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Stock Market & Financial Investment News

News Breaks
May 27, 2014
06:16 EDTHSBC, CS, JBAXYCredit Swiss tax case sparks probe of 13 other banks, Bloomberg says
Thirteen Swiss banks are now up against rising stakes in their own criminal investigations after Credit Suisse (CS) set a new precedent for punishment regarding offshore tax evasion, according to Bloomberg, citing comments from assistant U.S. Attorney General Kathryn Keneally. Julius Baer (JBAXY), Zuercher Kantonalbank and the Swiss division of HSBC (HSBC) are among the firms seeking to avoid pleading guilty to helping Americans cheat the Internal Revenue Service. Reference Link
News For CS;HSBC;JBAXY From The Last 14 Days
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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
10:02 EDTCSOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Ashford Hospitality Prime (AHP) downgraded to Neutral from Buy at SunTrust... Cascade Microtech (CSCD) downgraded to Hold from Buy at Craig-Hallum... Cinemark (CNK) downgraded to Neutral from Outperform at Credit Suisse... ConocoPhillips (COP) downgraded to Sector Perform from Outperform at Scotia Howard Weil... Credit Suisse (CS) downgraded to Equal Weight from Overweight at Morgan Stanley... Cree (CREE) downgraded to Neutral from Overweight at JPMorgan... Deckers Outdoor (DECK) downgraded to Neutral from Buy at BofA/Merrill... Esterline (ESL) downgraded to Hold from Buy at Canaccord... GrubHub (GRUB) downgraded to Perform from Outperform at Oppenheimer... Kohl's (KSS) downgraded to Underweight from Neutral at Atlantic Equities... LINN Energy (LINE) downgraded to Sell from Hold at Stifel... LinkedIn (LNKD) downgraded to Sector Perform from Outperform at RBC Capital... LinnCo (LNCO) downgraded to Sell from Hold at Stifel... Magellan Midstream (MMP) downgraded to Neutral from Outperform at Credit Suisse... Marathon Petroleum (MPC) downgraded to Neutral from Overweight at JPMorgan... Multi-Fineline (MFLX) downgraded to Hold from Buy at Needham... NIC Inc. (EGOV) downgraded to Market Perform from Outperform at Avondale... Outerwall (OUTR) downgraded to Neutral from Overweight at Piper Jaffray... PPL Corp. (PPL) downgraded to Hold from Buy at Deutsche Bank... PennyMac Mortgage (PMT) downgraded to Equal Weight from Overweight at Barclays... Pixelworks (PXLW) downgraded to Hold from Buy at Lake Street... Qorvo (QRVO) downgraded to Sell from Neutral at Citi... Ralph Lauren (RL) downgraded to Underperform from Neutral at BofA/Merrill... TrueBlue (TBI) downgraded on macro concerns at BMO Capital... WEC Energy (WEC) downgraded to Hold from Buy at Deutsche Bank.
09:11 EDTCSCredit Suisse downgraded to Equal Weight from Overweight at Morgan Stanley
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February 4, 2016
18:56 EDTJBAXYU.S. files criminal charges against Julius Baer, reaches $547M agreement
Acting Assistant Attorney General Caroline Ciraolo of the Justice Department's Tax Division, U.S. Attorney Preet Bharara of the Southern District of New York, and Chief Richard Weber of the IRS Criminal Investigation department announced the filing of criminal charges against Julius Baer. The bank is charged with conspiring with "many" of its U.S. taxpayer-clients and others to help U.S. taxpayers hide billions of dollars in offshore accounts from the IRS and to evade U.S. taxes on the income earned in those accounts. Acting Assistant Attorney General Ciraolo and U.S. Attorney Bharara also announced a deferred prosecution agreement with Julius Baer under which the company admits it knowingly assisted many of its U.S. taxpayer-clients in evading their tax obligations under U.S. law. The agreement requires Julius Baer to pay a total of $547M by no later than February 9, including through a parallel civil forfeiture action also filed Thursday in the Southern District of New York. If Julius Baer abides by all of the terms of the agreement, the government will defer prosecution for three years and then seek to dismiss the charges. In addition, two Julius Baer client advisers, Daniela Casadei and Fabio Frazzetto, pleaded guilty in Manhattan federal court to charges of conspiring with U.S. taxpayer-clients and others to help U.S. taxpayers hide their assets in offshore accounts and to evade U.S. taxes on the income earned in those accounts. Reference Link
06:52 EDTCSCredit Suisse says not in asset sale talks with Wells Fargo, Reuters reports
Credit Suisse (CS) CEO Tidjane Thiam says there is "no foundation" to reports suggesting the company is in asset sale talks with Wells Fargo (WFC), Reuters reports. Thiam says the company's investment bank is "important" to its strategy. Reference Link
06:45 EDTCSCredit Suisse 'accelerating the pace at which we are restructuring'
Credit Suisse says "Given the losses sustained in 2015 and continued uncertainties in our environment, we have been accelerating the pace at which we are restructuring the bank. We have initiated this acceleration and it is resulting in a reduction in workforce of approximately 4,000 positions. Combined with the measures already implemented in 4Q15, the cost savings identified and initiated by end-January will be CHF 1.2 billion per annum, representing 34% of the announced 2018 cost savings target of CHF 3.5 billion. In addition to the cost reduction program, we are continuously looking for ways to lower our break-even point... The restructuring of GM activities is also continuing as we further reduce fixed income legacy positions and make the franchise less vulnerable to negative developments in the credit markets."
06:44 EDTCSCredit Suisse CEO: Environment deteriorated 'materially' during Q4
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06:43 EDTCSCredit Suisse says implementing reduction of approx. 4,000 positions
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05:58 EDTCSCredit Suisse reports Q4 pre-tax loss of CHF 6.44B
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February 2, 2016
10:00 EDTJBAXYOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: DuPont Fabros (DFT) upgraded to Buy from Hold at Evercore ISI... GOL Linhas (GOL) upgraded to Neutral from Sell at Goldman... Integrated Device (IDTI) upgraded to Outperform from Neutral at Wedbush... Julius Baer (JBAXY) upgraded to Hold from Sell at Deutsche Bank... Kohl's (KSS) upgraded to Buy from Neutral at Buckingham... Mattel (MAT) upgraded on positive catalysts at Stifel... Mitsubishi sees limited downside for Tableau (DATA), ups to Neutral ... Morgan Stanley (MS) upgraded to Outperform from Neutral at Macquarie... Netflix (NFLX) upgraded to Overweight from Neutral at Piper Jaffray... Realty Income (O) upgraded to Equal Weight from Underweight at Morgan Stanley... TJX (TJX) upgraded to Outperform from Market Perform at BMO Capital.
05:40 EDTCSOaktree-backed AdvancePierre picks Barclays for IPO, Bloomberg reports
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05:30 EDTJBAXYJulius Baer upgraded to Hold from Sell at Deutsche Bank
February 1, 2016
12:26 EDTCSNY AG, SEC to take further actions in dark pool investigations, Bloomberg says
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10:09 EDTCSBarclays, Credit Suisse to pay over $150M to settle dark pool claims
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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
15:43 EDTHSBCHSBC to impose hiring, salary freeze in 2016, Bloomberg says
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15:37 EDTCSBarclays, Credit Suisse to pay $154M to settle dark pool claims, Bloomberg says
Barclays (BCS) and Credit Suisse (CS) are expected to reach a $154.3M settlement Monday with New York and the SEC over allegations that they didn't give clients accurate information regarding their dark pool trading, reports Bloomberg, citing a source. Barclays will pay $70M while Credit Suisse will pay $84.3M, noted Bloomberg. Reference Link
January 29, 2016
07:54 EDTHSBCCyber attack temporarily shuts down HSBC Internet banking, Bloomberg reports
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January 26, 2016
17:29 EDTHSBCHSBC board meeting Wednesday to consider move to Hong Kong, Reuters says
HSBC's board of directors will meet Wednesday to consider potentially moving company headquarters to Hong Kong, reports Reuters, citing a source, who noted that China's "increasing influence" over the territory could factor into the decision. Reference Link
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