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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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November 19, 2015
11:18 EDTRFRegions Financial sees long-term EPS CAGR of 12%-15%
Sees long-term efficiency ratio of under 60% by eliminating $300M in expenses over next three years to fund revenue-producing businesses while keeping expenses flat to slightly up. Sees long-term ROATCE of 12%-14%.
11:17 EDTRFRegions Financial sees FY16 average loan growth of 3%-5%
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07:55 EDTAXPAmerican Express management to meet with Deutsche Bank
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06:35 EDTRFRegions Financial to host investor day
Investor Day to be held in New York on November 19 at 8 am. Webcast Link
November 18, 2015
10:02 EDTHIGOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Citrix (CTXS) downgraded to Neutral from Buy at Mizuho... Diana Shipping (DSX) downgraded to Hold from Buy at Deutsche Bank... Exxon Mobil (XOM) downgraded to Underperform from Market Perform at Raymond James... Hartford Financial (HIG) downgraded to Hold from Buy at Argus... Kinder Morgan (KMI) downgraded to Buy from Conviction Buy at Goldman... Kinross Gold (KGC) downgraded to Market Perform from Outperform at Raymond James... Nuverra Environmental (NES) downgraded to Market Perform from Outperform at Cowen... Oxford Lane (OXLC) downgraded to Hold from Buy at Maxim... SM Energy (SM) downgraded at BMO Capital... Scorpio Bulkers (SALT) downgraded to Hold from Buy at Deutsche Bank... Star Bulk Carriers (SBLK) downgraded to Hold from Buy at Deutsche Bank... StoneCastle (BANX) downgraded to Market Perform from Outperform at Keefe Bruyette... Suncor (SU) downgraded to Hold from Buy at TD Securities... ZS Pharma (ZSPH) downgraded to Neutral from Buy at Citi.
08:55 EDTCMorgan Stanley exec sees Q4 not much better than Q3 for banks, DJ reports
Morgan Stanley (MS) Institutional Securities President Colm Kelleher cautioned that fixed-income markets "still seem subdued," according to Dow Jones, citing his comments at an investment conference. Morgan Stanley was among the banks that reported lower revenue from fixed-income, currency and commodities trading during the third quarter and Kelleher said he doesn't think "the fourth quarter is going to be much better," the report noted. Large bank peers to Morgan Stanley include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
07:48 EDTHIGHartford Financial downgraded to Hold from Buy at Argus
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05:42 EDTCStora Enso Oyj appoints Citi as successor depositary bank for ADR program
Citi (C), acting through Citibank N.A., has been appointed by Stora Enso Oyj (SEOAY) as successor depositary bank for its Level 1 American Depositary Receipt, or ADR, program, which trades on the U.S. OTCQX marketplace under the symbol "SEOAY". Stora Enso's underlying ordinary shares are listed and trade on the NASDAQ OMX Helsinki Stock Exchange under symbol "STERV".
November 17, 2015
10:02 EDTRFHigh option volume stocks
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07:50 EDTCClearing House to hold a conference
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07:01 EDTAXPGlobal Payments to offer Apple Pay support in Canada
Global Payments (GPN) said it will offer its merchants in Canada the ability to accept American Express (AXP) payments made with Apple (AAPL) Pay. As an Apple Pay-qualified payment provider, Global Payments' robust suite of payments solutions is fully enabled for Apple Pay acceptance, allowing merchants to offer their customers the convenience of Apple Pay acceptance in-store, in-app and on-the-go.
November 16, 2015
14:06 EDTCCiti reports October credit loss 2.27% vs. 2.29% last month
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12:04 EDTAXPAmerican Express reports October net write-offs 1.3% vs. 1.2% last month
Reports October 30 days past due loans 1.0% vs. 1.0% last month.
11:31 EDTAXPMarriott announces plans to buy Starwood in $12.2B cash and stock deal
Shares of Marriott International (MAR) and Starwood Hotels & Resorts (HOT) fell after the two companies announced that Marriott will acquire Starwood in a cash and stock deal valued at $12.2B. WHAT'S NEW: Under the terms of the agreement, Starwood shareholders will receive 0.92 shares of Marriott Class A common stock and $2 in cash for each share of Starwood stock. When the deal closes, Starwood stakeholders will own roughly 37% of the combined entity's stock, the companies said. Marriott expects the deal to be earnings accretive by the second year after the merger, excluding the impact of transaction and transition costs. Marriott president and chief executive officer Arne Sorenson will remain in both positions following the merger. The transaction, which has been approved unanimously by the boards of both companies, is expected to close in mid-2016. In a statement announcing the deal, Marriott said it remains committed to its management and franchise strategy. Additionally, Marriott said it expects to deliver at least $200M in annual cost savings in the second full year after closing. Marriott expects to return at least $2.25B in dividends and share repurchases to investors, and believes it can reutrn "at least as much" in the first year following the closing. WHAT'S NOTABLE: On a conference call discussing the deal, Sorenson said that Starwood brands will "remain in place" and that he is focused on increasing appeal to younger travelers. Sorenson also said that the agreement includes a $400M break-up fee. Marriott chief financial officer Carl Berquist added that Starwood will continue its asset sale program. Starwood Chairman Bruce Duncan said that "all possible options" were considered and the company spoke to a "wide range" of interested parties. OTHER BIDDERS: On November 2, CNBC's David Faber reported that Starwood and rival Hyatt (H) were still in talks over a potential merger deal and that deal was about "a week away." In addition, The Wall Street Journal reported on October 27 that Shanghai Jin Jiang International Hotels, HNA Group and China Investment Corporation were vying for government clearance to submit an offer to acquire Starwood. On July 30, media reports emerged that Starwood had reached out to possible suitors about a buyout, including InterContinental (IHG), Wyndham Worldwide (WYN), and several sovereign wealth funds. Intercontinental denied it was involved in any such discussions with Starwood the day the story was reported. STREET RESEARCH: In response to the acquisition news, RBC Capital Markets analyst Wes Golladay said that Marriott may look to convert some of Starwood's hotels, likely older Sheratons, to its new Delta brand. PRICE ACTION: In morning trading, Marriott declined 0.14% to $72.64 and Starwood fell 6.25% to $70.24. OTHERS TO WATCH: Hyatt rallied 3.4%, InterContinental was down 1.77% and Wyndham Worldwide lost 2.07% following the deal announcement. American Express (AXP), which announced new benefits to the Starwood Preferred Guest credit card in early June, slipped 0.62% in morning trading.
11:24 EDTCClearing House to hold a conference
Clearing House Annual Conference is being held in New York on November 16-18.
09:59 EDTCOmega bought Valeant in Q3, sold some SuneEdison
Leon Cooperman's Omega Advisors gave a quarterly update on its stakes in a filing this morning, disclosing its positions as of September 30. NEW STAKES: Pfizer (PFE), Valeant (VRX) Walgreens Boots Alliance (WBA), TerraForm Global (GLBL), Cigna (CI). INCREASED STAKES: Google Class A (GOOGL), Facebook (FB), Delta Air Lines (DAL). DECREASED STAKES: SunEdison (SUNE), Shire (SHPG), Citi (C), KAR Auction (KAR), LyondellBasell (LYB). LIQUIDATED STAKES: McKesson (MCK), 21st Century Fox (FOXA), General Motors (GM), QEP Resources (QEP), eBay (EBAY).
09:07 EDTCCiti completes OneMain sale
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08:58 EDTAXPAmerican Express slips following Marriott, Starwood deal announcement
Shares of American Express (AXP) are slipping in pre-market trading following the news that Marriott (MAR) and Starwood Hotels & Resorts (HOT) have agreed to merge. In early June, American Express and Starwood announced new benefits to the Starwood Preferred Guest credit card. Marriott, however, has its co-brand program with JPMorgan Chase (JPM) and the early weakness in American Express shares could reflect concern over a potential change in the merged hotels' co-brand relationships. In pre-market trading, AxEx shares are down about 0.5% to $70.88.
08:38 EDTCSpringleaf downgraded after settlement on acquisition reached at BMO Capital
As noted earlier, BMO Capital downgraded Springleaf to Market Perform from Outperform. The firm noted that it had recommended buying the stock based on its belief that the company's acquisition of OneMain from Citi (C) had a higher probability of closing than was reflected by the shares. The firm downgraded Spingleaf after the company reached a settlement with governments that will enable the deal to close.
05:37 EDTCCiti appointed successor depository bank for Technip ADR program
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