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Stock Market & Financial Investment News

News For C;BA;BAC;BLK;NUS;KSWS;CBS;CLSN;WSM;PWER;AB From The Last 14 Days
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August 2, 2015
16:21 EDTBACBofA vote on Moynihan chairmanship likely to come this year, Reuters says
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16:08 EDTBAIran to buy 80-90 Boeing, Airbus planes per year, IRNA says
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July 31, 2015
16:00 EDTBACOptions Update; July 31, 2015
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09:45 EDTBACBofA shareholders to vote on rule change that made Moynihan chairman
Bank of America will hold a special shareholder meeting to vote on the rule change that allowed CEO Brian Moynihan to become chairman a year ago, according to a regulatory filing. "In October 2014, we amended the company’s Bylaws to provide flexibility in considering the appropriate leadership structure for the Board as facts and circumstances may require," the company said in a filing with the SEC. "As discussed in the proxy statement for the 2015 Annual Meeting of Stockholders and in the enclosed proxy materials, we determined it currently is in the company’s and stockholders’ best interests to have Brian Moynihan serve as Chairman and Jack Bovender serve as Lead Independent Director—a new Board leadership role with robust powers and responsibilities to facilitate strong independent Board leadership. Since we established this governance structure, the Board has continued its diligent and active oversight of management, and we are confident this Board’s leadership structure serves the best interests of the company and all of us as stockholders by providing effective and efficient Board leadership while maintaining strong, independent oversight of management. We undertook a thorough and thoughtful process before changing the company’s Bylaws, and, through our engagement with you, we have heard your desire to vote on this action. We now seek your support of our decision. We encourage you to read the attached proxy materials to understand why we believe you should ratify the Bylaw change." No date has been yet for the meeting. Reference Link
06:40 EDTC, BACU.S. banks prepared to take advantage of Euro lenders' cautions, WSJ says
U.S. banks are preparing to advance in the sector after reporting earnings, with executives touting the gloom coming from their European counterparts as a major opportunity to capitalize on their newfound advantage, the Wall Street Journal reports. On Thursday, Deutsche Bank (DB) CEO John Cryan said that the company must "shrink" its balance sheet, while Barclays (BCS) chairman John McFarlane said that Wall Street lenders are "an enormous threat" to Euro investment banks, the report says. On the other hand, Morgan Stanley (MS) chairman James Gorman said after reporting earnings last week that the company is poised to advanced in the debt trading sector, and that "there's a potential for, over a period of time, share gain for our business," the report says. In addition, Goldman Sachs finance chief Harvey Schwartz said that the company is "seeing potential big restructuring on the European side," the report adds. Publicly traded companies in the European space include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Publicly traded companies in the U.S. space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
July 30, 2015
19:28 EDTBABoeing reassigns exec to fix refueling project in wake of $835M charge, WSJ says
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16:00 EDTBACOptions Update; July 30, 2015
iPath S&P 500 VIX Short-Term Futures down 11c to 16.05. Option volume leaders: AAPL FB SPLS X TWTR BAC NFLX MU CHK BIDU WFM HPQ LNKD MDLZ XOM
13:21 EDTBAAvolon delivers one Boeing 737-800 aircraft to Aeromexico
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08:45 EDTBACMerill Lynch brokers threaten to leave 'in mass,' Fox Business reports
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06:55 EDTBACBanks pitch total-return swaps as stock purchase alternative, WSJ reports
Banks have been pitching certain hedge fund clients on using derivatives instead of actual stocks when placing certain bets in an effort to lessen the impact of new capital rules on the banks' businesses, the Wall Street Journal reports, citing people familiar with the efforts. The shift involves derivatives known as total-return swaps that mirror the effects of owning a stock or other asset, the report says. Units of Bank of America (BAC), Goldman Sachs (GS), JPMorgan Chase (JPM), Morgan Stanley (MS), and UBS (UBS) are among the banks asking clients to shift trades into total-return swaps instead of underlying securities, the report says. Reference Link
06:50 EDTABAllianceBernstein reports Q2 AUM down 0.2% to $485.1B
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06:49 EDTABAllianceBernstein reports Q2 EPS 48c, consensus 49c
Reports Q2 revenue $657.36M, consensus $781.81M.
July 29, 2015
16:00 EDTBACOptions Update; July 29, 2015
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13:59 EDTBABoeing mulls moving operations overseas, Reuters reports
Boeing chairman Jim McNerney said that the company is actively considering moving key parts of the firm overseas amid the ongoing debate in U.S. Congress over the future of the Export-Import Bank, Reuters reports, citing an interview with McNerney hosted by the Economic Club of Washington. McNerney added that Boeing was considering moving certain operations to countries offering export credits, the report says. Reference Link
10:00 EDTWSMOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: 3D Systems (DDD) upgraded to Neutral from Underperform at Longbow... AK Steel (AKS) upgraded to Outperform from Neutral at Macquarie... Ally Financial (ALLY) upgraded to Outperform from Neutral at Credit Suisse... Amazon.com (AMZN) upgraded to Buy from Hold at Stifel... Arrow Electronics (ARW) upgraded to Buy from Underperform at CLSA... Beacon Roofing (BECN) upgraded to Buy from Neutral at CL King... Citrix (CTXS) upgraded to Outperform at Baird... Commvault (CVLT) upgraded to Buy from Hold at Jefferies... FireEye (FEYE) upgraded on positive checks, business mdoel changes at Oppenheimer... Hibbett Sports (HIBB) upgraded to Neutral from Underperform at Sterne Agee CRT... Integra LifeSciences (IART) upgraded to Outperform at Raymond James... M/A-COM (MTSI) upgraded to Buy from Hold at Needham... Norsk Hydro (NHYDY) upgraded to Neutral from Underperform at Exane BNP Paribas... NuVasive (NUVA) upgraded to Outperform from Market Perform at Northland... SM Energy (SM) upgraded to Outperform from Market Perform at Raymond James... Scorpio Bulkers (SALT) upgraded to Buy from Hold at Deutsche Bank... Sirius XM (SIRI) upgraded to Buy from Hold at Wunderlich... Sprouts Farmers Markets (SFM) upgraded to Neutral from Underperform at Longbow... Supervalu (SVU) upgraded to Equal Weight from Underweight at Morgan Stanley... Waters (WAT) upgraded to Outperform from Market Perform at Wells Fargo... Wells Fargo (WFC) upgraded to Buy from Neutral at Guggenheim... Williams-Sonoma (WSM) upgraded to Overweight from Neutral at JPMorgan... YRC Worldwide (YRCW) upgraded to Strong Buy at Raymond James.
09:05 EDTBAHoneywell selected by SunExpress to maximize safety, efficiency of Boeing fleet
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07:29 EDTBAEconomic Club of Washington, D.C. to hold a luncheon meeting
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06:12 EDTWSMWilliams-Sonoma upgraded to Overweight from Neutral at JPMorgan
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July 28, 2015
16:00 EDTBACOptions Update; July 28, 2015
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09:32 EDTCCaterpillar announces $1.5B accelerated stock repurchase
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July 27, 2015
19:18 EDTBLKBlackRock pursuing more private financing deals, Reuters says
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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.
06:35 EDTBAAir Lease announces lease agreement with Air Vanuatu
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06:26 EDTBLKSymphony 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
15:06 EDTCBSEarnings Watch: TV networks report as streaming services gain ground
CBS (CBS), Time Warner (TWX), Viacom (VIA, VIAB), and 21st Century Fox (FOX, FOXA) are among TV network companies expected to report quarterly results over the next several weeks, with Comcast (CMCSA, CMCSK) already having reported before the open on July 23. EXPECTATIONS: Time Warner is expected to report EPS of $1.03 on revenue of $6.9B, CBS is expected to report EPS of 73c on revenue of $3.22B, Viacom is expected to report EPS of $1.47 on revenue of $3.22B, and 21st Century Fox is expected to report EPS of 37c on revenue of $6.48B. LAST QUARTER: CBS, Time Warner, and Fox all reported stronger than expected Q1 results, while Viacom reported higher than expected Q2 EPS but missed on revenue. THIS WEEK'S EARNINGS: On the morning of July 23, Comcast reported Q2 EPS of 84c in line with estimates, and revenue of $18.7B versus expectations for $18.14B. Cable customer relationships for the quarter were up 31,000 to 27.3M, driven by increases in double and triple product relationships. During a subsequent conference call, the company noted that TV viewership continues to be under pressure. NEWS: At Re/code's Code Conference on May 27, CBS CEO Leslie Moonves remarked that his network will "probably" sign up for Apple's (AAPL) rumored TV service, and on June 3, CBS announced that its Showtime network will be offered over the internet as a stand-alone streaming service launching in early July for a monthly price of $10.99, with Apple as its first partner. On July 1, Variety quoted sources as saying Viacom was attempting to entice advertisers by offering to construct social-media and digital extensions of traditional TV ad campaigns as the company seeks to move away from Nielsen-based advertising sales. On July 8, the Wall Street Journal reported that Viacom's Paramount Pictures reached an agreement with AMC (AMC) to accelerate the home release of movies, noting that the company hoped to implement the quickened schedule for all new releases beginning later in the year. On July 17, Re/code reported that Viacom held talks to acquire e-commerce and media company Thrillist Media, according to sources. On June 17, 21st Century Fox named James Murdoch as CEO, with founder and former chairman and CEO Rupert Murdoch appointed executive co-chairman alongside Lachlan Murdoch. The Telegraph reported on June 20 that Fox rejected offers for its stake in Sky (SKYAY) from Vodafone (VOD) and Vivendi (VIVHY), potentially signalling an interest in outright purchasing the rest of Sky, according to the report. More recently, the European Commission announced on July 23 that it delivered a statement of objections to Sky and various film studios owned by Comcast, Viacom, Fox, Time Warner, Disney (DIS), and Sony (SNE), discussing anti-trust concerns due to limitations on country-by-country availability of pay-TV services. STREET RESEARCH: On May 12, Pacific Crest said it believes Apple will launch its TV service before the end of the year, saying the move should benefit TV networks as well as Apple itself. On June 24, Brean Capital said Facebook's (FB) agreement with Time Warner to host premier episodes of certain upcoming shows was "a trend worth following," and possibly indicative of Facebook hosting additional TV content in the future. Also on June 24, FBR Capital contended that Netflix (NFLX) was on pace to have a larger 24-hour audience than all traditional broadcast networks, where ratings are seeing declines on average, according to the research firm. Those comments were followed by a July 10 note on Netflix from Morgan Stanley, saying the subscription streaming service was seeing higher time spent per day than any single broadcast network. Moving away from the Netflix factor, on July 10, JPMorgan said CBS shares looked "very attractive" following a recent selloff, though the company saw a downgrade on July 20 from Pivotal, which cited higher costs of capital among other factors. Finally, Citi upgraded Viacom on July 16 to Neutral, citing recent underperformance in the company's shares heading into earnings season.
14:01 EDTBACBank of America's Lynch to step down as general counsel, Bloomberg reports
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11:38 EDTBABoeing to cut titanium use in 787 Dreamliner production, Reuters reports
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10:46 EDTCCiti's Mexico unit facing expanding money laundering probe, Bloomberg says
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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
11:58 EDTBABoeing upgraded to Buy from Neutral at Tigress Financial
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08:11 EDTBABoeing price target raised to $196 from $190 at Bernstein
Bernstein increased its price target on Boeing as the firm says that the company's margins beat its estimates, while the company's cash flows were strong. Bernstein reiterates an Outperform rating on the shares.
07:15 EDTBACBank of America could underperform after executive changes, says Wells Fargo
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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
16:26 EDTCCiti releases results of 2015 Dodd-Frank Stress Test
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12:58 EDTCCiti says to wind down banking operations at Banamex USA
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12:53 EDTCFDIC announces $140M civil penalty against Citi's Banamex USA unit
The FDIC announced the assessment of a civil money penalty of $140M against Banamex USA, Century City, California, for violations of the Bank Secrecy Act and anti-money laundering laws and regulations. In a concurrent action, the California Department of Business Oversight assessed a civil money penalty of $40M. The FDIC's penalty of $140M will be satisfied in part by the CDBO's penalty. The FDIC's penalty will be paid to the United States Department of the Treasury. In taking this action, the FDIC determined that the bank failed to implement an effective BSA/AML Compliance Program over an extended period of time. The institution failed to retain a qualified and knowledgeable BSA officer and sufficient staff, maintain adequate internal controls reasonably designed to detect and report illicit financial transactions and other suspicious activities, provide sufficient BSA training, and conduct effective independent testing.
12:32 EDTBAOn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday as slides in a number of big name tech stocks following their earnings reports dominated the news flow and largely dictated the market's direction. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.4% to 222.8 in May, as expected. Existing home sales rose 3.2% to a 5.49M rate in June, better than the 0.9% increase that was expected. In Europe, the European Central Bank reportedly raised the cap on Greece's Emergency Liquidity Assistance by EUR900M to EUR90.4B, according to Bloomberg. COMPANY NEWS: The tech sector has been weak, headlined of course by a 5% pullback in shares of Apple (AAPL) after iPhone shipments in the just completed quarter and the company's sales forecast for the new quarter missed estimates. Adding to the negative tone in tech stocks, and contributing further to the decline in the Nasdaq, was the 3% drop seen in Microsoft (MSFT) shares after its quarterly report as well as Yahoo's (YHOO) 1% decline after its revenue outlook missed the consensus forecast... Shares of Boeing (BA) and Coca-Cola (KO) fared better than Dow peer Apple after each reported better than expected sales and profits, though neither stock was moving far from where they closed yesterday's trading. MAJOR MOVERS: Among the notable gainers was Thoratec (THOR), which rose 10% after the company agreed to be acquired by St. Jude Medical (STJ) for $3.4 billion in cash, or $63.50 per share. St. Jude shares advanced fractionally after the deal, which had been foreshadowed by media reports yesterday, was announced. Also higher following their earnings reports were Intuitive Surgical (ISRG), which gained 10%, Chipotle Mexican Grill (CMG), which advanced 8% and Whirlpool (WHR), which was up 6%. Among the noteworthy losers were a number of suppliers to Apple that declined in tandem with the tech giant after it reported a sequential drop in iPhone sales. Skyworks Solutions (SWKS), Cirrus Logic (CRUS), Qorvo (QRVO) and NXP Semiconductors (NXPI) were among the many semiconductor stocks that slid following Apple's report. Also sharply lower was antibody-based therapeutics maker XOMA (XOMA), which plunged more than 73% and was downgraded to Neutral at Piper Jaffray after a Phase III trial of its gevokizumab drug in patients with Behcet's disease uveitis did not meet its primary endpoint. INDEXES: Near midday, the Dow was down 82.22, or 0.46%, to 17,837.07, the Nasdaq was down 42.68, or 0.82%, to 5,165.44, and the S&P 500 was down 6.93, or 0.33%, to 2,112.28.
11:24 EDTBABoeing says market demand for 777S 'remains very strong'
Says it is building first 2 full production tankers for the U.S. Air Force. Says it does not see changes in 'demand signals' for jets. Says working to lower risk while transitioning 777 to new 777X.
10:54 EDTBABoeing CFO says commercial airplance backlog remains 'very strong'
Says 787 deferred production growing at same rate in Q3. Says company expects drop in 787 cost growth pace during Q4. Sees "strong interest" for final C-17 jet white tail. Says company expects to complete $7.5B share repurchase authorization over next two years. Says company remains focused on disciplined execution and meeting customer commitment. Sees improved cash performance offsetting tanker charge.
10:47 EDTBABoeing sees 787 program becoming cash flow positive in 2015
10:44 EDTBABoeing says 737 Max on track for first delivery in 2017
10:44 EDTBABoeing chairman: Company positioned for sustained, profitable growth
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09:07 EDTBAOn The Fly: Pre-market Movers
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07:39 EDTBABoeing reports Q2-end backlog $489B, included net orders of $18B
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07:38 EDTBABoeing backs FY15 Commercial Airplanes deliveries 750-755
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07:37 EDTBABoeing reports Q2 Defense, Space & Security revenue down 3% to $7.65B
07:37 EDTBABoeing reports Q2 Commercial Airplanes revenue up 18% to $16.88B
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07:36 EDTBABoeing says outlook for 2H15 'remains positive'
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07:35 EDTBABoeing: Q2 results included $536M charge on KC-Tanker program
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07:35 EDTBABoeing cuts FY15 adjusted EPS to $7.70-$7.90 from $8.20-$8.40, consensus $7.88
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07:33 EDTBABoeing reports Q2 non-GAAP EPS $1.62, consensus $1.37
Reports Q2 revenue $24.54B, consensus $24.22B
July 21, 2015
17:41 EDTBAFedEx to acquire fifty additional 767-300F aircraft from Boeing
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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
15:42 EDTBABoeing July weekly 147 straddle priced for 2.9% movement into Q2
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15:02 EDTBANotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Coca-Cola (KO), consensus 60c... Boeing (BA), consensus $1.42... Abbott Laboratories (ABT), consensus 50c... Thermo Fisher Scientific (TMO), consensus $1.78... EMC (EMC), consensus 41c... Illinois Tool Works (ITW), consensus $1.28... St. Jude Medical (STJ), consensus $1.00... Northern Trust (NTRS), consensus 96c... Check Point Software (CHKP), consensus 95c... Polaris Industries (PII), consensus $1.58... Interpublic Group (IPG), consensus 27c... New York Community Bancorp (NYCB), consensus 26c... B/E Aerospace (BEAV), consensus 76c... Owens Corning (OC), consensus 54c... Knight Transportation (KNX), consensus 37c.
14:28 EDTBABoeing technical comments ahead of results
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13:48 EDTBABoeing may delay $3B tanker contracts for 8 months, Bloomberg reports
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12:37 EDTBAEarnings Watch: Boeing sees Q2 charge of 77c per share for KC-46 tanker program
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10:58 EDTCCiti fined $70M, ordered by CFPB to provide $700M in relief
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10:01 EDTNUSOn The Fly: Analyst Initiation Summary
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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
08:38 EDTBABoeing July weekly volatility elevated into Q2 and outlook
Boeing July weekly call option implied volatility is at 33, August is at 19, September is at 18; compared to its 52-week range of 13 to 29, suggesting large near term price movement into the expected release of Q2 results on July 22.
06:57 EDTBLKBlackRock wins license to raise funds in China, Reuters reports
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05:30 EDTBABoeing, EVA Air finalize order for five 777 freighters
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July 20, 2015
16:41 EDTNUSNu Skin initiated with a Neutral at Sterne Agee CRT
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16:01 EDTC, BACOptions Update; July 20, 2015
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13:03 EDTC, BACFed proposes final rule on capital surcharges for largest U.S. banks
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12:16 EDTBABoeing sees nearly 1.2M pilots, technicians needed over next 20 years
Boeing released a new forecast showing continued strong demand for commercial airline pilots and maintenance technicians as the world's airlines add 38,000 airplanes to the global fleet over the next 20 years. Boeing's 2015 Pilot and Technician Outlook projects that between 2015 and 2034, the world will require 558,000 new commercial airline pilots and 609,000 new commercial airline maintenance technicians. The 20-year projected demand for new pilots and technicians by region is: Asia Pacific – 226,000 pilots and 238,000 technicians; Europe – 95,000 pilots and 101,000 technicians; North America – 95,000 pilots and 113,000 technicians; Latin America – 47,000 pilots and 47,000 technicians; Middle East – 60,000 pilots and 66,000 technicians; Africa – 18,000 pilots and 22,000 technicians; Russia / CIS – 17,000 pilots and 22,000 technicians.
10:00 EDTCBSOn The Fly: Analyst Downgrade 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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07:04 EDTCBSCBS downgraded to Hold from Buy at Pivotal Research
Pivotal Research downgraded CBS to Hold based on higher costs of capital and valuation and lowered its price target to $58 from $70 on shares.
July 19, 2015
20:33 EDTBAMedia reports say Lockheed to buy UTX's Sikorsky
According to media reports, Lockheed Martin (LMT) has agreed to purchase United Technologies' (UTX) Sikorsky unit. The news comes after several months of speculation surrounding Sikorsky, and an announcement could be made just a day prior to second quarter earnings for both United and Lockheed. WHAT'S NEW: Reuters reported on Sunday that Lockheed Martin has agreed to buy Sikorsky Aircraft from United Technologies for over $8B, according to two sources, adding that the deal is set to be formally announced on Monday. The news was later echoed by Bloomberg, citing a person familiar with the talks. WHAT'S NOTABLE: United Technologies first reported that it was exploring strategic options for its Sikorsky unit on March 11. At the time, the company noted that options included a spinoff or a stand-alone public company, saying that the split could allow United "to better focus on providing high-technology systems and services to the aerospace and building industries." Following the announcement, UBS remarked that it was "not surprised" and reiterated a $136 price target on United shares. On May 20, the Wall Street Journal quoted sources as saying Boeing (BA), Airbus (EADSY) and Lockheed submitted bids for the helicopter maker, with a speculated deal thought to reach the $10B area. A June 9 report from Reuters added Textron (TXT) to the list of bidders. Today's news -- though unconfirmed by either United or Lockheed -- comes ahead of second quarter earnings reports for both companies scheduled for Tuesday, July 21. PRICE ACTION: Shares of Lockheed Martin declined 0.22% to $201.18 at the close of trading on July 17, while those of United Technologies fell 0.45% to $110.76.
19:32 EDTBABoeing India eyeing investments in local aerospace companies, PTI says
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19:12 EDTC, BACFederal Reserve proposes changes to 'stress test' regulations
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