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Stock Market & Financial Investment News

News Breaks
March 27, 2014
12:18 EDTC, BAC, BAX, LULU, GME, LDOS, AAPL, GOOG, AMZNOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday as slides in Citigroup (C) and a number of tech giants weighed on the indexes. The weakness comes in spite of the government's estimate for GDP growth in the fourth quarter having been revised upward, as well as encouraging data about unemployment claims. ECONOMIC EVENTS: The estimate of GDP growth in the fourth guarter was revised up to 2.6% from the prior 2.4% estimate, but analyst had expected it to be bumped up to 2.7% in this third reading. There were 311K initial jobless claims in the week ended March 22, which was below the consensus forecast for 323K claims. Pending home sales fell 0.8% in February from the prior month, missing expectations for them to have risen 0.2%. COMPANY NEWS: Shares of Citigroup dropped 6% after the bank was one of five to have its capital plan rejected by the Federal Reserve. The central bank said Citi's plan reflected a "number of deficiencies" in its planning. Citi was denied its request for a $6.4B share repurchase program and to increase its dividend to 5c per share, but will be permitted to continue with its current capital actions. Following last night's Fed announcment, Citigroup shares were downgraded at Keefe Bruyette and at Bernstein... Shares of Bank of America (BAC) were also lower by nearly 2% near midday, despite receiving approval from the Fed for its 2014 capital plan. The bank will be allowed to repurchase $4B of its common stock and increase its dividend to 5c from 1c per share. The bank also announced a more than $9B settlement with the Federal Housing Finance Agency related to mortgage-backed securities sold to Fannie Mae (FNMA) and Freddie Mac (FMCC) between 2005 and 2007... Shares of Baxter (BAX) rose 5.5% after the company announced plans to split into two separate, independent companies -- one focused on biopharmaceuticals and the other on medical products. The split, which is intended to take the form of a tax-free distribution to Baxter shareholders of a new publicly traded stock in the new biopharmaceuticals company, is expected to be completed by mid-year 2015... Shares of Apple (AAPL), Google (GOOG), Amazon.com (AMZN) and a number of other tech stocks were all lower near noon. MAJOR MOVERS: Among the notable gainers was athletic apparel maker lululemon (LULU), which rose over 6% after the company's fourth quarter results topped analysts' consensus expectation and the company's previously lowered outlook. Also higher was Garmin (GRMN), which gained 4.5% after research firm Oppenheimer joined Citigroup to issue the second positive note about the GPS product maker in two days. Among the noteworthy losers was security, health and engineering solutions firm Leidos (LDOS), which dropped more than 15% after its guidance dissapointed and its COO announced plans to leave the company. Also lower following its earnings reports was video game retailer GameStop (GME), which fell 7%. INDEXES: Near midday, the Dow was down 35.52, or 0.22%, to 16,233.47, the Nasdaq was down 34.23, or 0.82%, to 4,139.35, and the S&P 500 was down 7.94, or 0.43%, to 1,844.62.
News For C;BAC;BAX;LULU;GME;LDOS;AAPL;GOOG;AMZN From The Last 14 Days
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October 13, 2014
11:24 EDTAMZNAmazon to create 1,000 new permanent jobs at UK fulfillment centers
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09:39 EDTAAPLActive equity options trading on open
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09:03 EDTAMZNAmazon says Prime members to get early access to select Lightning Deals
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08:31 EDTAAPLApple says iPhone 6, 6 Plus to arrive in 36 more countries this month
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08:31 EDTAMZNAmazon, Future Group in online sales pact, Economic Times reports
India's largest listed retailer, Future Group, has signed a deal to jointly sell items over the Internet with Amazon, reported Economic Times, which noted that Future will begin by selling apparel and then expand to in-house brands in the home, electronics and food categories. Reference Link
08:06 EDTGOOGQihoo 360 launches ad exchange platform, Marbridge Daily reports
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07:57 EDTGOOGGoogle price target lowered to $650 from $685 at Cowen
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07:53 EDTGOOGYouTube changes have diffused much of tension with copyright holders, FT says
YouTube, which implemented Content ID in 2007 to help producers manage their rights and generate revenues from copyright-infringing content, has hit $1B in payments to companies that participate in the program and Fred von Lohmann, legal director for copyright at Google, credits the program for diffusing much of the tension the site previously had with copyright holders, reported Financial Times. Via Content ID, copyright owners can “monetize” their content by allowing ads to be sold against it or have the video blocked and taken down and von Lohmann told Financial Times that the "vast majority" choose to monetize. Reference Link
07:37 EDTBAXAmerican Society of Anesthesiologists to hold annual meeting
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07:25 EDTBAXEuropean Association of Cardiothoracic Surgery to hold annual meeting
28th EACTS Annual Meeting is being held in Milan, Italy on October 11-15.
07:22 EDTGOOGSony/ATV could ditch licensing firms due to streaming dollars, NY Post reports
Sony/ATV Music Publishing (SNE) is considering no longer dealing with performance rights groups BMI and ASCP, and instead negotiating directly with online music services like Pandora (P), YouTube (GOOG) and Spotify due to outdated rules and low royalties, the New York Post reports. Reference Link
07:19 EDTC, BACAmEx, Capital One profits seen boosted by credit card 'sweet spot,' WSJ says
Credit card players such as American Express (AXP) and Capital One (COF), as well as banks with significant card units like JPMorgan (JPM), stand to benefit from the U.S. card industry's "sweet spot" of moderate economic growth, low interest rates and consumers who are better managing payments while growing their spending, said The Wall Street Journal, which noted that consulting firm R.K. Hammer estimates U.S. card issuers' revenue will grow 9% this year to $158.6B. Other U.S. banks with credit card units include Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC) and other card companies include Visa (V) and MasterCard (MA). Reference Link
06:44 EDTBAC, CRegulators seeking banks' auto loan data, Reuters reports
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06:44 EDTGOOGGoogle testing feature that allows video chats with doctors, Engadget reports
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06:44 EDTGOOGGoogle could announce new Nexus tablet on October 15, 9to5Google reports
Google's new Nexus tablet may be announced on Wednesday, October 15, 9to5Google reports, citing Bright Side of News. The HTC-made tablet is rumored to cost $400. Reference Link
06:41 EDTAAPLWalgreens to roll out Apple Pay on October 18, MacRumors reports
Walgreens (WAG) will begin rolling out Apple Pay (AAPL) on Saturday, October 18, according to a memo obtained by MacRumors. Reference Link
06:05 EDTAAPLReport: Apple iPhone 6 pre-orders in China reach 20M, Digitimes says
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00:04 EDTC, BACBanking regulators want more disclosure on auto loans, Reuters says
Banking regulators are requesting that banks provide more details on their auto loan portfolios, says Reuters. Balances remaining on auto loans are rising and about a fifth of the loans are subprime, added Reuters. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Capital One (COF), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
October 12, 2014
17:20 EDTAMZNGE, Splunk, Cisco, others could benefit from Internet of Things, Barron's says
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13:03 EDTBAC, CBanks agree on derivatives procedures for future crisis scenario, WSJ says
Meeting at the Federal Reserve in Washington, top banking executives from 18 large U.S., European and Japanese banks agreed in principle to wait up to 48 hours before seeking to terminate derivatives contracts and collect associated payments from a troubled financial institution, says the Wall Street Journal. 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). Reference Link
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