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Stock Market & Financial Investment News

News For FB;MS;JPM;GS From The Last 14 Days
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December 11, 2014
10:17 EDTGS, MS, JPMFINRA fines Barclays Capital, Citigroup Global Markets, others $43.5M total
FINRA announced that it has fined 10 firms a total of $43.5M for allowing their equity research analysts to solicit investment banking business and for offering favorable research coverage in connection with the 2010 planned initial public offering of Toys"R"Us. FINRA fined the following firms. Barclays Capital (BCS) - $5M; Citigroup Global Markets (C) $ 5M; Credit Suisse Securities (CS) $5M; Goldman, Sachs & Co. (CS) $5M; JP Morgan Securities LLC (JPM) $5M; Deutsche Bank Securities Inc. (DB) $4M; Merrill Lynch, Pierce, Fenner & Smith Inc. (BAC) $4M; Morgan Stanley & Co., LLC (MS) $4M; Wells Fargo Securities, LLC (WFC) $4M; Needham & Company LLC $2.5M. In addition, FINRA found that six of the 10 firms Barclays, Citigroup, Credit Suisse, Goldman Sachs, JP Morgan and Needham had inadequate supervisory procedures related to research analyst participation in investment banking pitches. Toys"R"Us and its sponsors offered each of the 10 firms various roles in the IPO but it eventually decided not to proceed with the offering. In settling this matter, the 10 firms neither admitted nor denied the charges, but consented to the entry of FINRA's findings.
10:13 EDTJPMOn The Fly: Analyst Upgrade Summary
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08:54 EDTFBFacebook management to meet with UBS
Meeting to be held in London on December 11 hosted by UBS.
08:53 EDTFBBritain lays out details for proposed 25% 'Google Tax,' WSJ reports
U.S. technology giants such as Google (GOOGL, GOOG), Facebook (FB), Microsoft (MSFT) and Apple (AAPL) have come under fire in Britain for the relatively small corporate taxes they pay there and the U.K. government detailed plans for a new 25% tax on profits of multinational technology and other companies, reported The Wall Street Journal. Reference Link
07:49 EDTGSThe New York Times to hold a conference
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07:20 EDTJPM, JPMJPMorgan upgraded to Outperform from Underperform at CLSA
CLSA upgrade JPMorgan to Outperform from Underperform. The analyst expects JPMorgan to benefit from progress in revenue efficiency, operating leverage and structurally lower credit costs. Additionally, CLSA believes the sum-of-the-parts valuation discount provides the possibility of a breakup or restructuring if the company does not succeed. Price target raised to $70 from $60.
December 10, 2014
16:24 EDTGSGoldman Sachs reports 10.7% passive stake in Navios Maritime Midstream
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14:18 EDTJPMJPMorgan leads banks lower, levels to watch
The shares are down over 2.5% to $60.94. At that price next major support is at $59.83, the last price for the 50-day moving average. Resistance is at $61.31.
12:24 EDTJPMOn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory and have remained there throughout the morning. The averages have moved in a narrow range as the price of crude continues to fall. Near noon, WTI crude was down another 5% to roughly $60 per barrel. The weakness is effecting equities, as investors are concerned the oil price weakness is indicative of the slowing global economy. ECONOMIC EVENTS: In the U.S., House and Senate lawmakers reportedly reached a deal on a nearly $1.1T bill to fund most of the government through September and avert a shutdown. The EIA estimated crude oil supplies grew 1.5 Mmbbls last week, while consensus expected a 2.7 Mmbbls decrease. The Treasury budget statement for November is expected at 2:00 pm ET, with the consensus expectation for a deficit of $63B. COMPANY NEWS: Shares of JPMorgan (JPM) declined 2% after guidelines proposed yesterday by the Federal Reserve would likely result in the firm managing to a higher capital buffer. Additionally, JPMorgan CFO Marianne Lake, speaking earlier at a Goldman Sachs conference, said the bank sees its Q4 reported markets revenues down by a "high teens" percentage and that its "core" markets performance in Q4, excluding the sale of physical commodities and allocation of preferred dividend expense, is indicated down 4% to-date compared to last year's quarter. Lake became the latest bank executive to discuss a Q4 trading slump, after Bank of America (BAC) CEO Brian Moynihan, speaking yesterday at the same financial conference, said the bank expects its Q4 trading revenue to be down on both a linked-quarter and year-over-year basis. Also yesterday, Citigroup (C) CEO Michael Corbat estimated that the bank's Q4 markets revenue would be down year-over-year by about 5%. MAJOR MOVERS: Among the notable gainers was Analogic (ALOG), which rose 12% after the company reported better than expected quarterly earnings. Also higher was Novadaq (NVDQ), which gained 11.5% after the company signed a multi-year distributor agreement with LifeNet Health that analysts at Canaccord said could potentially be a big deal and materially help its near and long-term prospects. Among the noteworthy losers was Yum! Brands (YUM), which dropped nearly 5% after the owner of the KFC, Pizza Hut and Taco Bell brands issued a negative preannouncement on its China business and provided lower than expected 2015 EPS guidance. Also lower were shares of Krispy Kreme (KKD), which sunk 8% after the donut maker reported weaker than expected earnings and revenue. INDEXES: Near midday, the Dow was down 164.41, or 0.92%, to 17,636.79, the Nasdaq was down 32.79, or 0.69%, to 4,733.68, and the S&P 500 was down 17.43, or 0.85%, to 2,042.39.
11:20 EDTMSMorgan Stanley pays $4M to SEC for violating market access rule
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11:12 EDTFBInstagram announces service now has over 300M users
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11:03 EDTJPMJPMorgan drops 2% after CFO talks down Q4 numbers
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10:00 EDTGSOn The Fly: Analyst Downgrade Summary
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09:36 EDTFBActive equity options trading
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08:09 EDTFBFacebook management to meet with UBS
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06:57 EDTGSGoldman Sachs downgraded at Susquehanna
As previously reported, Susquehanna downgraded Goldman Sachs to Neutral from Positive. The firm downgraded shares based on full valuation and expectations the fall in energy prices will weigh on high yield and loan volumes into 2015, and pressure the debt portion of investing and lending in the secondary markets. Price target lowered to $200 from $218.
06:32 EDTGSGoldman Sachs downgraded to Neutral from Positive at Susquehanna
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06:17 EDTJPMJPMorgan faces $22B capital hole under new Fed rules, Financial Times says
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December 9, 2014
16:00 EDTFBOptions Update; December 9, 2014
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14:57 EDTMS, GS, JPMFed to propose rulemaking on risk-based capital surcharges for GSIB banks
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