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Stock Market & Financial Investment News

News Breaks
July 10, 2014
09:23 EDTSCHW, CMECME Group Charles Schwab outlook positive, says Bernstein
Bernstein believes that CME Group (CME) and Charles Schwab (SCHW) should benefit as investors position themselves for interest rates to rise next year.
News For CME;SCHW From The Last 14 Days
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January 23, 2015
12:00 EDTSCHWE-Trade rallies after Q4 results beat estimates, capital plan approved
Shares of online broker E-Trade Financial (ETFC) are rising after the company’s fourth quarter results surpassed analysts’ consensus estimates and announced it has received regulatory approval realign its organizational structure. WHAT'S NEW: Last night, E-Trade reported Q4 adjusted earnings per share of 26c and revenue of $461M, topping analysts' consensus estimates of 23c and $445.11M, respectively. Quarterly results excluded a $59M pre-tax loss on early extinguishment of corporate debt. For the quarter, Daily Average Revenue Trades, or DARTs, were 168,000, an increase of 10% from the third quarter. The company ended Q4 with 3.1 million brokerage accounts, an increase of 17,000 from the end of Q3, and brokerage account attrition for Q4 was 9.1%. E-Trade said that the company added $3.5B in net new brokerage assets in Q4, or an annualized growth rate of 5.8%. The company also ended the quarter with $290B in total customer assets, compared with $282B at the end of Q3. Provision for loan losses was $10M in Q4, unchanged from Q3, while net-charge offs were $7M, comapred with $10M in Q3. The company reported bank and consolidated Tier 1 leverage ratios of 10.6% and 8.1%, respectively, as of December 31, compared with 10.4% and 7.7% in the prior quarter. WHAT’S NOTABLE: E-Trade announced that it has received regulatory approval to operate E*TRADE Bank at a Tier 1 leverage ratio of 9%, and realign its organizational structure by moving its two broker-dealers-- E*Trade Securities and E*Trade Clearing -- from under E*Trade Bank, which it says will simplify the distribution of capital generated by those entities to the parent company. E*Trade Securities will be moved in early February, while the move of E*Trade Clearing is expected to be completed later in the year. The approval to move these subsidiaries allows the company to distribute approximately $430M of their excess capital to the parent, the company added. Separately, the company announced on its earnings conference call that Chief Marketing Officer Liza Landsman will leave the company to pursue other opportunities. ANALYST REACTION: This morning, Credit Suisse upgraded E-Trade to Outperform from Neutral. The firm believes E-Trade is on the path to unlock substantial value and views the company's regulatory approval to separate its broker dealer unit and release excess capital from the bank subsidiary is a "turning point" for value creation. The firm raised its price target on the shares to $28 from $24. Another firm, JMP Securities, said E-Trade achieved a "crucial milestone." After E-Trade announced that it had received approval to move forward on its capital plan, freeing up significant excess capital, JMP Securities believes that this development could add 50c-$1.00+ to the company's EPS. The firm kept a $28 price target and Outperform rating on the shares. PRICE ACTION: In late morning trading, E-Trade rose $2.05, or about 9.05%, to $24.70 on approximately twice its average daily trading volume. Including today’s advance, the stock has gained approximately 17% over the past twelve months. OTHERS TO WATCH: Other online brokers include Charles Schwab (SCHW) down 1.12%, TD Ameritrade (AMTD), down 0.4%, and Interactive Brokers (IBKR), up 1.34%.
January 22, 2015
14:36 EDTCMEGlass Lewis Recommends GFI Group holders vote against merger with CME Group
BGC Partners (BGCP) announced that Glass, Lewis & Co. has recommended that shareholders of GFI Group (GFIG) vote AGAINST the merger agreement with CME Group (CME) at the special meeting of GFI shareholders scheduled for January 27. Howard Lutnick, Chairman and CEO of BGC, said: "We are pleased that, after thorough and independent analysis, Glass Lewis recognizes the 'flawed and conflicted' nature of the proposed CME-GFI management $5.85 stock and cash transaction."
January 21, 2015
09:43 EDTCMEISS recommends GFI shareholders vote against merger with CME Group
BGC Partners (BGCP) announced that Institutional Shareholder Services has recommended that shareholders of GFI Group Inc. (GFIG) vote AGAINST the merger agreement with CME Group (CME) at the special meeting of GFI shareholders scheduled for January 27, 2015. Howard Lutnick, Chairman and CEO of BGC, said: "We are pleased that, after thorough and independent analysis, ISS recognizes the economic inferiority and conflicted nature of the proposed CME-GFI management $5.85 stock and cash transaction, as well as the economic superiority of BGC's $6.10 all-cash offer. We also note that ISS recommends that GFI shareholders tender their shares to BGC as long as the CME-GFI management bid remains below our offer price. We remain fully committed to completing this transaction and urge shareholders to protect the value of their investment in GFI by voting against all of the proposals related to the CME transaction at the special meeting of GFI shareholders. We also remind GFI shareholders to tender their shares into our clearly superior offer in order to receive the higher value to which they are entitled." In its analysis, ISS noted the following regarding the proposed CME transaction: "As the proposed transaction is economically inferior to the unsolicited all-cash competing offer, yet it is not at all clear that unaffiliated shareholders incur any greater downside risk in holding out for the economically superior offer from this ongoing bidding war, shareholders should vote AGAINST the proposed transaction on its current terms….and, if that offer does not improve to at least parity with the BGC bid, tender into the BGC offer instead..."
January 20, 2015
08:39 EDTCMECME raises GFI Group offer to $5.85 per share
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08:37 EDTCMECME raises GFI Group offer to $5.85 per share
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06:09 EDTCMECME Group upgraded to Buy from Neutral at Citigroup
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January 16, 2015
08:48 EDTSCHWCharles Schwab says EPS includes 1c gain
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08:47 EDTSCHWCharles Schwab reports Q4 EPS 25c, consensus 24c
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07:09 EDTCMECME Group weekly volatility increases into Q4 and outlook
CME Group February call option implied volatility is at 25, March is at 23, June is at 21; compared to its 26-week average of 19 according to Track Data, suggesting large near term price movement after the expected release of Q4 results on February 5.
06:51 EDTSCHWCharles Schwab volatility elevated into Q4 and outlook
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January 15, 2015
15:58 EDTSCHWNYSE cancels some Charles Schwab trades
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15:49 EDTSCHWNYSE reviewing certain trades in Charles Schwab stock
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13:12 EDTCMEBGC announces contingent increase of offer to GFI Group to $5.85 per share
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08:34 EDTCMECME Group, GFI Group announce revised offer for GFI stockholders to $5.60/share
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07:20 EDTCMENASDAQ may enter energy derivatives market, Reuters reports
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January 14, 2015
15:27 EDTSCHWNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Citigroup (C), consensus 11c; Bank of America (BAC), consensus 32c; Charles Schwab (SCHW), consensus 24c; Fastenal (FAST), consensus 39c.
09:36 EDTSCHWActive equity options trading
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06:09 EDTCMEBGC announces contingent increase of offer to acquire GFI to $5.60 per share
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06:05 EDTCMEBGC announces contingent increase of offer to acquire GFI to $5.60 per share
January 13, 2015
15:05 EDTCMEBGC Partners increases GFI Group takeover offer to $5.60 per share
BGC Partners (BGCP) disclosed in a regulatory filing that the company delivered to GFI Group (GFIG) an offer letter, dated January 13. As previously disclosed, BGC has engaged in good-faith discussions with the GFI special committee of the GFI board for more than three months, and, in the course of those discussions, BGC believes that it has resolved and addressed each and every meaningful issue raised by the special committee. The executed offer letter and tender offer agreement are the results of those discussions, and, therefore, BGC believes that their terms constitute a “Superior Proposal” under the agreement and plan of merger, dated as of July 30, 2014 and amended on December 2, 2014, by and among GFI, CME Group (CME), Commodore Acquisition and a wholly owned CME subsidiary. The tender offer agreement provides that, once executed by GFI in accordance with the terms of the offer letter, BGC will amend its existing tender offer to purchase all of GFI’s issued and outstanding shares, so that the offer price will be increased to $5.60 per share payable net to the seller in cash, without interest. The tender offer agreement also provides that BGC will advance up to $61M to GFI in order to pay any termination fee payable to CME under the CME merger agreement, if any, fees and expenses incurred in connection with the negotiation and preparation of the tender offer CME agreement and up to $15M of borrowings under GFI’s credit agreement.
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