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Stock Market & Financial Investment News

News Breaks
August 12, 2014
18:57 EDTDRLDoral Financial files to delay 10-Q
The company has continued working to complete all of the required information for its quarterly report on form 10-Q for the quarter ended March 31. As previously disclosed in the Company’s Notification of Late Filing for the quarter ended March 31, dated May 13, the delays in filing the first quarter form 10-Q are primarily the result of the receipt by the company on May 1, of a joint Report of Examination of Doral Bank issued by the Federal Deposit Insurance Corporation and the Puerto Rico Office of the Commissioner of Financial Institutions for the review period ending March 31, 2013 in which Doral Bank was notified that it may no longer include in its calculation of Tier 1 Capital certain tax receivables from the government of Puerto Rico. The Report of Examination also instructs the company to recognize certain charges related to loans and non-performing assets, and to evaluate certain assumptions in the allowance for loan losses and for modified loans. Until the company has fully assessed the impact of the information set forth in the Report of Examination on its business, has undertaken an analysis to determine whether it will be able to obtain on an ongoing basis an unqualified opinion of its independent auditors, as disclosed in the May 1 form 8-K, has completed the review of certain valuation methodologies and estimates, has completed the company’s evaluation of its deferred tax assets in light of new developments in connection with the lawsuit against the government of Puerto Rico, and has evaluated any adjustments relating to a possible settlement of such lawsuit under a court-supervised negotiation process, the company cannot finalize the preparation of its quarterly financial statements as of and for the three months ended March 31. Until the company has completed this additional work and has filed its first quarter form 10-Q, the company will be unable to complete and file its second quarter form 10-Q. As a result of these developments, the company is unable, without unreasonable effort or expense, to timely file its second quarter form 10-Q within the 5-day extension provided by Rule 12b-25.
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September 10, 2014
09:22 EDTDRLOn The Fly: Pre-market Movers
HIGHER: Twitter (TWTR), up 2.8% after upgraded at UBS... SunEdison (SUNE), up 2.7% after Google (GOOG) to provide $145M investment in the company's Regulus solar plant... Camtek (CAMT), up 15% after receiving new orders of $3.0M from large OSAT... Doral Financial (DRL), up 12.5% after announcing sale of approximately $430M in assets... Imperva (IMPV), up 1.5% after upgraded at Oppenheimer... Mandalay Digital (MNDL), up 13.7% after updating its guidance. UP AFTER EARNINGS: Land's End (LE), up 8.7%... Palo Alto (PANW), up 4.4%. LOWER: eBay (eBAY), down 2.6% after downgraded at Piper Jaffray following yesterday's launch of Apple Pay (AAPL)... Mobileye (MBLY), down 2.5% after downgraded at Deutsche Bank... Krispy Kreme (KKD), down 2% after Q2 earnings report... GT Advanced (GTAT), down 7% after downgraded at Goldman and Piper Jaffray... Boyd Gaming (BYD), down 3.3% after downgraded at Morgan Stanley... Urban Outfitters (URBN), down 2% after reporting Q3 SSS were so far in the low single-digits negative... Armada Hoffler (AHH), down 6% after filing to sell 5M shares of common stock... AvalonBay (AVB), down 1.8% after to sell 4.5M shares in a forward sales agreement with Goldman... AngloGold (AU), down 12% after announcing plans to restructure its international mining under a new company and saying equity capital raising being contemplated.
September 9, 2014
18:29 EDTDRLDoral Financial announces sale of approximately $430M in assets
Doral Financial, the financial services holding company of Doral Bank, with operations in Puerto Rico and the U.S. mainland, announced the sale of approximately $430M in assets resulting in proceeds of approximately $423M to Doral Bank.

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