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Stock Market & Financial Investment News

News Breaks
March 26, 2014
18:04 EDTSAN, C, RBS, ZION, HSBCFed objects to capital plans of Citigroup, four others
Citigroup (C) and four other banks had their capital plans rejected by the Federal Reserve. The capital plans of the North American units of three international banks, HSBC (HSBC) of Britain, Santander (SAN) of Spain, and Royal Bank of Scotland (RBS), were rejected along with Zions Bancorporation (ZION), as the firm did not meet the minimum, post-stress tier-1 common ratio of 5%. WHAT'S NEW: Twenty five of the thirty banks that underwent the Federal Reserve stress test passed. The Federal Reserve objected to the plans of Citigroup, HSBC, Santander, and Royal Bank of Scotland based on qualitative concerns, while rejecting Zions' plan because it did not meet a minimum post-stress capital requirement. Passing the stress test is critical for the banks to get approval for dividend raises and increased share repurchase plans. CITIGROUP: The Fed noted that Citigroup has made progress in improving general risk management and control over the pasty several years but added "its 2014 capital plan reflected a number of deficiencies in its capital planning practices, including in some areas that had been previously identified by supervisors as requiring attention." PRICE ACTION: Shares of Citigroup traded down almost 6% in the after-hours to $47.30, Banco Santander was lower by almost 1% to $9.08, HSBC Holdings was up fractionally to $50.57, The Royal Bank of Scotland Group was down 0.6% to $9.94 and Zions was unchanged at $30.20.
News For C;HSBC;RBS;SAN;ZION From The Last 14 Days
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February 8, 2016
08:39 EDTHSBCHSBC downgraded to Underweight from Equal Weight at Morgan Stanley
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07:26 EDTCThe FDIC and Federal Reserve Bank of San Francisco to hold a conference
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06:31 EDTCNorway's oil fund tells U.S. banks to split CEO-chairman positions, FT says
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February 5, 2016
12:15 EDTHSBCHSBC to pay $470M to resolve mortgage serving investigation by US goverment
New York Attorney General Eric Schneiderman announced a $470M joint state-federal settlement with mortgage lender and servicer HSBC to address mortgage origination, servicing, and foreclosure abuses. The settlement provides direct payments to New York borrowers for past foreclosure abuses, loan modifications, and other relief for borrowers in need of assistance, rigorous mortgage servicing standards, and grants oversight authority to an independent monitor. It is estimated that New York State has nearly 136,000 HSBC loans, nearly 31% of HSBC's total portfolio. The settlement includes New York,48 other states, the District of Columbia, the U.S. Department of Justice, the U.S. Department of Housing and Urban Development (HUD), and the Consumer Financial Protection Bureau. Reference Link
06:47 EDTZIONActivist investors eyeing U.S. banks for merger waves, Reuters says
Activist investors are targeting the U.S. banking sector, betting that the headwinds the industry is experiencing will accelerate consolidation among such companies, Reuters reports. Banks historically have stayed out of the line of sight of activist investors, with certain exceptions, though rate and regulatory pressures could result in a wave of M&A for SMID-cap institutions, the report says. Potential activist candidates include Comerica Bank (CMA), which Hudson Executive Capital acquired a $56M stake in earlier this week, and Zions (ZION), Reuters notes. Reference Link
February 4, 2016
06:58 EDTCFed official supports tougher bank stress tests, Reuters reports
Boston Fed president Eric Rosengren said that he supports tougher stress tests for "too big to fail" banks, including larger capital investments that would make them "even more binding," Reuters reports. Rosengren said that stress test changes have reduced the likelihood that systemically important financial firms would fail, the report says. Publicly traded companies in the 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
06:51 EDTCBofA doesn't deserve to be in 'stock market doghouse,' WSJ says
Bank of America (BAC) is currently in the "stock market doghouse," but doesn't deserve to be, David Reilly of the Wall Street Journal's Ahead of the Tape says. The overall beating of U.S. bank stocks has come amid the greater market selloff, reflecting the fact that slowing growth has brought doubt on the Fed's ability to raise rates in March, Reilly says. Since a rate increase is a far-off prospect, investors have little reason to own bank stocks, though Bank of America's valuation assumes "too dire an outcome," the report says. Banks with international outreach, such as Citi (C), are still arguably further behind in post-crisis cleanup, but Bank of America is more focused on the domestic U.S. economy and prices a U.S. recession as a given, not a possibility, the report says. Other large U.S. banks include Wells Fargo (WFC), JPMorgan (JPM), Goldman Sachs (GS), Morgan Stanley (MS), U.S. Bancorp (USB), BB&T (BBT), PNC Financial (PNC), and SunTrust (STI). Reference Link
06:33 EDTRBSRBS calls off sale of India banking unit, will review options, Reuters says
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February 3, 2016
16:00 EDTCOptions Update; February 3, 2016
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05:16 EDTCStocks with implied volatility movement; GS C
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February 2, 2016
11:53 EDTCCiti agrees to $23M 'ice breaker' yen Libor settlement, Reuters reports
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February 1, 2016
09:36 EDTCActive equity options trading on open
Active equity options trading on open: BAC AAPL FB AMZN TWTR MGM MCD NFLX GILD INTC TSLA AA BABA C
09:15 EDTHSBCHSBC sale of Brazil unit to get closer antitrust examination, Bloomberg reports
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08:40 EDTHSBCHSBC imposing global hiring, pay freeze, Reuters reports
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January 31, 2016
20:43 EDTCOn The Fly: Top five weekend stock stories
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Coca-Cola (KO) announced a minority stake in diary and juice company Chi, with plans to take full ownership within three years. 2. Billionaire investor Nelson Peltz is considering taking an activist position in Time Warner (TWX), the New York Post reported. 3. Toyota (TM) could temporarily halt domestic production after an explosion at a key supplier curbed its supply of steel, Reuters said. 4. Investigations into Herbalife (HLF), as well as investigations into Bill Ackman himself, have fizzled and criminal charges look unlikely, the Wall Street Journal revealed. 5. Virtu Financial (VIRT) and Ctrip (CTRP) were discussed positively by Barron's this week, as well as "tech bargains" Autodesk (ADSK), Akamai (AKAM), Western Digital (WDC), SanDisk (SNDK) and Lam Research (LRCX) and attractive banking stocks Citi (C), JPMorgan (JPM), Bank of America (BAC) and Wells Fargo (WFC).
15:43 EDTHSBCHSBC to impose hiring, salary freeze in 2016, Bloomberg says
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12:33 EDTCU.S. banks could return 20% or more, Barron's says
The banking sector looks like "one of the best bargains in the market," Barron's contends in a cover story. Names such as Citi (C), JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS), Morgan Stanley (MS), BB&T (BBT), PNC Financial (PNC), SunTrust (STI) and U.S. Bancorp (USB) are showing healthy balance sheets and could offer "at least" 20% upside, the publication argues, adding that the industry's exposure to the energy sector "looks manageable" given information offered in recent earnings reports and conference calls. Reference Link
January 29, 2016
16:00 EDTCOptions Update; January 29, 2016
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07:54 EDTHSBCCyber attack temporarily shuts down HSBC Internet banking, Bloomberg reports
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07:31 EDTCBank, financial stocks look cheap, says Oppenheimer
After an index of bank stocks fell 19% since last summer, versus an 8% decline for the S&P, Oppenheimer says that "the group looks cheap." The firm says that banks' balance sheets will remain strong whether the economy is resilient or enters a downturn. The firm says that the banks' Q4 results were stable, and it expects the group to benefit from steady loan growth and slightly rising NIMs in 2016. Oppenheimer continues to recommend Bank of America (BAC), Citi (C), Goldman Sachs (GS), Discover (DFS), and Fifth Third (FITB)
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