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September 22, 2015
16:36 EDTBACOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street began the session sharply lower and remained that way throughout the session. There was little in the way of buying as each of the major equity indexes slid over 1% and the market internals were decidedly negative. The auto industry and biotech sector were both notably weak, after the French government called for an investigation into the entire auto industry in the wake of the Volkswagen (VLKAY) emissions scandal and Democratic Presidential hopeful Hillary Clinton presented a plan to limit the cost of drugs for consumers. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.6% to 224.5 in July, which was better than the 0.4% rise that was expected. The Richmond Fed factory index fell to -5 in September, versus the reading of 2 that was expected. In Asia, the Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. COMPANY NEWS: Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... Bank of America (BAC) shareholders approved a proposal to ratify the 2014 amendments to the company's bylaws that permitted the board of directors to determine its leadership structure, meaning Brian Moynihan can retain his dual role as both Chairman and CEO... Shares of several fertilizer companies slid after Mosaic (MOS) announced it will reduce its potash production in response to current crop nutrient market conditions, primarily related to delayed fertilizer purchases in Brazil and North America. Shares of Mosaic finished the day down 7% at $33.87 following last night's announcement, while Potash (POT) fell 6.5% and Agrium (AGU) dropped 3.5%. MAJOR MOVERS: Among the notable gainers was Ashland (ASH), which advanced $2.78, or 2.6%, to $108.50 after announcing it will proceed with a plan to separate into two independent, publicly traded companies. Also higher was Weatherford (WFT), which gained 90c, or 10.7%, to $9.31 after cancelling plans for a public share offering, after which research firms Jefferies and Iberia both reiterated Buy-equivalent ratings on the stock. Among the noteworthy losers were Office Depot (ODP) and Staples (SPLS), which declined a respective 4% and 5.8% after the New York Post quoted a source as saying the FTC may move to block their merger plan. Also lower was Groupon (GRPN), which slipped 2.2% to $4.08 after announcing plans to cut 1,100 jobs related primarily to its international operations. ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell 7%, 5.5%, and 4.65%, respectively, following their quarterly earnings reports. INDEXES: The Dow fell 179.72, or 1.09%, to 16,330.47, the Nasdaq lost 72.23, or 1.5%, to 4,756.72, and the S&P 500 dropped 24.23, or 1.23%, to 1,942.74.
16:00 EDTBAC, COptions Update; September 22, 2015
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13:59 EDTBABoeing CEO expects more 737-related work in China, Reuters says
As Boeing continues to increase production rates for the 737, CEO Dennis Muilenburg expects additional work for the plane going to China, Reuters reports. Reference Link
10:36 EDTBACBank of America shareholders approve resolution on board leadership structure
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10:15 EDTBACBank of America shareholders vote to retain Brian Moynihan as both Chairman, CEO
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09:04 EDTWSMPBteen announces product collaboration with YouTube
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07:34 EDTBACDenver Gold Group to hold a forum
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07:20 EDTBABoeing, Airbus set for China orders but don't know when, Bloomberg says
Boeing (BA) and Airbus (EADSY) are set to bring in a haul of aircraft orders from China's airlines as planners plot growth through 2020, though there is a question as to when such moves will happen, Bloomberg reports. For Boeing, the first deals could be announced as early as this week when China president Xi Jinping tours the company's factory in Seattle, the report says. China's government signs off on all aircraft purchases and often waits for U.S. state visits before making such disclosures, the report says. Reference Link
September 21, 2015
14:40 EDTBACiPath S&P 500 VIX Short-Term Futures down 90c to 23.79
Option volume leaders: AAPL NFLX BAC FB BABA DOW TSLA
09:42 EDTBACBank of America to host special shareholder meeting
Special shareholder meeting to be held in Charlotte, NC on September 22 at 10 am.
09:40 EDTBACActive equity options trading on open
Active equity options trading on open: AAPL BAC ESV BABA FB NFLX TSLA TWTR GE GPRO JPM ONVO MU
07:37 EDTBACPension funds votes against combining BofA chair, CEO roles, Retuers says
The Florida State Board of Administration, echoing votes against Bank of America from pension funds in New York and California, has voted its 21.7M shares against bylaw changes that would allow the bank to combine its chairman and CEO roles, reported Reuters. Reference Link
06:58 EDTBACBank of America CEO expects to retain dual roles, NY Post reports
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06:36 EDTBACFormer Wells Fargo CEO: BofA shareholders should back off Moynihan, Reuters says
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September 20, 2015
20:19 EDTBACBank of America CEO to cut additional jobs, NY Post says
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