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Stock Market & Financial Investment News

News Breaks
June 18, 2014
17:43 EDTBPOPPopular receives regulatory approval to repay $935M in TARP funds
Popular announced today that it has received regulatory approval to repay $935M in TARP Capital Purchase Program funds to the U.S. Treasury. Popular intends to redeem its junior subordinated debentures held by Popular Capital Trust III, at a redemption price of 100% of the principal amount outstanding, plus accrued and unpaid interest. The Trust will in turn redeem the $935M of its trust capital securities held by the U.S. Treasury. The trust capital securities were issued to the U.S. Treasury in August 2009 in exchange for the 935,000 shares of Popularís Series C preferred stock initially issued in December 2008 to the U.S. Treasury under the TARP Capital Purchase Program. Popular intends to fund the repayment of the TARP funds from a combination of internal liquidity and an issuance of approximately $400M of debt securities, subject to market conditions. Popular does not intend to issue any equity in connection with the redemption. After the redemption, Popular intends to repurchase the outstanding warrant initially issued to the U.S. Treasury under the TARP Capital Purchase Program in 2008. The warrant represents the right to purchase 2,093,284 shares of Popularís common stock at an exercise price of $67 per share with an original term of 10 years. Popular has notified the U.S. Treasury of its intention to redeem the trust capital securities and repurchase the warrant, both of which are subject to the authorization of the U.S. Treasury. Upon redemption of the junior subordinated debentures, Popular expects to record a non-cash charge to earnings for the unamortized portion of the discount associated with the junior subordinated debentures, which at March 31 had a balance of $414.3M.
News For BPOP From The Last 14 Days
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July 1, 2015
09:58 EDTBPOPPREPA says bond payments due today were made, Bloomberg reports
PREPA is Puerto Rico's power authority. Finance related firms exposed to Puerto Rico that have recently been volatile amid the commonwealth's debt crisis include Assured Guaranty (AGO), MBIA (MBI), First Bancorp (FBP) and Popular (BPOP).
June 30, 2015
10:01 EDTBPOPHigh option volume stocks
High option volume stocks: DEO PE BPOP PNR JUNO OFG CMPR MPEL
10:00 EDTBPOPOn The Fly: Analyst Upgrade Summary
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08:05 EDTBPOPPopular upgraded to Equal Weight from Underweight at Morgan Stanley
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June 29, 2015
13:48 EDTBPOPFinance related firms exposed to Puerto Rico plummet after debt worry
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12:24 EDTBPOPOn The Fly: Top stock stories at midday
Stocks on Wall Street were sharply lower at midday after a surprise power play by the country's Prime Minister may lead to either his exit from power or the country's exit from the euro zone. ECONOMIC EVENTS: In Europe, Greek Prime Minister Alexis Tsipras called a surprise referendum for July 5 on the terms put forth by the countryís creditors in exchange for additional rescue funding. Meanwhile, the European Central Bank decided not to expand its emergency liquidity assistance to Greek banks, leading the country to shut down its banking system and move to impose capital controls. In Asia, the Peopleís Bank of China cut the one-year lending rate by 25 basis points to 4.85% and lowered the amount of reserves certain banks are required to hold by 50 basis points, but the Shanghai Composite still closed the day with another 3.3% in losses. In the U.S., the National Association of Realtors' pending home sales index rose 0.9% to 112.6 in May, which was roughly in-line with expectations but also marked the highest level since April 2006. COMPANY NEWS: Shares of several coal miners advanced after the Supreme Court overturned the Environmental Protection Agency's air quality regulations for power plants, stating that the regulator did not properly take into account the costs to utilities and others in the sector. Peabody Energy (BTU) rose 5% after the ruling, while Arch Coal (ACI) gained 8% and Cloud Peak Energy (CLD) added about 3%. MAJOR MOVERS: Among the notable gainers was Aratana Therapeutics (PETX), which jumped 17.5% after the company announced results from its study of capromorelin, the company's therapeutic for appetite stimulation in dogs. Also higher was Amphenol (APH), which gained 4% after announcing it has entered into exclusive negotiations and has made a binding offer to acquire 100% of the shares of FCI Asia, which is involved in interconnect solutions for the telecom, datacom, wireless communications and industrial markets, for $1.275B from its private equity owner Bain Capital. Among the noteworthy losers were bond insurers MBIA (MBI), which dropped 18%, and Assured Guaranty (AGO), which fell 13.5%, after Puerto Rico's Governor said that the commonwealth would not be able to pay its debts and called for concessions from the islandís creditors. Both stocks were downgraded at BTIG following the news. Also lower following the news in Puerto Rico were First Bancorp (FBP), the bank holding company for FirstBank Puerto Rico, and Popular (BPOP), the parent of Banco Popular de Puerto Rico. Shares of Vitae Pharmaceuticals (VTAE) declined 16% after the company announced that an ongoing Phase 2 trial of its treatment of overweight type 2 diabetic patients did not meet partner Boehringer Ingelheim's predefined endpoint criteria. INDEXES: Near midday, the Dow was down 218.57, or 1.22%, to 17,728.11, the Nasdaq was down 69.65, or 1.37%, to 5,010.85, and the S&P 500 was down 25.68, or 1.22%, to 2,075.81.
10:09 EDTBPOPOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Assured Guaranty (AGO) downgraded to Neutral from Buy at BTIG... Capital Bank (CBF) downgraded to Hold from Buy at Sandler O'Neill... F5 Networks (FFIV) downgraded to Neutral from Overweight at Piper Jaffray... First BanCorp (FBP) downgraded to Neutral from Buy at Guggenheim... Gannett (GCI) downgraded to Hold at Jefferies following spin-off... IBERIABANK (IBKC) downgraded to Hold from Buy at Sandler O'Neill... JPMorgan (JPM) downgraded to Perform from Outperform at Oppenheimer... KYTHERA (KYTH) downgraded to Market Perform from Outperform at Leerink... MBIA (MBI) downgraded to Neutral from Buy at BTIG... Macy's (M) downgraded to Sell from Buy at Deutsche Bank... MarketAxess (MKTX) downgraded to Underperform from Neutral at Macquarie... Nutrisystem (NTRI) downgraded to Market Perform from Outperform at Barrington... Park Sterling Bank (PSTB) downgraded to Hold from Buy at Sandler O'Neill... Popular (BPOP) downgraded to Neutral from Buy at Guggenheim... Qualcomm (QCOM) downgraded to Sell from Hold at Drexel Hamilton... SunTrust (STI) downgraded to Perform from Outperform at Oppenheimer... Ternium (TX) downgraded to Neutral from Buy at BofA/Merrill... Xoom (XOOM) downgraded to Neutral at Susquehanna... Youku Tudou (YOKU) downgraded to Underperform from Neutral at Mizuho.
10:04 EDTBPOPHigh option volume stocks
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09:01 EDTBPOPPopular volatility flat as shares trade near five-year high
Popular July call option implied volatility is at 29, October is at 25; compared to its 52-week range of 21 to 38, suggesting non-directional price movement.
07:09 EDTBPOPPopular downgraded to Neutral from Buy at Guggenheim
June 26, 2015
17:07 EDTBPOPPopular files automatic mixed securities shelf
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