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Stock Market & Financial Investment News

News Breaks
June 30, 2014
07:08 EDTCTHR, WFC, PNCCharles & Colvard announces closing of new three-year $10M credit facility
Charles & Colvard (CTHR) has closed a new three-year $10M asset-backed credit facility with Wells Fargo (WFC). The company’s previous credit facility with PNC (PNC) Bank was terminated concurrently with the closing on the new credit facility. The new credit facility provides Charles & Colvard working capital for general corporate purposes and to pursue continued growth opportunities. The company said, "By securing this three-year credit facility from Wells Fargo, Charles & Colvard is better positioned to pursue growth initiatives. The new credit facility is secured by Charles & Colvard assets, subject to customary covenants. It carries an interest rate at Wells Fargo Bank’s three-month LIBOR rate plus 2.5 percent. The company currently does not have any other long-term debt and the new credit facility is undrawn.
News For CTHR;WFC;PNC From The Last 14 Days
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September 16, 2014
16:30 EDTPNCPNC Financial provides results of Dodd-Frank stress test
PNC Financial reports that during a severely adverse scenario its Tier 1 risk-based capital ratio would be 6%; Common equity Tier 1 capital would be 4.5%. Reference Link
07:19 EDTWFCCompanies' share buybacks at fasttest clip since 2007, WSJ reports
Companies are buying back their own shares at its fastest pace since the financial crisis to fuel a stock rally, reports the Wall Street Journal. According to Birinyi Associates, companies have bought back $338.3B of stock in 1H14, the most since 2007. Citing an analysis by Barclays, companies with the largest buyback programs by dollar value have outperformed the broader market by 20% since 2008. Reference Link
September 12, 2014
07:41 EDTWFCBank lending grew in quarter, with Capital One leading pack, WSJ reports
Total loans outstanding at U.S. banks and thrifts grew by $178.5B in the second quarter, with Capital One Financial (COF) leading the big banks by growing its loans at an annualized rate of 12.5%, according to SNL Financial data, reported The Wall Street Journal. SNL said 14 of the 15 largest U.S. banks increased their lending, with only Bank of America (BAC) issuing fewer loans than the quarter before, largely attributed to a drop in U.S. closed-end residential mortgages, the report noted. Other publicly traded large U.S. banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:35 EDTWFCApple getting discounted card fees for Apple Pay, NY Times reports
Banks are charging Apple lower than usual credit card fees for the tech giant's new mobile payment system, according to The New York Times. The banks hope that participating in Apple Pay will enable them to process transactions that aren't currently being paid for with credit cards, the newspaper explained. The banks and credit card networks also hope to use Apple Pay to prevent technologies that don't incorporate banks from becoming popular, The Times reported. Publicly traded credit card networks include American Express (AXP), Capital One (COF), Discover (DFS), MasterCard (MA) and Visa (V). Publicly traded banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC)..Reference Link
September 11, 2014
07:21 EDTWFCBankruptcy bill focused on big bank failure moves past committee, WSJ says
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September 10, 2014
11:59 EDTWFCWells Fargo upgraded to Buy from Hold at Rafferty Capital
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08:04 EDTWFCWells Fargo CFO says Apple Pay an 'interesting development'
Wells Fargo (WFC) CFO John Shrewsberry says the company is "happy to be a part" of the initial roll-out of Apple Pay (AAPL). Shrewsberry says Wells Fargo is focused on mobile and wants to support its customers in however they want to do business with the bank.
07:54 EDTWFCWells Fargo CFO says 'working hard' to return more capital to shareholders
Comments from Wells Fargo CFO John Shrewsberry speaking at the Barclays Global Financial Services conference.
07:29 EDTWFCWells Fargo sees Q3 mortgage originations in line with Q2
Wells Fargo said it expects Q3 mortgage originations to be in line with Q2, while gain on sale margin is expected to remain within the range of the last four quarters. The bank expects to operate within its targeted efficiency ratio range of 55%-59% in Q3.Wells Fargo said it continues to be well positioned relative to liquidity LCR standards and while there is potential for continued NIM pressure, the bank's focus remains on growing net interest income over time. Wells noted that it continues to expect future reserve releases absent significant deterioration in the economy, but expect a lower level of future releases as the rate of credit improvement slows and the loan portfolio continues to grow. Information from slides for CFO John Shrewsberry's presentation at the Barclays Global Financial Services conference.
07:16 EDTWFCRepublicans, Democrats both push for harder 'too big to fail' rules, WSJ says
Lawmakers from both the Republican and Democrat sides of the aisle urged U.S. regulators to push forward additional regulations to ensure the biggest banks aren't "too big to fail," said The Wall Street Journal. Publicly traded large U.S. banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:35 EDTWFCFed may raise capital requirement for some banks to 11.5%, NY Times reports
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September 9, 2014
17:44 EDTWFCWells Fargo confirms Apple Pay available to customers
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14:54 EDTWFCApple announces Apple Pay
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11:06 EDTPNCPNC Financial says investing 'heavily' in cybersecurity
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11:03 EDTPNCPNC sees ability to increase fee revenue by $1B over the next 3-5 years
10:56 EDTPNCPNC Financial says Q3 shaping up 'in line' with guidance
Says remains focused on acquiring appropriate risk-adjusted assets. Capital priorities include building capital to support client growth and business investment, maintaining appropriate capital in light of economic uncertainty, returning excess capital to shareholders via dividend and buybacks. Chairman, President and CEO William Demchak says 35% of PNC's deposits are by ATM and mobile. Sees continued focus on expense savings initiatives through CIP goal of $500M. Says still evaluating new LCR rules. Says has flexibility to execute more repurchases throughout the year. Comments made at the Barclays Global Financial Services Conference.
07:29 EDTWFCUBM Canon to hold a summit
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07:11 EDTWFCUBM Tech to hold a conference
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06:33 EDTWFCFed looks set to pressure large banks to shrink, NY Times says
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06:32 EDTWFCFed to require large US banks to have extra financial padding, WSJ reports
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