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Stock Market & Financial Investment News

News For MS;JPM;GS From The Last 14 Days
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October 1, 2014
11:46 EDTMS, JPM, GSDavid Tepper says economy good, stock market not at high multiple currently
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09:38 EDTGSGoldman to unveil $66M communications tool investment, Reuters says
Goldman Sachs along with 13 partners are aiming to announce a $66M investment in a communications tool company called Symphony Communications Services, according to Reuters, citing comments in a draft press release viewed by the newsource. Symphony will consolidate all digital communications for financial companies into one centralized platform. Reference Link
September 30, 2014
19:34 EDTJPMJudge says JPMorgan must face class action suit over $10B MBS case, Reuters says
A federal judge ruled that JPMorgan must face an investor led class action lawsuit that claims the bank misled investors about the safety of $10B of mortgage-backed securities, or MBS, it sold before the financial crisis, Reuters reports. Judge Paul Oetken certified a class action for JPMorgan's liability, but not for damages, saying it was unclear how investors could value the certificates they bought. Judge Oetken said the plaintiffs could attempt to certify a class on damages. Reference Link
September 29, 2014
07:58 EDTMS, JPM, GSWarren calls for hearing on 'disturbing' Fed tapes, Reuters reports
Two members of the the Senate Banking Committee, Democrats Elizabeth Warren and Sherrod Brown, called for an investigation into the issues raised by secretly taped conversations between officials at Goldman Sachs (GS) and supervisors at the New York Federal Reserve, reported Reuters. Other large U.S. banks include Bank of America (BAC), Citigroup (C), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:23 EDTJPMCitigroup, JPMorgan meet with FCA to settle forex rigging probe, WSJ reports
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September 26, 2014
18:09 EDTGSGoldman Sachs to ban investment bankers from trading stocks, Bloomberg reports
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14:29 EDTMSAlibaba awards IPO banks $50M in incentive fees, Bloomberg says
According to people with knowledge of the matter, Alibaba (BABA) gave Credit Suisse (CS) and Morgan Stanley (MS) approximately half of the incentive fees that were awarded to the six banks responsible for overseeing its IPO, Bloomberg reports. Reference Link
September 25, 2014
15:10 EDTMS, GS, JPMHolder resignation as AG positive for banks, says Rafferty Capital
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14:32 EDTGSGoldman Sachs close to acquiring Neovia Logistics for $1B, Reuters says
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07:27 EDTMSMorgan sale of oil unit to Rosneft may break down over sanctions, Reuters says
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September 24, 2014
15:04 EDTJPM, GS, MSGoldman, other banks near deal to buy Bloomberg messaging alternative, WSJ says
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09:59 EDTMSOn The Fly: Analyst Downgrade Summary
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07:46 EDTGSPeterson Institute for International Economics to hold a conference
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07:41 EDTMSMorgan Stanley price target raised to $42 from $38 at UBS
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05:45 EDTMSMorgan Stanley downgraded to Neutral from Overweight at JPMorgan
JPMorgan downgraded its rating on Morgan Stanley (MS) to Neutral saying shares look expensive and that it does not see the bank meeting its 10% return on equity target. JPMorgan sees better value in other investment banks, specifically UBS (UBS), and keeps a $34 price target for Morgan Stanley shares. The stock closed yesterday down 16c to $35.02.
September 23, 2014
10:33 EDTJPMWebster Financial to acquire HSA business from JPMorgan
Webster Financial (WBS), the holding company for Webster Bank, N.A., said that it had signed a definitive agreement to acquire the health savings account, or HSA, business from JPMorgan Chase Bank, N.A., a subsidiary of JPMorgan Chase (JPM). Under the agreement, approximately 700,000 accounts, including an estimated $1.3B in deposits and $175M in investments, will migrate from JPMorgan Chase Bank to HSA Bank, a division of Webster Bank, over a transitional period. In the near term, Webster will use approximately 60% of the deposits to pay down short-term borrowings with the remaining funds invested in securities. Transaction consideration will be all cash; the purchase price was not disclosed. Webster expects the transaction to be modestly accretive to earnings per share and return on equity in the first year following closing. The transaction is expected to improve Webster's loan-to-deposit ratio to approximately 80% from 87% pro forma at June 30. The company estimates the transaction will have tangible book value dilution of approximately 3%. JPMorgan Chase has advised Webster that the transaction is not expected to have a material impact on JPMorgan Chase's earnings.
07:14 EDTGSGoldman spot FX trading boss in EU to depart, Bloomberg says
Mitesh Parikh, the manager of Goldman Sach's spot foreign-exchange trading in Europe, is departing the company to trade currencies at an investment company, according to Bloomberg, citing two people with knowledge of the situation. Parikh joined Goldman Sachs twelve years ago. Reference Link
September 22, 2014
06:11 EDTJPMEMC explores merger, holds talks with HP, Dell, WSJ reports
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September 18, 2014
14:08 EDTMS, JPM, GSBanks look to high-interest personal loans to boost revenue, WSJ says
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05:31 EDTJPMVisa to undertake assessment of stake in Monitise
Visa (V) and Monitise entered into an alliance agreement in 2009. At the same time, Visa began investing in Monitise. Given the maturation of Monitise as a company, Visa is considering its options with respect to the investment and has engaged J.P. Morgan Securities (JPM) to assist. Visa will also be lessening its dependence on external mobile development resources. In 2009, in conjunction with its commercial partnership, Visa invested in Monitise as a 14.4% owner of the company in order to provide capital support to a leader in the evolution of the mobile payments sector. Over time, Visa’s holdings have been reduced to its current 5.5% stake in the company. This reduction in ownership and associated influence is consistent with Visa’s investment practice to seed emerging players and, over time, taper that influence as the partner company grows. Under their agreement, Monitise will provide Visa with mobile platform development services through 2016. As both Visa and the payments industry evolve at a rapid pace, Visa intends to continue increasing its investment in its own in-house capabilities and, as a result, reducing its use of external resources.
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