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Stock Market & Financial Investment News

News Breaks
April 5, 2013
06:07 EDTDELL, DTEGY, PCS, BX, RBSOn the Fly: Periodicals Wrap-Up
WALL STREET JOURNAL: The "fear trade" is alive and well as investors rediscovered the appeal of haven Treasury bonds on Thursday, amid a flurry of worrying news ranging from North Korea to the domestic job market. The mood change sent Treasury prices rallying to the highest point this year, the Wall Street Journal reports...Wall Street has a lot more than bragging rights riding on the $24B-plus takeover battle for Dell (DELL). Some of the biggest banks are vying for fees that together could top $400M for advising and financing the buyout of the computer group, sources say, the Wall Street Journal reports..REUTERS: Bank of Japan Governor Haruhiko Kuroda played down concerns his unprecedented burst of monetary stimulus would create asset-price bubbles even as it delivered an immediate pay-off in global markets, with government bond yields at a record low, the yen hitting a 3-1/2 year trough and as stocks surging to multi-year highs, Reuters reports...Deutsche Telekom (DTEGY) is looking into improving the terms of a proposed merger of its T-Mobile USA unit with MetroPCS Communications (PCS) as a last resort to win over shareholders ahead of a vote on the deal next week, sources say, Reuters reports...BLOOMBERG: Blackstone Group (BX) and Dellís (DELL) Michael Dell have yet to resolve a critical issue, sources say: what role he would play if the private equity firm wins the bidding for the company, Bloomberg reports...Royal Bank of Scotlandís (RBS) Japan unit faces penalties after the Securities and Exchange Surveillance Commission found that employees attempted to manipulate benchmark interest rates, Bloomberg reports.
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July 23, 2014
07:45 EDTBXSEC to approve money fund rules with exemptions for discount brokers, WSJ says
New money-market mutual fund rules that are expected to be approved at a Securities and Exchange Commission meeting on Wednesday will exempt discount brokers like Charles Schwab (SCHW) from some provisions, reported The Wall Street Journal. Under the SEC's planned rules, "prime" money funds that are held by corporations and institutional investors will have to abandon a fixed $1-a-share price and float in value like other mutual funds, according to the report, citing people familiar with the matter. Analysts said Schwab and other large money-fund sponsors, Vanguard and Fidelity, would do well under the plan, according to the report. Blackstone (BX) also offers money-market mutual funds. Reference Link
06:56 EDTRBSRBS could sell Ulster Bank to private equity firm, Irish Examiner reports
Royal Bank of Scotland (RBS) is considering selling its Ulster Bank unit to a private equity firm, the Irish Examiner. A purchase price for the unit could be anywhere between EUR500M-EUR2.5B, depending on what assets are included in the sale, the publication says. KKR (KKR) and Apollo (APO) are rumored buyers for the unit. Reference Link
July 22, 2014
15:49 EDTBXBlackstone to buy majority stake in Service King from Carlyle, WSJ says
Blackstone's (BX) purchase from Carlyle Group (CG) of the majority stake in the repair chain values the company at about $650M, according to The Wall Street Journal, citing a source. Reference Link
14:25 EDTBXBlackstone to buy majority stake in Service King from Carlyle, Dow says
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July 18, 2014
11:21 EDTRBSBritish antitrust regulator to investigate country's banks, NY Times reports
The U.K.'s antitrust authorities said they expected to open a formal investigation into Britain's retail banking industry, reports the New York Times. The regulators cited barriers to competition that include control of a national network of branches by four large banks that control more than three-quarters of the market. Reference Link
09:18 EDTDTEGYSoftbank hire of Arora from Google 'interesting,' says Wells Fargo
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07:14 EDTBXBlackstone, KKR, TPG discussing deal collusion suit settlement, Reuters says
Blackstone (BX), KKR (KKR) and TPG Capital are in discussions to settle a U.S. case accusing the firms of conspiring not to outbid one another and other buyout companies on takeovers of firms, according to Reuters, citing two people familiar with the matter. If all three companies settled, the Carlyle Group (CG) would be the only private equity company still up against a trial among 11 firms originally accused of colluding in agreements before the financial crisis occurred. Reference Link
07:08 EDTDTEGYSoftbank, T-Mobile final agreement could come after late August, Kyodo News says
According to Kyodo News, Softbank's (SFTBF) buyout talks with T-Mobile (TMUS) won't be settled until after late August. Deutsche Telecom (DTEGY) is "reluctant" to accept Softbank's business plan and is seeking a new plan, industry sources say. Reference Link
06:31 EDTRBSRBS winds-down distressed-debt unit as Weiss leaves, Bloomberg says
Royal Bank of Scotland is capping a distressed-debt division as it scales back its investment firm to revive profitability, according to Bloomberg citing three people familiar with the matter. The sources said that global head of a special situations group, Jon Weiss, departed this month. Reference Link
06:20 EDTRBSRBS considers selling Coutts' overseas operations, FT reports
Royal Bank of Scotland is eyeing the sale of Coutts' overseas operations, the Financial Times reports. The bank is currently conducting a review of its wealth management division. Reference Link
July 17, 2014
07:27 EDTBXBlackstone buys CatalunyaCaixa loan portfolio
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07:13 EDTBXBlackstone reports total assets under management of $279B
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07:11 EDTBXBlackstone reports Q2 EPS $1.15, consensus 71c
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07:11 EDTBXBlackstone buys Catalunya Banc mortgage portfolio for $5B, Reuters says
Blackstone has purchased a large mortgage portfolio from Spain's Catalunya Banc for $5B in an agreement backed by fresh state funds as the government aims to sell the firm, reported Reuters. Reference Link
July 16, 2014
07:10 EDTBXBlackstone, Oaktree strive for Catalunya mortgage portfolio, Reuters says
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July 11, 2014
16:22 EDTDTEGYOn The Fly: Closing Wrap
Stocks on Wall Street were higher today, but were still lower for the week, as concerns in Europe have come back to the forefront of investors' minds. Today's modest bounce was not enough to make up for the declines seen in three of the other four sessions earlier in the week. ECONOMIC EVENTS: In the U.S., the June federal budget statement showed a surplus of $70.5B for the month, compared to analysts' forecast for a $79B surplus. COMPANY NEWS: Shares of Wells Fargo (WFC) slipped 32c, or 0.62%, to $51.49 after the largest mortgage lender in the U.S. posted earnings of $1.01 a share that matched analysts' consensus forecast. Wells did note that its credit performance continued to improve in Q2 and CEO John Stumpf said he is "optimistic about the future" for the bank... Lorillard (LO) advanced $2.92, or 4.63%, to $66.01, while Reynolds American fell 51c, or 0.82%, to $61.75, after the two cigarette makers confirmed that they are holding talks about a possible merger, as has been speculated by various media reports in recent weeks... In another update to an ongoing M&A story, Japan's Nikkei reported that Sprint's (S) corporate parent, Softbank (SFTBF), has reached an agreement to acquire T-Mobile (TMUS) from Deutsche Telecom (DTEGY), clearing the way for the long-speculated merger between the third and fourth largest wireless carriers in the U.S. Following the new story, Sprint shares finished the day up 30c, or 3.64%, to $8.55, while T-Mobile rose 62c, or 1.89%, to $33.50. MAJOR MOVERS: Among the notable gainers was Ruckus Wireless (RKUS), which advanced 87c, or 7.9%, to $11.88 after the FCC announced that it would allocate new funds to subsidize the launch of WiFi networks in schools and libraries. Also higher was Amazon.com (AMZN), which climbed $18.28, or 5.57%, to $346.20 after consulting firm ChannelAdvisor (ECOM) reported that the company's same-store sales growth had accelerated significantly in June compared with May. Among the noteworthy losers was Rent-A-Center (RCII), which dropped $3.18, or 10.94%, to $25.88 after the company warned that its revenue and earnings for Q2 will not meet expectations. Also lower were shares of industrial and construction supply retailer Fastenal (FAST), which fell $2.00, or 4.16%, to $46.15 after its Q2 revenue missed analysts' consensus view and the company reported plans to close 45 stores. INDEXES: The Dow was up 28.74, or 0.17%, to 16,943.81, the Nasdaq was up 19.29, or 0.44%, to 4,415.49, and the S&P 500 was up 2.83, or 0.14%, to 1,967.51.
13:09 EDTDTEGYSoftbank near deal to buy T-Mobile, merge with Sprint, Nikkei reports
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06:50 EDTBXFriends Life disposes Lombard division to Blackstone, Reuters says
Friends Life announced that it sold its Lombard division to Blackstone for an initial consideration of $532M and said it will use a portion of the proceeds to buy-back shares, according to Reuters, citing a statement from Friends Life CEO Andy Briggs. The agreement is anticipated to be finalized in 2H14. Reference Link
06:48 EDTRBSBank of England says banks' capital requirement could rise, Reuters reports
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July 10, 2014
07:08 EDTRBSECB keeps tight grip on banks with health check results, Reuters says
The European Central Bank is targeting to keep a tight grip banks in the final phase of a balance sheet health check in October, giving them only 48 hours to review the test results before publishing them, according to Reuters, citing two people familiar with the matter. The assessment will look into banksí balance sheets and measure their ability to handle shock and stress. Publicly traded European 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).
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