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Stock Market & Financial Investment News

News Breaks
January 9, 2014
06:04 EDTCSCredit Suisse bets on a turnaround for money-losing U.S. brokerage, Reuters says
Credit Suisse Group hopes to turn around its unprofitable U.S. private wealth business with new loan products and a focus on the very rich, a strategy greeted with skepticism by some securities analysts and former officials at the bank, reports Reuters.Reference Link
News For CS From The Last 14 Days
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April 16, 2014
16:40 EDTCSOn The Fly: Closing Wrap
Stocks on Wall Street were higher after Fed Chair Janet Yellen struck a dovish tone in comments to the Economic Club of New York, which was in step with the minutes of the last FOMC meeting released last week. The Fed also released its latest Beige Book report, which indicated that economic activity increased in most regions after the severe winter weather that gripped much of the country to start the year had let up. Corporate earnings season continues to pick up steam, with Dow members IBM (IBM) and American Express (AXP), as well as Google (GOOG), reporting after the market close. ECONOMIC EVENTS: In the U.S., housing starts in March were up 2.8% from the prior month to a rate of 946K, versus expectations for an increase of 7%. Building permits were down 2.4% to a 990K rate, versus expectations for a decline of 0.4%. Industrial production rose 0.7% in March, which was ahead of the 0.5% forecast. The Fed's Beige Book report indicated that economic activity rebounded and strengthened in most regions over the last six week. In China, data showed its economy grew 7.4% in the first quarter from a year earlier, providing relief after recent signs that growth in the world's second largest economy has been slowing. COMPANY NEWS: Bank of America (BAC) fell 26c, or 1.59%, to $16.13 after the bank reported a first quarter loss of 5c per share, largely due to $6B in legal charges. Excluding the impact of this litigation expense, which was related to a previously announced settlement with the Federal Housing Finance Agency and other legacy mortgage-related matters, the banking major reported earnings that appeared to beat estimates... Yahoo (YHOO) gained $2.14, or 6.26%, to $36.35 after its quarterly report, with investors reacting most positively to the 66% year-over-year revenue growth reported by Chinese e-commerce company Alibaba, in which Yahoo holds a 24% stake. Yahoo's quarterly profit and revenue also beat expectations and the company's CEO Marissa Mayer said during its earnings webcast that the search giant's core business has moved from declining growth to stable to modest growth. MAJOR MOVERS: Among the notable gainers was CBS Outdoor (CBSO), which jumped $1.94, or 6.69%, to $30.96 after the IRS approved a plan for the company, which was just last week spun-off from its parent CBS (CBS), to convert into a real estate investment trust, or REIT. Other companies seeking REIT status, including Equinix (EQIX), Iron Mountain (IRM) and Lamar Advertising (LAMR), also rose following CBS' announcement. Also higher was drugmaker Zogenix (ZGNX), up 48c, or 20.51%, to $2.82 after confirming that a judge prevented a ban on sales of the company's Zohydro pain medication in Massachusetts. Among the noteworthy losers were U.S.-listed shares of Credit Suisse (CS), which fell 54c, or 1.7%, to $31.22 after the Swiss bank reported net income and revenue that fell when compared to the prior year. Also lower were Agnico Eagle Mines (AEM) and Yamana Gold (AUY) after agreeing to jointly acquire Osisko Mining. Angico shares fell $2.61, or 8.56%, to $27.88, while Yamana was down 36c, or 4.3%, to $8.02. INDEXES: The Dow was up 162.29, or 1.0%, to 16,424.85, the Nasdaq was up 52.06, or 1.29%, to 4,086.23, and the S&P 500 was up 19.33, or 1.05%, to 1,862.31.
09:00 EDTCSCredit Suisse falls 2.2%
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06:18 EDTCSCredit Suisse says making progress in resolving litigation issues
Credit Suisse said in its earnings release, "Progress in resolving key legacy litigation issues in 2014 to date; continued focus on resolving the US tax matter with the United States Department of Justice."
06:15 EDTCSCredit Suisse reports Q1 net income CHF 859M vs. CHF 1.3B last year
Reports Q1 revenue CHF 6.47B vs. CHF 7.0B last year. Credit Suisse's Basel III CET1 ratio as of the end of Q1 was 14.3%, compared to 15.7% as of the end of Q4. The company said it is on track to achieve targeted run-off of non-strategic units. Its CEO said, "For the first quarter, we achieved a return on equity of 14% in our strategic businesses, well within reach of our 15% through-the-cycle target. This strong performance was driven by significantly improved profitability in Private Banking & Wealth Management, solid returns in Investment Banking and continued effective cost and capital management."
April 15, 2014
13:28 EDTCSNY regulator sent subpoena to Credit Suisse in tax probe, CNBC says
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06:37 EDTCSAleris looking to sell recycling, alloy segment, WSJ reports
Aleris Corp (ARS), an aluminum producer, has hired Credit Suisse (CS) and KeyBank (KEY) as its financial advisers in a move to sell its recycling and custom alloy manufacturing segment, the Wall Street Journal reports, citing sources. The unit could fetch over $400M in a sale, the sources say. Reference Link
April 14, 2014
15:26 EDTCSLazard's Spencer hired away by Credit Suisse, WSJ says
Jim Spencer has been hired away from Lazard (LAZ) and will join Credit Suisse (CS) in October as the new head of the bank’s Financial Institutions Group in the Americas, according to The Wall Street Journal, citing an internal memo. Reference Link
April 9, 2014
10:06 EDTCSOn The Fly: Analyst Downgrade Summary
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05:38 EDTCSCredit Suisse downgraded to Underweight from Neutral at JPMorgan
JPMorgan downgraded Credit Suisse to Underweight citing concerns over the bank's investment bank strategy.
April 8, 2014
06:26 EDTCSYodle planning IPO for 2014, WSJ reports
Online advertising company Yodle is planning an IPO for the second half of the year, the Wall Street Journal reports. Sources say the startup has selected Credit Suisse (CS) and Deutsche Bank (DB) for the offering, which could raise about $100M. Reference Link
April 7, 2014
06:58 EDTCSDark markets could cause more harm than high-frequency trading, Reuters says
After a book by financial author Michael Lewis sparked worries that high-speed traders have been rigging the U.S. stock market, former regulators and academics say a more serious threat to investors could be the increasing amount of trading that happens outside of exchanges, reported Reuters. Top internalizers include units of KCG Holdings (KCG), Citadel, UBS (UBS), and Citigroup (C). Dark pool operators include Credit Suisse (CS) and Morgan Stanley (MS). In an attempt to earn back some of the retail orders, exchanges such as IntercontinentalExchange Group's (ICE) New York Stock Exchange, Nasdaq (NDAQ), and BATS Global Markets, have allowed brokerages to place dark pool-style orders on their platforms, with the trade hidden until after it is executed. Reference Link
06:28 EDTCSNew York launches probe of Credit Suisse, NY Times says
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April 4, 2014
06:26 EDTCSRoyal Bank of Scotland names Ewen Stevenson as CFO
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April 3, 2014
05:47 EDTCSCredit Suisse announces charge of CHF 468M for litigation provision
Credit Suisse said its preliminary results for 2013 were updated to reflect an additional after-tax charge of CHF 468M, primarily due to an increase in the litigation provision relating to the ongoing United States Department of Justice investigation into the U.S. tax-related matter. As a result, Credit Suisse reported a net loss of CHF 476M for Q4. For the full year 2013, reported core results pre-tax income was CHF 3.5B, compared to CHF 1.89B in 2012, and reported 2013 net income attributable to shareholders was CHF 2.3B, compared to CHF 1.35B in 2012. Credit Suisse’s Look-through Total Capital ratio was 15.7%, Look-through Basel III CET1 ratio was 10.0%, and Basel III CET1 ratio was 15.7% as of the end of 2013.

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