning from two of the country's biggest banks and a bluechip healthcare conglomerate. With stocks working on their fourth consecutive day in positive territory, the Dow has pushed back above the 18,000 level. ECONOMIC EVENTS: In the U.S., retail sales unexpectedly fell 0.3% in June, versus expectations for growth of 0.3%. If autos and gas are removed from the data, the core reading was down 0.2%, versus expectations for it to be up 0.4%. The import price index fell 0.1% last month, versus expectations for it to be up 0.1%. Business inventories grew 0.3% in May, matching the consensus expectation. In Europe, Bank of England Governor Mark Carney told U.K. officials that “the point at which interest rates may begin to rise is moving closer.” Additionally, Iran reached a deal on restrictions and inspections intended to prevent it from developing nuclear weapons in exchange for the lifting of economic sanctions on the Islamic Republic by six world powers. The agreement still faces a political fight in the U.S. before taking effect, but President Barack Obama has vowed to veto any congressional effort to block its implementation. COMPANY NEWS: Twitter (TWTR) shares spiked late in the morning after a questionable takeover report appeared on a website that attempted to mimic Bloomberg. A Bloomberg spokesman said soon afterward that the Twitter takeover story being attributed to the news service is a fake, while a Twitter spokesperson also denied the report of an alleged deal in a statement to Reuters... The nation's largest bank, JPMorgan (JPM), earned $1.54 per share in earnings in the second quarter of the year, which was up from the same period of last year and above the $1.44 per share consensus estimate. Peer Wells Fargo (WFC) reported quarterly earnings that were in-line with expectations on a revenue that, like JPMorgan, was a bit below the consensus forecast. Shares of each of the banks rose about 1% near noon following their reports... Dow member Johnson & Johnson (JNJ), however, slipped about 1% after reporting better than expected earnings, revenue that was in-line with expectations and raising its fiscal year adjusted profit forecast. MAJOR MOVERS: Among the notable gainers was Micron (MU), which jumped 11% after The Wall Street Journal reported last night that China's state-owned Tsinghua Unigroup had offered to acquire the memory chip maker for $23B, or $21 per share. Also higher was Matrix Service (MTRX), which gained 18% after the Oil & Gas industry service provider issued guidance for its revenue and earnings in fiscal 2016. Among the noteworthy losers was Vince Holding (VNCE), which sunk 19% after the fashion brand owner announced the resignation of its CEO, which follows the resignation of its CFO less than a month ago. Also lower was Navient (NAVI), which fell 10% after the company lowered its outlook to reflect marketplace conditions for private loan portfolio purchases and its cost of funds. INDEXES: Near midday, the Dow was up 60.30, or 0.34%, to 18,037.98, the Nasdaq was up 34.68, or 0.68%, to 5,106.20, and the S&P 500 was up 8.21, or 0.39%, to 2,107.81.
12:02 EDTJPMJPMorgan downgraded to Sector Perform from Outperform at Portales
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09:42 EDTJPMDimon says may not be on JPMorgan's future earnings calls
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09:35 EDTBAC, JPMActive equity options trading on open
Active equity options trading on open: AAPL FB BAC T AMZN BABA INTC JPM LVS AAL CHK MSFT
09:33 EDTBACSEC to hold an outreach program
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09:20 EDTJPMOn The Fly: Pre-market Movers
HIGHER: Natural Health Trends Corp. (NHTC), up 16.2% following second quarter guidance... Transgenomic (TBIO), up 14% after launching genetic test for Leukodystrophy diagnosis... Biocept (BIOC), up 12.4% after launching diagnostic assay for BRAF mutations in melanoma patients... Micron (MU), up 13.1% after WSJ reports that Tsinghua made $23B acquisition offer... SanDisk (SNDK) and AMD (AMD) are up 3.8% and 3.1%, respectively, following reports of Tsinghua offer to Micron... GoPro (GPRO), up 3.2% after being upgraded to Overweight from Equal Weight at Barclays. DOWN AFTER EARNINGS: Wells Fargo (WFC), down 1%... JPMorgan (JPM), down fractionally. ALSO LOWER: Vince Holding (VNCE), down 16.3% after being downgraded to Market Perform from Outperform at William Blair... Tonix Pharmaceuticals (TNXP), down 8.3% after 2.3M share Spot Secondary priced at $7.50... Spirit Airlines (SAVE), down 7.4% after pricing pressure leads to reduced fiscal 2015 margin view... Orbitz Worldwide (OWW), down 2.8% after being downgraded to Sell from Neutral at UBS.
09:07 EDTJPMJPMorgan CFO says possibly could reserve for downgrades of O&G clients
JPMorgan CFO Marianne Lake noted that additional oil & gas provisioning doesn't "necessarily translate" to losses.
08:56 EDTBACMorgan Stanley names 'Vintage Values 2016' list
Morgan Stanley named its "Vintage Values 2016" list, comprised of the firm's analysts' best ideas to hold over the next 12 months. Included on the list are Ameriprise (AMP), Apple (AAPL), Bank of America (BAC), Comcast (CMCSA), Crown Castle (CC), Estee Lauder (EL), Hilton (HLT), Ingersoll-Rand (IR), LinkedIn (LNKD), Magna (MGA), Marathon Oil (MRO), McKesson (MCK), Oaktree Capital (OAK), Thermo Fisher (TMO) and Visa (V).
08:38 EDTJPMLake says JPMorgan 'largest, fastest growing' in mobile among big U.S. banks
JPMorgan CFO Marianne Lake is speaking on the company's second quarter earnings conference call.
08:35 EDTJPMJPMorgan CFO Lake says 'meaningful progress' made on balance sheet in Q2
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07:23 EDTJPMJPMorgan says headcount in Consumer & Community Banking down about 6,000 ytd
07:23 EDTJPMJPMorgan reports Q2 Firm NIM up 2 bps sequentially to 2.09%
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07:23 EDTJPMJPMorgan sees CIB simplification to cause Q3 Markets revenue to be down 9%
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07:20 EDTJPMJPMorgan sees year-over-year core loan growth to continue at 10%+/-
Firmwide, JPMorgan expect year-over-year core loan growth to continue at 10%+/-, expects 2H15 NCOs to be consistent with 1H15, and expects FY15 adjusted expense of $57B+/-. In Consumer & Community Banking, the bank expects Mortgage Banking noninterest revenue for FY15 to be down about $1B year-over-year on lower servicing revenue as well as lower repurchase benefits, expects Card Services revenue rate in 2015 to remain at the low end of the target range of 12%-12.5% and expects Card Services FY15 NCO rate to be slightly less than 2.5%. In Asset Management, the bank expects FY15 pretax margin and ROE to be at the low end of its TTC targets. In Commercial Banking, the bank expects expense to be about $720M per quarter for the rest of the year. Guidance from slides for Q2 earnings conference call.
07:06 EDTJPMJPMorgan rises 2% to $69.38 after Q2 earnings top consensus
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07:04 EDTJPMJPMorgan CEO Dimon says businesses performed well in quarter
Jamie Dimon, Chairman and CEO, commented on the Q2 financial results: “Our Company had strong results this quarter, and each of our businesses performed well, with broad and consistent underlying growth. This quarter was another example of the power of our platform and risk discipline, and of being there for our clients – as we always are – in good times and in volatile markets. We are focused on executing on our commitments and we’ve made good progress this quarter, including meeting regulatory requirements, reducing non-operating deposits, and adding to our capital. We are also on target to deliver on our expense commitments. We continue to add value to our customers, clients and communities, and, as always, we operate with fortress principles."
07:03 EDTJPMJPMorgan reports tangible book value per share up 7% to $46.13
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07:00 EDTJPMJPMorgan reports Q2 EPS $1.54, consensus $1.44
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