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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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December 17, 2014
16:00 EDTBACOptions Update; December 17, 2014
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13:47 EDTBACNCAU files suit in federal court against BofA over mortgage securities
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13:24 EDTMSMorgan Stanley gets GBP1 fee to sell stake in Lloyds, WSJ says
Morgan Stanley (MS) has landed a prestigious deal and will collect a fee of GBP1 or $1.57 to sell down a potentially large stake in Lloyds Banking Group (LYG), says the Wall Street Journal. Morgan Stanley has until June 30, 2015 to sell what may amount to GBP3B worth of stock, added the Wall Street Journal. Reference Link
07:45 EDTBLKCFA Society of Cleveland to hold a luncheon meeting
Russ Koesterich, Managing Director and Chief Investment Strategist of BlackRock discusses the company's 2015 Forecast at a luncheon meeting being held in Cleveland, Ohio on December 17 at 12 pm.
December 16, 2014
16:00 EDTBACOptions Update; December 16, 2014
iPath S&P 500 VIX Short-Term Futures up 1.55 to 34.60. Option volume leaders: AAPL TSLA TWTR AMZN FB C GILD BAC NFLX AA MGM MCD according to Track Data.
13:09 EDTBACFINRA fines Merrill $1.9M for fair pricing violations
The Financial Industry Regulatory Authority, FINRA, announced that it has fined Merrill Lynch, Pierce, Fenner & Smith Incorporated $1.9M for fair pricing and supervisory violations in connection with more than 700 retail customer transactions in distressed securities over a two-year time period. Merrill Lynch was also ordered to pay more than $540,000 in restitution, plus interest, to affected customers. Reference Link
12:04 EDTJPMJPMorgan says about half done with mortgage aid settlement, WSJ says
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11:45 EDTMSMorgan Stanley management to meet with Evercore ISI
Meeting to be held in New York on December 17 hosted by Evercore ISI.
11:42 EDTMETTRW signs pension buyout agreement with MetLife
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09:59 EDTJPM, BBT, MS, BACOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: BB&T (BBT) initiated with a Neutral at Guggenheim... Bank of America (BAC) initiated with a Buy at Guggenheim... Ciena (CIEN) initiated with a Neutral at Wedbush... Cimarex Energy (XEC) initiated with a Perform at Oppenheimer... Citigroup (C) initiated with a Neutral at Guggenheim... Extended Stay America (STAY) initiated with a Market Perform at JMP Securities... Infinera (INFN) initiated with a Neutral at Wedbush... JPMorgan (JPM) initiated with a Neutral at Guggenheim... Morgan Stanley (MS) initiated with a Buy at Guggenheim... Newfield Exploration (NFX) initiated with an Outperform at Oppenheimer... Nike (NKE) initiated with a Market Perform at Cowen... PNC Financial (PNC) initiated with a Neutral at Guggenheim... Peak Resorts (SKIS) initiated with an Outperform at FBR Capital... Peak Resorts initiated with an Outperform at Oppenheimer... Ralph Lauren (RL) initiated with an Outperform at Cowen... U.S. Bancorp (USB) initiated with a Neutral at Guggenheim... Under Armour (UA) initiated with an Outperform at Cowen... Wells Fargo (WFC) initiated with a Neutral at Guggenheim... Whiting Petroleum (WLL) initiated with an Outperform at Oppenheimer... Lowe's (LOW) initiated with a Neutral at Nomura... Home Depot (HD) initiated with a Neutral at Nomura... Estee Lauder (EL) initiated with a Buy at KeyBanc... Huntsman (HUN) initiated with a Buy at Nomura... Dow Chemical (DOW) initiated with a Buy at Nomura.
09:36 EDTJPMActive equity options trading
Active equity options trading according to Track Data: AAPL AMZN C TSLA PBR TWTR NFLX JPM CLF ABX
07:22 EDTMSMorgan Stanley volatility at upper end of one-year range
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07:20 EDTBACBank of America volatility elevated at 25
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07:17 EDTJPMJPMorgan Chase volatility elevated at 24
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05:34 EDTMTGMGIC Investment downgraded to Market Perform from Outperform at Keefe Bruyette
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December 15, 2014
16:16 EDTMSMorgan Stanley initiated with a Buy at Guggenheim
Guggenheim initiated Morgan Stanley with a Buy and $42 price target and named it a Best Idea.
16:14 EDTBACBank of America initiated with a Buy at Guggenheim
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16:12 EDTJPMJPMorgan initiated with a Neutral at Guggenheim
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16:12 EDTBBTBB&T initiated with a Neutral at Guggenheim
10:13 EDTBACBank of America reports November default rate 3.08% vs. 2.81% last month
Reports November delinquency rate 1.91% vs. 1.94% last month.
09:20 EDTBACFirst South Bancorp completes purchase of nine branches from Bank of America
First South Bancorp (FSBK), the parent holding company of First South Bank, announced that the bank has completed its acquisition of nine branch banking operations in eastern and central North Carolina from Bank of America (BAC). The purchase was finalized and the branches were converted to First South Bank branches during the weekend of December 12-14 and opened for business as First South Bank branches Monday morning, December 15.
07:29 EDTJPMJPMorgan reports November net credit losses 2.61% vs. 2.26% last month
Reports November delinquency rate 1.34% vs. 1.34% last month.
December 12, 2014
15:09 EDTJPMJPMorgan slips lower in late afternoon trading, levels to watch
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10:01 EDTMSOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: BreitBurn Energy (BBEP) downgraded to Hold from Buy at Wunderlich... CIBC (CM) downgraded to Underperform from Neutral at Credit Suisse... Costco (COST) downgraded to Neutral from Buy at Janney Capital... Discovery (DISCA) downgraded to Sector Perform from Outperform at RBC Capital... Emerald Oil (EOX) downgraded to Neutral from Accumulate at Global Hunter... Goodrich Petroleum (GDP) cut to Underweight on lower oil at JPMorgan... Hain Celestial (HAIN) downgraded to Sector Perform from Outperform at RBC Capital... Hovnanian (HOV) downgraded to Neutral from Buy at Compass Point... Mindray Medical (MR) downgraded to Underweight from Equal Weight at Morgan Stanley... Morgan Stanley (MS) downgraded to Neutral from Buy at Buckingham... Oracle (ORCL) resumed with a Neutral from Overweight at Piper Jaffray... Rackspace (RAX) downgraded to Underperform from Neutral at DA Davidson... Zayo Group (ZAYO) downgraded to Neutral from Buy at BTIG.
08:09 EDTMET, BBT, BLK, MS, JPMBofA/Merrill financial analysts hold an analyst/industry conference call
Banks Analyst Najarian, along with Capital Markets Analyst Carrier, Specialty Finance Analyst Bruce discuss the year ahead in Financials, covering the Banks, Capital Markets, Life and P/C Insurance, REIT, Specialty Finance and Canadian Banks/Life Insurance sectors on an Analyst/Industry conference call to be held on December 16 at 10 am.
07:21 EDTBACBofA/Merrill to hold a discussion
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07:10 EDTMSMorgan Stanley downgraded to Neutral from Buy at Buckingham
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06:34 EDTMETMetLife announces new $1B share repurchase authorization
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December 11, 2014
11:17 EDTMETMetLife to host investor conference call
Investor Conference Call to be held on December 12 at 8 am. Reference Link
10:17 EDTMS, BAC, JPMFINRA fines Barclays Capital, Citigroup Global Markets, others $43.5M total
FINRA announced that it has fined 10 firms a total of $43.5M for allowing their equity research analysts to solicit investment banking business and for offering favorable research coverage in connection with the 2010 planned initial public offering of Toys"R"Us. FINRA fined the following firms. Barclays Capital (BCS) - $5M; Citigroup Global Markets (C) $ 5M; Credit Suisse Securities (CS) $5M; Goldman, Sachs & Co. (CS) $5M; JP Morgan Securities LLC (JPM) $5M; Deutsche Bank Securities Inc. (DB) $4M; Merrill Lynch, Pierce, Fenner & Smith Inc. (BAC) $4M; Morgan Stanley & Co., LLC (MS) $4M; Wells Fargo Securities, LLC (WFC) $4M; Needham & Company LLC $2.5M. In addition, FINRA found that six of the 10 firms Barclays, Citigroup, Credit Suisse, Goldman Sachs, JP Morgan and Needham had inadequate supervisory procedures related to research analyst participation in investment banking pitches. Toys"R"Us and its sponsors offered each of the 10 firms various roles in the IPO but it eventually decided not to proceed with the offering. In settling this matter, the 10 firms neither admitted nor denied the charges, but consented to the entry of FINRA's findings.
10:13 EDTJPMOn The Fly: Analyst Upgrade Summary
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08:30 EDTMETMetLife acquires Fairmont Hotel in Washington, D.C. for $180M
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07:49 EDTBLKThe New York Times to hold a conference
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07:20 EDTJPM, JPMJPMorgan upgraded to Outperform from Underperform at CLSA
CLSA upgrade JPMorgan to Outperform from Underperform. The analyst expects JPMorgan to benefit from progress in revenue efficiency, operating leverage and structurally lower credit costs. Additionally, CLSA believes the sum-of-the-parts valuation discount provides the possibility of a breakup or restructuring if the company does not succeed. Price target raised to $70 from $60.
December 10, 2014
18:38 EDTMETMetLife statement on passage of Insurance Capital Standards Clarification Act
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16:00 EDTBACOptions Update; December 10, 2014
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14:18 EDTJPMJPMorgan leads banks lower, levels to watch
The shares are down over 2.5% to $60.94. At that price next major support is at $59.83, the last price for the 50-day moving average. Resistance is at $61.31.
14:01 EDTMETMetLife names Esther Lee Global Chief Marketing Officer
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12:24 EDTBAC, JPMOn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory and have remained there throughout the morning. The averages have moved in a narrow range as the price of crude continues to fall. Near noon, WTI crude was down another 5% to roughly $60 per barrel. The weakness is effecting equities, as investors are concerned the oil price weakness is indicative of the slowing global economy. ECONOMIC EVENTS: In the U.S., House and Senate lawmakers reportedly reached a deal on a nearly $1.1T bill to fund most of the government through September and avert a shutdown. The EIA estimated crude oil supplies grew 1.5 Mmbbls last week, while consensus expected a 2.7 Mmbbls decrease. The Treasury budget statement for November is expected at 2:00 pm ET, with the consensus expectation for a deficit of $63B. COMPANY NEWS: Shares of JPMorgan (JPM) declined 2% after guidelines proposed yesterday by the Federal Reserve would likely result in the firm managing to a higher capital buffer. Additionally, JPMorgan CFO Marianne Lake, speaking earlier at a Goldman Sachs conference, said the bank sees its Q4 reported markets revenues down by a "high teens" percentage and that its "core" markets performance in Q4, excluding the sale of physical commodities and allocation of preferred dividend expense, is indicated down 4% to-date compared to last year's quarter. Lake became the latest bank executive to discuss a Q4 trading slump, after Bank of America (BAC) CEO Brian Moynihan, speaking yesterday at the same financial conference, said the bank expects its Q4 trading revenue to be down on both a linked-quarter and year-over-year basis. Also yesterday, Citigroup (C) CEO Michael Corbat estimated that the bank's Q4 markets revenue would be down year-over-year by about 5%. MAJOR MOVERS: Among the notable gainers was Analogic (ALOG), which rose 12% after the company reported better than expected quarterly earnings. Also higher was Novadaq (NVDQ), which gained 11.5% after the company signed a multi-year distributor agreement with LifeNet Health that analysts at Canaccord said could potentially be a big deal and materially help its near and long-term prospects. Among the noteworthy losers was Yum! Brands (YUM), which dropped nearly 5% after the owner of the KFC, Pizza Hut and Taco Bell brands issued a negative preannouncement on its China business and provided lower than expected 2015 EPS guidance. Also lower were shares of Krispy Kreme (KKD), which sunk 8% after the donut maker reported weaker than expected earnings and revenue. INDEXES: Near midday, the Dow was down 164.41, or 0.92%, to 17,636.79, the Nasdaq was down 32.79, or 0.69%, to 4,733.68, and the S&P 500 was down 17.43, or 0.85%, to 2,042.39.
11:20 EDTMSMorgan Stanley pays $4M to SEC for violating market access rule
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11:03 EDTJPM, BACJPMorgan drops 2% after CFO talks down Q4 numbers
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10:44 EDTBBTBB&T CEO says managing expenses in this environment 'really hard'
BB&T (BBT) says sees consumer, business confidence improving in 2015. Expects that 2015 will not be a "break out" year. Says still challenges to increase revenue in U.S. market. Says long-term goals include: Less-volatile results, growing dividends, capital return, growing share price. Sees "solid" revenue year in 2015, will remain "intensely focused" on expenses. Says managing expenses in this environment "really hard." Says "well prepared" to successfully execute on Susquehanna (SUSQ) acquisition. Says feels "substantially" better about global economy than last year, though notes that it has eroded "some" since last year in certain regions. Says regulators feeling "more comfortable with where banks are." Says dividends "really important" to company. Says capital request to be substantially higher in 2015, likely in the 60% range. Says not chasing growth for growth's sake. BB&T CEO Kelly King is presenting at the Goldman Sachs U.S. Financial Services Conference.
06:17 EDTJPMJPMorgan faces $22B capital hole under new Fed rules, Financial Times says
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December 9, 2014
16:00 EDTBACOptions Update; December 9, 2014
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14:57 EDTMS, BAC, JPMFed to propose rulemaking on risk-based capital surcharges for GSIB banks
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14:42 EDTMS, JPM, BACFed sees setting capital surcharge up to 4.5% for big U.S. banks, Bloomberg says
Bloomberg cites surcharge estimates in Federal Reserve staff memo. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).
09:38 EDTBACActive equity options trading
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09:15 EDTBACBank of America sees Q4 sales and trading revenue down linked-quarter, y/y
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06:02 EDTMETMetLife affiliates and other investor provide $200M in financing to Angel Trains
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December 8, 2014
16:00 EDTBACOptions Update; December 8, 2014
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10:00 EDTBLKOn The Fly: Analyst Downgrade Summary
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09:27 EDTBLKBlackRock downgraded to Neutral at Susquehanna
As previously reported, Susquehanna downgraded BlackRock to Neutral from Positive citing weaker emerging markets and reduced expectations for active equity flow in 2015. Susquehanna maintained its $365 price target on BlackRock shares.
07:06 EDTMTGMGIC Investment reports November primary new insurance written $2.9B
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07:03 EDTBLKBlackRock downgraded to Neutral from Positive at Susquehanna
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06:35 EDTJPM, BAC, MSValue of Wall Street's M&A bankers has risen, NY Times says
The value of Wall Street's bankers who advise large companies seems to be increasing, while traders are becoming less valuable, according to The New York Times. Bankers who work on M&A deals are expecting their bonuses to increase, while traders anticipate that their compensation will drop, the newspaper added. Furthermore, banks seem to be going the extra mile to hire top notch bankers, the newspaper stated. Publicly traded large banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:21 EDTMS, JPMDeadline for Petsmart bidders extended as lenders put on leash, NY Post reports
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December 5, 2014
14:15 EDTMSMorgan Stanley to reduce average bonus deferral rate to 50% from 80%
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13:26 EDTBBTComerica, BB&T, KeyCorp seen as potential activist targets, TheStreet says
The co-founder of PL Capital, Richard Lashley, expects shareholder activism to move from community banks to larger regional banks, including lenders like Comerica (CMA), BB&T Corp. (BBT), and KeyCorp (KEY), reported TheStreet, citing comments made during a panel on investment strategy during The Deal Economy Event at the Nasdaq Exchange. After the next presidential cycle, "When stress tests are done, when Basel is settled, and Congress will realize [the banks] have too much capital," Lashley expects more M&A in the sector, TheStreet quoted him as saying. Reference Link
11:23 EDTBACOption volume leaders
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10:35 EDTJPMJPMorgan hits fresh 52-week high, levels to watch
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10:10 EDTJPMJPMorgan CEO Jamie Dimon seeing no evidence of cancer after treatment, CNBC says
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09:36 EDTBACActive equity options trading
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December 4, 2014
18:20 EDTMETMetLife close to systemically important label, Bloomberg reports
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10:08 EDTBLKOn The Fly: Analyst Initiation Summary
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07:38 EDTMSMorgan Stanley Citigroup gaining share in capital markets, says Wells Fargo
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07:16 EDTBACConsumer Federation of America to hold a conference
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06:02 EDTBACStocks with implied volatility movement; BAC AMZN
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05:30 EDTBLKBlackRock initiated with an Equal Weight at Barclays
Target $385.
December 3, 2014
10:41 EDTJPMPresident Obama to speak to members of the Business Roundtable
President Obama speaks to members of the Business Roundtable, including CEO Dimon of JPMorgan, CEO Spiegel of Siemens, CEO Tillerson of Exxon Mobil and CEO Wilderotter of Frontier Communications on December 3 at 11:15 am. Webcast Link
10:00 EDTMETOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Aldeyra (ALDX) initiated with a Buy at Ascendiant... Baker Hughes (BHI) initiated with a Perform at Oppenheimer... Belmond Ltd (BEL) initiated with an Outperform at JMP Securities... Bruker (BRKR) initiated with a Buy at BTIG... Cepheid (CPHD) initiated with a Neutral at BTIG... ClubCorp (MYCC) initiated with a Buy at KeyBanc... GenMark (GNMK) initiated with a Buy at BTIG... Halliburton (HAL) initiated with an Outperform at Oppenheimer... MetLife (MET) initiated with a Neutral at Atlantic Equities... PerkinElmer (PKI) initiated with a Neutral at BTIG... Principal Financial (PFG) initiated with an Overweight at Atlantic Equities... Prudential (PRU) initiated with an Overweight at Atlantic Equities... SanDisk (SNDK) initiated with a Buy, $125 target at Citigroup... Schlumberger (SLB) initiated with an Outperform at Oppenheimer... Talmer Bancorp (TLMR) initiated with an Outperform at Fig Partners... W.P. Carey (WPC) initiated with a Neutral at Citigroup... WNS Holdings (WNS) initiated with a Buy at Maxim... Weatherford (WFT) initiated with an Outperform at Oppenheimer.
08:07 EDTMETMetLife initiated with a Neutral at Atlantic Equities
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07:20 EDTJPMThe Economist to hold a summit
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07:19 EDTBLKNYSSA to hold a conference
Systemic Risk Conference: What Are the Odds of Financial Collapse? is being held at NYSSA New York Conference Center on December 3 with webcasted presentations to begin at 9 am; not all presentations may be webcasted. Webcast Link
06:40 EDTMSMorgan Stanley won Ping An deal at last minute, Reuters says
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