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Stock Market & Financial Investment News

News Breaks
March 20, 2014
07:25 EDTDAC, NYX, SB, WFC, MS, JEF, NDAQ, ORIG, C, SF, ESEA, NNACapital Link to hold a forum
8th Annual Invest in International Shipping Forum is being held in New York on March 20.
News For DAC;ESEA;SF;C;ORIG;NDAQ;JEF;MS;WFC;SB;NYX;NNA From The Last 14 Days
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October 21, 2014
08:18 EDTMS, C, WFCBasel Committee accelerating work on leverage ratio, FT says
The Basel Committee on Banking Supervision will begin work on the calibration of the leverage ratio, a measure of bank capital seen as less vulnerable to manipulation, sooner than previously planned, which suggests the finished rule could be released as soon as 2015 or 2016, which is ahead of the previous target date of 2017, reported Financial Times, citing comments from the secretary-general of the committee, William Coen. 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). Publicly traded large EU banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), Royal Bank of Scotland (RBS) and UBS (UBS). Reference Link
06:52 EDTCCiti purchasea Deutsche energy, metals book, Reuters says
Citigroup (C) acquired Deutsche Bank's (DB) energy and metals book, which is the U.S. company's latest expansion effort in commodities trading as some of its competitors look to exit that sector, according to Reuters, citing a source familiar with the matter. Reference Link
October 20, 2014
09:45 EDTORIGOcean Rig UDW says stock price does not reflect true value
George Economou, Ocean Rig UDW CEO, said in a press release, "We do not believe that the current stock price of Ocean Rig reflects the true value of company, which stock price has be adversely affected by the recent volatility of the oil price. The loan from Ocean Rig to Dryships is just a backstop in case Dryships need more time to execute on its various alternatives to refinance its Convertible Notes due December 1, 2014, and will be repaid as soon as possible. Ocean Rig with its high specification, pure play UDW fleet and solid balance sheet and backlog is uniquely positioned amongst its clients. Ocean Rig's newbuilding program in 2016 and 2017 provides further growth into a market we believe in and its solid backlog supports for dividends and other value creation initiatives, such as the MLP." Ocean Rig shares are down 10c to $13.34 while its parent DryShips is rallying 24c to $1.93 in early trading.
09:39 EDTORIGOcean Rig UDW lends $120M to DryShips, extends Petrobras contracts
Ocean Rig UDW (ORIG) said it has agreed to lend its parent company, DryShips (DRYS), up to $120M of immediate liquidity through a short-term unsecured loan. The proceeds will be used, if needed, to repay Dryships’ 5% Convertible Notes maturing in Dec. 1. Ocean Rig has declared its third consecutive quarterly cash dividend with respect to the quarter ended September 30, of 19c per common share, to shareholders of record as of October 31, and payable on or about November 11. Ocean Rig added that it has been awarded extensions of the drilling contracts for its two ultra deepwater drillships, the Ocean Rig Corcovado and the Ocean Rig Mykonos by Petrobras (PBR) for drilling offshore Brazil. The contract extensions are subject to partner approvals. The term of each extension is for 1,095 days with a total combined revenue backlog of over $1.1Bm excluding reimbursement by Petrobras for contract related equipment upgrades. The new contracts will commence in direct continuation from the end of the current agreements with Petrobras, in Q1 and Q2 of 2015. Ocean Rig also signed an amendment with Total E&P Angola to extend the date by which Total E&P Angola should exercise the option to extend the term of the contract for two additional one-year periods. The first option is now exercisable until February 27, 2015 and the second option exercisable within one year after the date of exercise of the first option.
07:21 EDTC, MSFederal Reserve Bank of New York and Boston to hold a workshop
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October 17, 2014
16:55 EDTC, MS, WFCStocks end volatile week lower amid oil price plunge
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12:52 EDTMSOn The Fly: Midday Wrap
Stocks on Wall Street were sharply higher at midday, as the averages bounce back following steep declines in several recent sessions. Better than expected earnings from General Electric (GE) and Morgan Stanley (MS), a rebound in European stock markets and a stronger than expected reading on U.S. consumer confidence may all be contributing to the brightened mood evidenced by today's trading. ECONOMIC EVENTS: In the U.S., housing starts rebounded 6.3% to a 1.017M pace in September, beating expectations for a monthly increase of 4.6%. Building permits increased 1.5% to a 1.018M rate, which was below the expected 2.3% rise. The first release on the University of Michigan's consumer sentiment index for October came in at 86.4, versus expectations for a decline to 84.0 from the prior 84.6 reading. COMPANY NEWS: General Electric shares rose over 3% after the company reported better than expected third quarter profit and nearly in-line revenues. Morgan Stanley, whose quarterly results also topped Street expectations, advanced 2.5%. MAJOR MOVERS: Among the notable gainers was Westmoreland Coal (WLB), which gained 23% after it stuck a deal to acquire Oxford GP, the general partner of Oxford Resource Partners (OXF), and contribute certain royalty bearing coal reserves to Oxford in return for Oxford common units. Afterward, Brean Capital raised its price target on Westmoreland to $60, noting the announcement represents an entry into the MLP space. Also higher were shares of Textron (TXT), which advanced 11% after the aircraft and defense company reported better than expected third quarter earnings per share and raised its profit outlook for fiscal 2014. Among the noteworthy losers was Urban Outfitters (URBN), which dropped 13% and was downgraded by at least three Street research firms after the owner of Anthropologie and its namesake clothing stores warned that its Q3 earnings may be negatively impacted by continued weakness in its comparable retail sales. Also lower was Myriad Genetics (MYGN), which fell 7% after guiding to lower than expected Q1 adjusted earnings, citing a higher than expected increase in costs to perform its myRisk Hereditary Cancer test following the test's national launch. INDEXES: Near midday, the Dow was up 295.34, or 1.83%, to 16,412.58, the Nasdaq was up 62.43, or 1.48%, to 4,279.82, and the S&P 500 was up 29.48, or 1.58%, to 1,892.24.
11:01 EDTMSMorgan Stanley says 'no basis' to take adjustment on FVA
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10:56 EDTMSMorgan Stanley trades down from open, levels to watch
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10:38 EDTMSMorgan Stanley says still hard to tell when markets will reset from 'choppiness'
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10:22 EDTMSMorgan Stanley says volatility may affect institutional results
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10:15 EDTMSMorgan Stanley says well positioned for further capital actions
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09:38 EDTCActive equity options trading on
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09:17 EDTMSOn The Fly: Pre-market Movers
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07:19 EDTMSMorgan Stanley reports Q3 Institutional Securities net revenues ex-DVA $4.3B
Wealth Management net revenues were $3.8B. Investment Management reported net revenues of $655M. Fixed Income & Commodities sales and trading net revenues were $997M. James P. Gorman, Chairman and CEO, said, “Morgan Stanley has delivered another quarter of earnings growth and strong performance based on consistent execution for our clients. We are well positioned to create superior returns for our shareholders, particularly as the U.S. economy continues to strengthen.”
07:18 EDTMSMorgan Stanley reports Q3 EPS 65c ex-DVA, tax benefit, consensus 54c
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07:17 EDTMSMorgan Stanley reports Common Equity Tier 1 capital ratio 14.3% at Sept. 30
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07:16 EDTMSMorgan Stanley says Q3 included net discrete tax benefit of 12c per share
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07:16 EDTMS Morgan Stanley reports Q3 EPS 77c ex-DVA, consensus 54c
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06:45 EDTWFCWells Fargo closes alternative trading system, Reuters says
In response to weak client demand, Wells Fargo is shutting down its "dark pool" trading system, according to Reuters, citing a spokeswoman from the bank. The spokeswoman said that even though the firm will cease offering alternative trading access, it will still offer customers electronic trading tools. Reference Link
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