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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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September 4, 2014
16:00 EDTAAPL, BAC, AMZNOptions Update; September 4, 2014
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13:05 EDTLULULululemon Athletica September volatility elevated into Q2
Lululemon Athletica September 12 weekly call option implied volatility is at 72, September is at 56, October is at 46, January is at 37; compared to its 26-week average of 38 according to Track Data, suggesting larger September price movement into the expected release of Q2 on September 11.
12:34 EDTGOOGGoogle settles FTC complaint over kids app purchases
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12:30 EDTGOOGFTC says Google settles app purchase charges for $19M
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11:59 EDTAAPLApple to feature NFC in iWatch as well as iPhone, WSJ says
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11:20 EDTAAPLApple iPhone 6 seen lacking sapphire cover, AppleInsider says
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09:35 EDTC, AAPL, AMZNActive equity options trading on open
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09:08 EDTAAPLExperts: Photo theft should highlight cloud risk, The Hill reports
The recent theft of celebrity photos from Apple's iCloud should make people realize the dangers of using the cloud to store personal information, The Hill quoted security experts as saying. Meanwhile, the website reported that the Federal Trade Commission could launch a probe in response to the incident, while Congress may also respond. Reference Link
08:47 EDTAAPLApple shares should be bought on weakness, says JMP Securities
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07:52 EDTAMZNAmazon.com well-positioned to beat 2015 profit expectations, says Bernstein
Bernstein expects Amazon.com's 2015 profits and margins to beat expectations, driven by batter than expected category mix shift and greater scale. The firm raised its price target on the stock to $450 from $360 and keeps an Outperform rating on the shares.
07:30 EDTAAPLApple has good read through from ineffective Samsung launch, says Cantor
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07:22 EDTGOOGGoogle has upward bias to estimates, says Credit Suisse
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06:51 EDTAAPLApple's iPhone 6 subsidies unlikely to be cut in China, WantChinaTimes says
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06:40 EDTGOOG, AAPLApple, others restart discussions with tech staff in hiring suit, Reuters says
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06:40 EDTC, BACAgencies finalize liquidity rule for large banks
The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency finalized a rule yesterday that they said would strengthen the liquidity positions of large financial institutions. The rule will for the first time create a standardized minimum liquidity requirement for large and internationally active banking organizations., according to the agencies. Each institution will be required to hold high quality, liquid assets, or HQLA, such as central bank reserves and government and corporate debt that can be converted easily and quickly into cash in an amount equal to or greater than its projected cash outflows minus its projected cash inflows during a 30-day stress period, the agencies explained. The ratio of the firm’s liquid assets to its projected net cash outflow is its “liquidity coverage ratio,” or LCR, they said. The LCR will apply to all banking organizations with $250B or more in total consolidated assets or $10B or more in on-balance sheet foreign exposure and to these banking organizations’ subsidiary depository institutions that have assets of $10B or more, the agencies reported. The rule also will apply a less stringent, modified LCR to bank holding companies and savings and loan holding companies that do not meet these thresholds, but have $50B or more in total assets. Bank holding companies and savings and loan holding companies with substantial insurance or commercial operations are not covered by the final rule. The final rule is largely identical to the proposed rule, with a few key adjustments in response to comments from the public, the agencies stated. Those adjustments include changes to the range of corporate debt and equity securities included in HQLA, a phasing-in of daily calculation requirements, a revised approach to address maturity mismatch during a 30-day period, and changes in the stress period, calculation frequency, and implementation timeline for the bank holding companies and savings and loan companies subject to the modified LCR. 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).
06:30 EDTGOOG, AAPLIDC: Phablet shipments to pass PCs in 2014, tablets in 2015, DigiTimes reports
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06:22 EDTAMZN, AAPLeBay to meet PayPal estimates despite competition, says Piper Jaffray
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06:16 EDTGOOGLuxottica's returning CEO says 'embarrassed’ by Google Glass, FT reports
Luxottica's (LUX) founder and returning CEO Leonardo Del Vecchio told the Financial Times earlier this week that he has not used Google Glass (GOOG) and that it would "embarrass [him] going around with that on my face." Luxottica signed a deal with Google earlier this year to develop the $1,500 interactive headset. Reference Link
06:13 EDTCCitigroup settles potential civil liability for violating sanction programs
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05:56 EDTAAPLStocks with implied volatility movement; END AAPL
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