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Stock Market & Financial Investment News

News Breaks
February 19, 2013
09:05 EDTCOF, BBY, CCitigroup reaches deal with Capital One to buy $7B of Best Buy card loans
News For C;BBY;COF From The Last 14 Days
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July 22, 2015
15:01 EDTCOFEarnings Watch: American Express reports after several 'top pick' mentions
American Express (AXP) is expected to report second quarter earnings after the close on July 22, with a conference call scheduled for 5:00 pm ET. American Express is a global financial services company specializing in credit card and pre-paid card products and services. EXPECTATIONS: Analysts are looking for earnings per share of $1.32 on revenue of $8.46B. The consensus range is $1.23-$1.41 for EPS and $8.29B-$9.01B for revenue, according to First Call. LAST QUARTER: On April 16, American Express reported first quarter EPS of $1.48 against expectations for $1.37, and revenue of $7.95B versus estimates of $8.21B. The company reported ROE of 29% and guided towards flat to modestly down FY15 EPS as it ramps investments to offset the March 2016 expiration of its Costco (COST) partnership. NEWS: On May 12, American Express authorized the repurchase of up to 150M company shares while also raising its dividend 12% to 29c per share. During the Bernstein Strategic Decisions Conference on May 28, company executives remarked that a "range" of co-brand deals would be coming up for American Express, adding that the loss of the Costco contract was not the "be-all, end-all" for the company. On June 17, Reuters reported that a U.S. appeals court affirmed a prior ruling that American Express can no longer block businesses from steering customers towards competitor cards, such as those of Visa (V) or Mastercard (MA). STREET RESEARCH: On April 27, Nomura downgraded American Express to Neutral from Buy, citing minimal upside to 2015 and 2016 estimates amid a lack of near-term catalysts. Meanwhile, Bernstein upgraded the stock to Outperform from Market Perform on May 6. On May 18, Deutsche Bank reiterated a Buy rating and $90 price target on American Express shares, saying it sees a $750M-$850M annual revenue opportunity through the "Plenti" loyalty program coalition. On June 2, Bernstein said it expects credit card volumes to grow 10%-12% annually over the next five years, adding that American Express, Capital One (COF) and Synchrony Financial (SYF) are its favorites in the sector. Following meetings with American Express executives, Citi called American's risk/reward ratio "attractive" on June 4, and on July 8, Deutsche Bank said it was positive on credit card stocks going into second quarter earnings, with American Express named a top pick. PRICE ACTION: Shares of American Express are near flat to $78.96 ahead of Wednesday's earnings report.
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.
July 21, 2015
10:58 EDTCCiti fined $70M, ordered by CFPB to provide $700M in relief
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July 20, 2015
16:01 EDTCOptions Update; July 20, 2015
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13:03 EDTCFed proposes final rule on capital surcharges for largest U.S. banks
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09:31 EDTBBYBest Buy store rationalization to be catalyst, says BB&T
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July 19, 2015
19:12 EDTCFederal Reserve proposes changes to 'stress test' regulations
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July 17, 2015
18:14 EDTCPetrobras hires Citi, others to handle fuel distribution unit IPO, Reuters says
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16:41 EDTCStocks end week higher as Google, Greece bring out the buyers
Stocks ended the week higher and the major averages are back at record highs after Iran agreed to a nuclear deal, Greece's parliament paved the way for the country to receive another bailout by agreeing to new austerity measures and Google (GOOG) gave investors hope that earnings from tech's other heavyweights will be similarly better than expected. MACRO NEWS: In the U.S., retail sales unexpectedly fell 0.3% in June, versus the consensus forecast for growth of 0.3%. The producer prices index showed prices rose 0.4% in June, versus expectations for an increase of 0.2%. The consumer price index rose a seasonally adjusted 0.3% in June from a month earlier, matching the consensus forecast. Compared with last year, consumer prices rose 0.1%, marking the first annual increase since December. Housing starts rose 9.8% to a 1.17M rate in June and building permits rose 7.4% to a 1.34M pace, both of which topped expectations. The NAHB homebuilder sentiment index for July came in at 60, a point better than forecast. The University of Michigan's consumer sentiment reading dropped to 93.3 in the preliminary July figure, which was below the 96.0 reading that was expected. During testimony before Congress, Federal Reserve Chair Janet Yellen stayed on message, stating that the central bank is on track to raise record-low interest rates this year, so long as the labor market and the economy keep improving... In China, exports rose 2.1% from a year earlier during June and imports dropped 6.7%, leaving a trade surplus of $45.8B for the month, the nation's customs administration reported. The nation's GDP was reported to have grown 7% in the second quarter from a year earlier, beating the consensus expectation for growth of 6.8%... In Europe, Greek lawmakers passed the country's austerity agreement and Euro-area finance ministers reportedly agreed in principle to extend a bridge loan to Greece. The loan should help keep Greece afloat while its Prime Minister negotiates the details of the country's latest bailout... Iran reached a deal on restrictions and inspections intended to prevent it from developing nuclear weapons in exchange for the lifting of economic sanctions by six world powers. The agreement still faces a political fight in the U.S. before taking effect, but President Barack Obama has vowed to veto any congressional effort to block its implementation. COMPANY NEWS: Class A shares of Google (GOOG, GOOGL) surged at the end of the week after the search giant reported better than expected revenues and earnings in the second quarter. Research firms all over Wall Street raised their price targets on the stock in the wake of the report... Netflix (NFLX) rallied to a split-adjusted all-time high after the streaming service operator reported stronger than expected second quarter results, including higher than expected Q2 subscriber metrics, prompting a large number of research firms to raise their price targets on the stock... Many of the nation's largest banks reported on their results in the second quarter this week. JPMorgan (JPM), Bank of America (BAC) and Citigroup (C) all posted quarterly profits, excluding certain items, that beat the average estimates of analysts. Wells Fargo (WFC) reported earnings in-line with consensus estimates and revenue somewhat below expectations, while Goldman Sachs (GS) reported headline earnings that appeared to fall far short of the consensus forecast. However, that was due to Goldman's nearly $1.5B in provisions for litigation and regulatory matters. Excluding those provisions, the bank's earnings were ahead of consensus... On the M&A front, Receptos (RCPT) advanced after Celgene (CELG) announced a deal to buy the smaller drugmaker for $232 per share in cash, or a total of about $7.2B net of cash acquired. A number of research firms applauded the deal, especially noting the price Celgene agreed to pay, but cautioned that a rival bidder may still emerge for Receptos. Marathon Petroleum (MPC) gained after MPLX (MPLX), the company's fee-based master limited partnership, agreed to acquire MarkWest Energy (MWE) in a cash and stock deal that implies a total enterprise value for MarkWest of approximately $20B, including the assumption of debt of approximately $4.2B. Micron (MU) rose after The Wall Street Journal reported that China's state-owned Tsinghua Unigroup had offered to acquire the memory chip maker for $23B, or $21 per share... Shares of Twitter (TWTR) spiked Tuesday morning after a questionable takeover report was published on a website that mimicked, but had a different web address, than Bloomberg News. A Bloomberg spokesman said soon afterward that the Twitter takeover story being attributed to the news service was a fake, while a Twitter spokesperson also denied the report of an alleged deal... Macy's (M) jumped after Starboard CEO Jeffrey Smith called the stock his "best idea" for 2015, adding that the shares could be worth $125 each if the company takes steps to maximize the value of its real estate holdings. Amazon (AMZN) announced it sold more units on its first "Prime Day" than the biggest Black Friday ever and had more new members try its Prime service worldwide than any single day in company history. The e-commerce giant noted that its worldwide order growth increased 266% over the same day last year and 18% more than Black Friday 2014, adding that it will "definitely be" doing another Prime Day in the future. A number of semiconductor equipment stocks, including Applied Materials (AMAT) and Lam Research (LRCX), dropped after Intel (INTC) cut its capital expenditures guidance while reporting on its quarterly results. INDEXES: For the week, the Dow gained about 1.05% to close at 18,086.45, the Nasdaq advanced about 3.37% to close at 5,210.14, and the S&P 500 rose about 1.67% to close at 2,126.64.
16:24 EDTBBYOn The Fly: Top stock stories for Friday
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12:38 EDTBBYOn The Fly: Top stock stories at midday
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10:46 EDTBBYBest Buy sinks after analyst says sell to avoid comp sales risk
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10:13 EDTBBYAmbarella to get boost from drone demand, analyst says
Ambarella (AMBA) should benefit from stronger than expected demand for drones, which are "literally flying off the shelves" at Best Buy (BBY), research firm Pacific Crest wrote in a note to investors today. Ambarella develops processors used in high definition cameras, such as those often utilized by drones. WHAT'S NEW: After conducting checks, Pacific Crest analyst Brad Erickson wrote that sales of drones have been stronger than expected. Ambarella should benefit from that trend, as well as from the fact that demand for GoPro (GPRO) cameras, which utilize Ambarella's chips, has been steady, Erickson stated. Although initial demand for GoPro's new Session camera "appears lukewarm," its newer cameras should drive a significant increase in sales volume starting in GoPro's October quarter, according to Erickson, who said the popularity of GoPro's cameras should enable Ambarella's results to beat Street expectations. The analyst continues to recommend buying Ambarella's stock and kept a $123 price target on the shares. WHAT'S NOTABLE: In a note to investors yesterday, Piper Jaffray analyst Erinn Murphy wrote that GoPro's risk/reward ratio was favorable heading into the company's Q2 results. According to Murphy, the stock fell recently because money rotated out of the shares following the initial public offering of Fitbit (FIT) and Goldman Sachs' initiation of coverage of the stock with a Neutral rating. However, Amazon (AMZN) data shows that GoPro's cameras are selling well and Ambarella's Q2 results beat expectations, Murphy noted. As a result, she expects GoPro's Q2 results to exceed expectations when they are reported next week. Murphy reiterated a $68 price target and Overweight rating on GoPro shares. PRICE ACTION: In early trading, Ambarella rose 1.3% to $109.59, while GoPro added 0.5% to $55.53.
10:05 EDTBBYOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Accretive Health (ACHI) downgraded to Market Perform from Outperform at Cowen... Allergan (AGN) downgraded to Outperform from Top Pick at RBC Capital... Best Buy (BBY) downgraded to Underperform from Buy at BofA/Merrill... Cablevision (CVC) downgraded to Hold from Buy at Jefferies... Credit Suisse (CS) downgraded to Hold from Buy at Deutsche Bank... Domino's Pizza (DPZ) downgraded to Sector Weight from Overweight at KeyBanc... First Quantum Minerals (FQVLF) downgraded to Neutral from Outperform at Credit Suisse... First Republic (FRC) downgraded to Market Perform from Outperform at FBR Capital... Fresenius SE (FSNUY) downgraded to Neutral from Buy at Goldman... Golden Minerals (AUMN) downgraded to Neutral from Buy at Roth Capital... JD Wetherspoon (JDWPY) downgraded to Reduce from Neutral at Nomura... NV5 Holdings (NVEE) downgraded to Neutral from Accumulate at Global Hunter... National Oilwell (NOV) downgraded to Sell from Neutral at UBS... Natural Gas Services (NGS) downgraded to Neutral from Buy at Global Hunter... Primoris (PRIM) downgraded to Neutral from Accumulate at Global Hunter... Receptos (RCPT) downgraded to Hold from Buy at Evercore ISI... SKF AB (SKFRY) downgraded to Hold from Buy at Deutsche Bank... STAG Industrial (STAG) downgraded to Sell from Neutral at UBS... SolarWinds (SWI) downgraded to Hold from Buy at Deutsche Bank... Syntel (SYNT) downgraded to Market Perform from Outperform at William Blair... TECO Energy (TE) downgraded to Neutral from Buy at UBS... Tangoe (TNGO) downgraded to Underweight from Equal Weight at Barclays... Tegna (TGNA) downgraded to Hold from Buy at Evercore ISI.
09:44 EDTBBYBest Buy falls after downgrade, levels to watch
Shares are down over 5% to $33.08. At that price next support is at $32.56, a recent pivot low, and then at $31.78. Resistance is at $34.14. BofA/Merrill earlier downgraded the shares to Underperform and cut its price target to $32.
07:58 EDTCCiti results 'impressive,' says RBC Capital
RBC Capital believes that Citi continues to make progress on its strategic initiatives, while the company's revenue was "solid across the board." The firm keeps a $65 price target and Outperform rating on the shares.
07:55 EDTCCiti price target raised to $67 from $61 at UBS
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07:26 EDTBBYBofA/Merrill downgrades Best Buy two notches to Underperform
As previously reported, BofA/Merrill downgraded Best Buy to Underperform from Buy. The firm lowered estimates based on limited catalysts and continued investments and warned that a mixed product cycle could result in 2H comp downside. BofA/Merrill believes the consensus estimate of 1% comps for 2H look challenging given ongoing computer weakness, ongoing tablet commodization and pricing pressure and flat mobile trends. The firm cut its price target on Best Buy to $32 from $45.
07:07 EDTBBYBest Buy downgraded to Underperform from Buy at BofA/Merrill
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