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Stock Market & Financial Investment News

News For C;JPM;FITB;MS;BAC From The Last 14 Days
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April 17, 2015
16:23 EDTJPMPrudential enters $4B credit agreement with JPMorgan
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16:11 EDTCOptions Update; April 17, 2015
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15:39 EDTCCostco deal with Visa, Citi has 'near zero' acceptance costs, Bloomberg says
Costco’s (COST) acceptance costs will be near zero under the terms of its new deal with Visa (V) and Citigroup (C), compared to the roughly 0.6% of each transaction it currently pays to incumbent card partner American Express (AXP), reported Bloomberg, citing people familiar with the deal. Reference Link
15:31 EDTMSNotable companies reporting before Monday's open
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13:54 EDTMSMorgan Stanley technical comments ahead of results
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13:43 EDTMSEarnings Watch: Morgan Stanley to report after CFO departs
Morgan Stanley (MS) is scheduled to report first quarter earnings before the open on Monday, April 20, with a conference call scheduled for 8:30 am ET. Morgan Stanley is an investment bank. EXPECTATIONS: Analysts are looking for earnings per share of 78c on revenue of $9.17B, according to First Call. The consensus range for EPS is 72c-86c on revenue of $8.87B-$9.55B. LAST QUARTER: Morgan Stanley reported weaker than expected fourth quarter results. The company said that its results were adversely affected by "choppy market conditions," although it characterized the results as strong. On February 25, the bank agreed to pay $3.6B to the U.S. to settle claims related to residential mortgage-backed securities. On March 11, Morgan Stanley announced that it would repurchase $3.1B of its shares and raise its dividend to 15c per share from 10c per share. On March 24, the bank announced that its CFO, Ruth Porat, would resign to take a similar position at Google (GOOG). Morgan Stanley announced that it had chosen Jonathan Pruzan, the co-head of its Global Financial Institutions Group in Investment Banking, to succeed Porat. STREET RESEARCH: Two research firms were divided on the outlook for Morgan Stanley's Q1 results. On March 16, well-known analyst Dick Bove of Rafferty Capital wrote that the bank's Q1 results were not looking strong. Trade data from the Federal Reserve suggested that Morgan Stanley was losing ground in several key categories, with trading flat to down overall and investment banking not faring much better. However, Bove continued to identify the bank as one of his top picks for 2015. However, Susquehanna on April 7 raised its estimates for Morgan Stanley, citing a stronger fixed income performance, driven by rate and currency volatility. Morgan Stanley's Q1 results should improve nicely versus its Q4 performance, added the firm, which nonetheless reiterated a Neutral rating on the stock. PEER RESULTS: Goldman Sachs (GS) reported stronger than expected Q1 results, as its investment banking revenue rose 7% versus the same period a year earlier and its institutional client services revenue surged 23% year-over-year. JPMorgan (JPM) reported on Monday that its Q1 gross investment banking revenue from its commercial banking clients had soared 68%. PRICE ACTION: Morgan Stanley's stock is up 5% over the last three months and up over 10% over the last six months.
08:04 EDTCCiti reported 'solid beat,' says Oppenheimer
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07:31 EDTJPM, BAC, C, MSU.K. postpones debt buyback due to Bloomberg terminal crash, WSJ reports
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06:33 EDTBACSources: Halliburton hires BofA, Deutsche Bank to sell assets, Reuters reports
According to sources, Reuters reports that Bank of America (BAC) and Deutsche Bank (DB) have been hired by Halliburton (HAL) to sell two assets that could be valued at up to $5B. Bank of America will work to sell some of Halliburton's Sperry Drilling business, including logging-while-drigging, directional drilling and measuring-while-drilling, while Deutsche Bank is mandated to sell Halliburton's drill bits businesses. Halliburton is seeking to divest some assets to ease regulators' antitrust concerns in its $35B merger deal with Baker Hughes (BHI). Reference Link
April 16, 2015
16:21 EDTCOn The Fly: Top stock stories for Thursday
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16:02 EDTBAC, COptions Update; April 16, 2015
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12:37 EDTCOn The Fly: Top stock stories at midday
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12:25 EDTBACBank of America settles FX-rigging lawsuit, Reuters reports
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12:01 EDTCCiti says has started buying back stock
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11:48 EDTCCiti says not assuming interest rate increases in outlook for 2015
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11:40 EDTCCiti says 'extremely bullish' on prospects in Mexico
Says "feels good" about changes made to operations, leadership in Mexico.
11:31 EDTCCiti says bank has not yet received formal feedback on CCAR
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11:26 EDTCCiti sees Citi Holdings staying above breakeven on FY basis
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11:25 EDTCCiti says sees credit costs increasing in 2015
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11:24 EDTCCiti sees Q2 NIM down 2-3bps, similar to trend in prior years
Says environment remains "very challenging." Sees need to continue simplifying company. Says has signed deals to divest $30B of assets from holdings. Sees having 30,000 employees in compliance by year end. Says has 600 people dedicated to resolution planning. Sees lower NCL rates later in the year. Sees consumer efficiency ratio at 52% or below for FY15. Says U.S. branches averaging $218M in deposits. Expects to achieve total ICG efficiency ratio closer to midpoint of 53%-57% target range for FY15. Sees Q2 NIM down 2-3bps, similar to trend in prior years. Says 2H results will depend on timing of divestitures, including OneMain, but says 2H NIM could be down 7-8bps. Says FY financial targets include Citicorp efficiency ratio in mid 50s. Sees "modest" revenue growth at Citicorp in 2015. Comments made on the Q1 earnings conference call. Citi shares are up 2.28% to $54.42 in late-morning trading.
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