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Stock Market & Financial Investment News

News Breaks
March 5, 2014
04:55 EDTC, C, HIG, HIG, UNM, UNM, FNF, FNF, EV, EV, MTG, MTG, NTRS, NTRS, BOKF, BOKF, RF, RF, AXP, AXPBernstein to hold a summit
1st Annual Financials Summit is being held in Boston on March 5-6.
News For C;RF;BOKF;NTRS;MTG;EV;FNF;UNM;HIG;AXP From The Last 14 Days
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April 16, 2015
08:00 EDTCCiti reports Q1 EPS ex-CVA/DVA $1.52, consensus $1.39
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07:19 EDTCOptions expected to be active: NFLX SNDK UNH PNRA C GS SLB
05:08 EDTAXPAmerican Express announces partnership with Jawbone
American Express and Jawbone announced a new partnership giving eligible U.S. American Express Card Members the ability to tap to pay with the new Jawbone UP4 fitness tracker anywhere American Express contactless payments are accepted in the U.S. This partnership and product launch marks the first time consumers can use a wearable fitness tracker with an embedded NFC chip for Amex payments, redefining what is possible with a 24/7 activity tracker.
April 15, 2015
16:01 EDTCOptions Update; April 15, 2015
iPath S&P 500 VIX Short-Term Futures down 49c to 21.90. Option volume leaders: AAPL NFLX C PBR KMI RIG MCP TWTR GILD BAC according to Track Data.
14:58 EDTCEarnings Watch: Analysts more bullish on Citi after asset sales, CCAR approval
Citigroup (C), one of the largest banks in the U.S., is expected to report first quarter earnings before the open on Thursday, April 16, with a conference call scheduled for 11:00 am ET. EXPECTATIONS: Analysts are looking for earnings per share of $1.39 on revenue of $19.82B. The consensus range is $1.32-$1.45 for EPS on revenue of $18.43B-$20.36B, according to First Call. On its last earnings conference call, Citi said it was committed to its 2015 targets and to returning capital to shareholders. Citi is targeting a 2015 consumer banking efficiency ratio of 49%-52%, compared to a ratio of 56% in 2014 and a pro forma 2014 ratio of 55%. LAST QUARTER: Citigroup reported fourth quarter EPS of 6c, versus analysts' consensus forecast of 11c. The company’s revenue came in below expectations at 17.81B. Citi CEO Michael Corbat said at the time: "While the overall results for 2014 fell short of our expectations, we did make significant progress on our top priorities... Although we made some difficult decisions over the course of the year, I believe they allowed us to put our franchise in a position to have a successful 2015." NEWS: On March 2, Costco (COST) announced it has entered into a new co-brand credit card program agreement with Citi and an acceptance and co-brand incentive agreement with Visa (V). Under the terms of the agreements, Citi would become the exclusive issuer of Costco's co-brand credit cards and Visa will replace American Express as the credit card network for Costco in the U.S. and Puerto Rico beginning April 1, 2016. The next day, Citi announced that it has reached a definitive agreement to sell OneMain Financial Holdings to Springleaf (LEAF) for a purchase price of $4.25B. The deal is expected to close in the third quarter of 2015, subject to approvals and other customary conditions. The sale, along with retirement of related funding, are expected to result in a net addition to earnings before income taxes of approximately $1B, the bank stated. On March 5, the Federal Reserve said that Citi had passed its Dodd-Frank stress test, as did all 31 banks that were examined. About a week later, the central bank announced it had not objected to the capital plans of 28 bank holding companies participating in the Comprehensive Capital Analysis and Review, or CCAR. After the Fed advised Citi that it has no objection to the planned capital actions requested by the bank, Citi said it will increase its quarterly common stock dividend to 5c per share from 1c per share. Citi also announced plans for a common stock repurchase program of up to $7.8B during the five quarters starting in the Q2. At the end of March, Citi announced that it has reached a definitive agreement to sell 100% of the shares of Citi Cards Japan, the exclusive issuer of Diners Club cards in Japan, to Sumitomo Mitsui Trust Bank. Also in March, Citi announced that it has sold 396M common shares in Akbank T.A.S. through an equity offering representing its entire 9.9% equity interest in the company. Total proceeds from the transaction are expected to be approximately $1.15B at then current exchange rates. The financial terms of those two transactions are not material to Citi, the bank noted. STREET RESEARCH: On February 10, Deutsche Bank upgraded Citi to Buy from Hold and raised its price target for shares to $54 from $51. Deutsche said then that it believed the decline in the stock since the firm's December 4 downgrade had priced in some of the earnings risk, but added the FY15 consensus estimates for Citi still looked too high. On March 17, Deutsche Bank further raised its price target for Citi shares to $56 from $54, citing positive news flow around the sale of OneMain, its credit card deal with Costco and the Fed's stress test results. On March 3, JPMorgan upgraded Citigroup to Overweight, saying the Costco co-branding credit card deal will add to revenue growth and return on assets. Further, the firm said it expects the banking giant to achieve its operating efficiency targets this year. It upped its price target for shares to $58 from $54. The next day, Morgan Stanley said it believes Citi's sale of OneMain and its new Costco partnership imply, when taken together, that the bank is substituting OneMain's higher risk assets with the Costco portfolio, which has a lower yield, risk and RWA. Such a trade will be viewed favorably by regulators, the firm said. Morgan Stanley, which has an Overweight rating on Citi, said then it sees potential upside to its $60 price target on Citi shares if capital freed from the OneMain sale is returned to shareholders. PRICE ACTION: In afternoon trading ahead of tomorrow morning's report, Citi rose over 1% to $53.31. Over the last three months, Citi shares are up nearly 13%.
14:06 EDTCCiti reports March credit loss 2.50% vs. 2.55% last month
Reports March delinquency rate 1.58% vs. 1.61% last month.
12:23 EDTEVEaton Vance authorizes 8M share repurchase plan
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12:18 EDTAXPAmerican Express reports March net write-off rate 1.5% vs. 1.5% last month
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08:17 EDTCSAP's financial integration platform selected by Citi and Asian Paints
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06:11 EDTCRegulators seek to end 'too big to fail' firms, WSJ reports
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April 14, 2015
18:41 EDTCTarget close to $20M settlement with MasterCard over data breach, WSJ says
According to people familiar with the negotiations, Target (TGT) is approaching a settlement with MasterCard (MA) to reimburse financial institutions roughly $20M for costs they incurred from the retailer’s massive data breach in 2013, The Wall Street Journal reports. Target is negotiating a separate settlement with Visa (V), according to sources, WSJ added. Reference Link
16:00 EDTCOptions Update; April 14, 2015
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12:09 EDTAXPAmEx to team up with Jawbone for payments via fitness bands, WSJ reports
American Express is planning to team up with Jawbone to allow AmEx cardholders to make purchases via their fitness bands at certain merchants, The Wall Street Journal reports, citing sources familiar with the matter. A source says that the payment mechanism is not expected to be part of Jawbone's UP3, which will begin shipping this month, but will be available on a future offering. It is unclear whether Jawbone will expand the program to accept payments processed by MasterCard (MA) and Visa (V). Reference Link
10:35 EDTCCitigroup looks to sell retail FX operations, Reuters says
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09:31 EDTEVEaton Vance reports consolidated AUM of $303.4B on March 31
Eaton Vance reported consolidated assets under management, or AUM, of $303.4B on March 31. This compares to $295.7B on January 31, the close of the Company's Q1.
07:58 EDTCCiti appoints Jamie Forese as sole president, WSJ reports
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April 13, 2015
16:18 EDTAXPAmerican Express transferred with a Market Perform at Wells Fargo
Wells Fargo transferred coverage of American Express with a Market Perform rating and raised its price target range for shares to $80-$83 from $78-$83. Wells says the stock's valuation is at the top of major credit card issuers, which it feels adequately reflects Amex's "superior return profile."
12:17 EDTCCiti's Bird to replace Medina-Mora, run global consumer bank, WSJ reports
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12:05 EDTCCiti's Bird to replace Medina-Mora, run global consumer bank, Bloomberg says
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07:15 EDTAXPAmerican Express shares could hit $105 in 18 months, says William Blair
William Blair analyst Robert Napoli says shares of American Express (AXP) are trading at nearly a 20% valuation discount to the S&P 500, reflecting "very high" pessimism in the name. Napoli tells investors today that other periods of "extreme pessimism" for American Express included 1998, 2001, and 2008/2009, with each proving to be a buying opportunity. He believes the current period will be no different. Napoli expects Amex shares to trend to historical valuation levels as investors look past the loss of Costco (COST) and better appreciate the company's growth opportunities. The analyst believes a stock price of around $105 is “reasonable” in about 18 months. The credit card issuer closed Friday up 43c to $79.59.
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