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News For FIATY;MS;BAC;GS From The Last 14 Days Check below for free stories on FIATY;MS;BAC;GS the last two weeks. |
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| May 22, 2013 | | 16:25 EDT |  | GS | On The Fly: Closing Wrap
Stocks on Wall Street were sharply lower following a day where the Fed dominated the news. The averages were higher early in the session as Fed Chairman Ben Bernanke testified in front of Congress. However, the averages crossed into negative ground as Bernanke's comments on the potential for future QE tapering were digested. The selling accelerated in the late hours of the session following the release of the minutes from the Fed's last FOMC meeting. ECONOMIC EVENTS: In the U.S., Federal Reserve Chairman Ben Bernanke delivered testimony before the Joint Economic Committee of Congress, stating that premature tightening of monetary policy would carry a "substantial risk" of slowing or ending the economic recovery. Bernanke, however, also said the central bank could begin winding down its bond-buying program at one of its "next few meetings" if the economy continues to improve. The FOMC minutes, released at 2:00 pm ET, indicated that some committee members expressed a willingness to adjust assets purchases, though some disagreement existed over what economic data would be needed to begin such a program. The minutes also said some members might want to cut asset purchases by as soon as June. The National Association of Realtors said existing home sales advanced 0.6% to an annual rate of 4.97M units in April, which was the highest level since November 2009 but still below expectations for a rise to a 4.99M-unit rate. COMPANY NEWS: Target (TGT) shares lost $2.86, or 4.01%, to $68.40 after the company's first quarter report, which it called "disappointing." The company also cut its full-year earnings and same-store sales views. MAJOR MOVERS: Among notable gainers was Saks (SKS), up $1.83, or 13.39%, to $15.50 after the New York Post said the company hired Goldman Sachs (GS) to explore strategic alternatives and Bloomberg said KKR (KKR) was considering a stake in the luxury retailer. Also higher following its better-then-expected quarterly results was Zale (ZLC), which advanced $1.20, or 22.22%, to $6.60. Among noteworthy losers were a number of Solar stocks, including Trina Solar (TSL), down $1.07, or 14.9%, to $6.11, and SunPower (SPWR), down $1.81, or 8.62%, to $19.19 after China's Xinhua news agency said early talks between Europe and China to resolve their fight over solar panel trade rules had failed. Also lower was SolarWinds (SWI), down $6.57, or 13.71%, to $41.34 after the company said it will acquire N-able for $120M and its shares were downgraded at research firm Pacific Crest. INDICES: The Dow was down 80.41, or 0.52%, to 15,307.17; the Nasdaq was down 38.82, or 1.11%, to 3,463.30; and the S&P 500 was down 13.81, or 0.83%, to 1,655.35. | | | 14:29 EDT |  | GS | Goldman Sachs volatility near low end of historic range
Goldman Sachs June call option implied volatility is at 21, July and October is at 22; compared to its 26-week average of 25 according to Track Data, suggesting decreasing price movement. | | | 13:07 EDT |  | GS | KKR weighs Saks investment, may push Neiman Marcus merger, Bloomberg says
KKR (KKR) is considering an investment in Saks (SKS) and may push Saks to pursue a merger with Neiman Marcus, reports Bloomberg, citing people with knowledge of the matter. Saks shares are up $2.25, or 16.46%, to $15.92 after reports last night said the company retained Goldman Sachs (GS) to explore strategic alternatives, including a possible sale. Reference Link | | | 13:02 EDT | | MS | Morgan Stanley seeks $4B for infrastructure fund, Bloomberg reports
Morgan Stanley's infrastructure investment unit is planning to raise $4B for a second global fund, according to Bloomberg, citing sources. Morgan Stanley and other investment firms are targeting billions of dollars worldwide earmarked for public infrastructure projects, Bloomberg added. Reference Link | | | 11:06 EDT |  | FIATY | Auto industry rallies after Ford, Chrysler curtail summer breaks
Shares of Ford (F), Fiat (FIATY) and GM (GM) are climbing after Ford and Fiat's Chrysler subsidiary announced that they would curtail their factories' traditional two week summer hiatus. Shares of a number of auto parts makers are also advancing following the news. WHAT'S NEW: Ford said it would idle some of its plants for only one week this summer, down from the usual two weeks. Chrysler reported that it would keep three of its assembly plants open all summer, while four of its plants will close for just one week and almost all of its engine, transmission and stamping plants will not take any breaks, according to Automotive News. GM did not disclose its specific plans, the website added. TODAY'S PRICE ACTION: In mid-morning trading, Ford climbed 1.7% to $15.20, Fiat added 0.9% to $7.05, and GM rose 0.8% to $33.65. Among auto parts makers, American Axle (AXL) advanced 1.6% to $17, Johnson Controls (JCI) climbed 0.8% to $37.85, and Dana Holding (DAN) rose 1.2% to $18.80. | | | 09:02 EDT |  | BAC, GS, MS | Financials upgraded to Overweight from Market Weight at Wells Fargo
Wells Fargo believes that financials' earnings continue to be the strongest of any sector in the S&P 500. The firm thinks that the sector's stocks appear to be breaking out from a technical standpoint. Citigroup (c) and Ameriprise Financial (AMP) are on the firm's priority list. | | | 07:22 EDT |  | BAC | Dun & Bradstreet to hold a conference
2013 Access to Capital is being held in Chicago on May 22. | | | May 21, 2013 | | 18:56 EDT | | GS | On The Fly: After Hours Movers
 Subscribe for More Information | | | 17:03 EDT | | GS | Merck announces $5B share repurchase
Subscribe for More Information | | | 09:33 EDT | | GS | Bloomberg LINK to host a summit
Subscribe for More Information | | | | 07:13 EDT | | MS, BAC, GS | U.S. bank mergers less likely this year, Bloomberg reports
Subscribe for More Information | | | 07:12 EDT | | GS, MS | Credit Suisse now second largest Asia prime broker, Reuters reports
The Asian prime brokerage unit of Credit Suisse (CS) replaced Morgan Stanley (MS) as the second largest firm servicing the region's $148B hedge funds industry, according to a survey by AsiaHedge. Goldman Sachs (GS) remains Asia's top prime broker with 179 clients and total assets under management of $24.6B, reports Reuters.Reference Link | | | 06:17 EDT | | FIATY | Detroit automakers rebound as style sells, Bloomberg reports
Subscribe for More Information | | | 06:10 EDT | | GS, MS | On the Fly: Periodicals Wrap-Up
WALL STREET JOURNAL: JPMorgan Chase (JPM) plans to shake-up of its board even if every director wins re-election at today’s shareholder meeting and James Dimon keeps his dual job as chairman and CEO, the Wall Street Journal reports...Mutual-fund firms are joining activist investors in getting more aggressive over demands for change in how board members are paid at U.S. companies. Activist investors have been experimenting more frequently with incentive pay packages for the board members they nominate in proxy fights, the Wall Street Journal reports...REUTERS: Specialty chemicals producer Rockwood Holdings’s (ROC) pigments businesses have attracted offers from buyout firms including Blackstone Group (BX) and Advent International, sources say, Reuters reports...The Asian prime brokerage unit of Credit Suisse (CS) replaced Morgan Stanley (MS) as the second largest firm servicing the region's $148B hedge funds industry, according to a survey by AsiaHedge. Goldman Sachs (GS) remains Asia's top prime broker with 179 clients and total assets under management of $24.6B, Reuters reports...BLOOMBERG: Bank managers in the U.S. are less likely to engage in mergers and acquisitions this year as regulators heighten scrutiny on potential deals and sellers wait for higher valuations, according to a KPMG survey, Bloomberg reports...PIMCO’s Bill Gross says the bull market for bonds may have ended last month. But investors are staying put. Four years into the biggest rally in U.S. stocks since 2000, bond mutual funds are attracting more money than their equity counterparts, Bloomberg reports. | | | 05:46 EDT | | GS | Thomson Reuters, others to challenge Bloomberg messaging, WSJ reports
Subscribe for More Information | | | May 20, 2013 | | 10:11 EDT |  | BAC | On The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Artisan Partners (APAM) downgraded to Market Perform from Outperform at Keefe Bruyette... Bank of America (BAC) downgraded to Market Perform from Outperform at Keefe Bruyette... Bed Bath & Beyond (BBBY) downgraded to Hold from Buy at Jefferies... BlackRock (BLK) downgraded to Market Perform from Outperform at Keefe Bruyette... Cavium (CAVM) downgraded to Market Perform from Outperform at JMP Securities... Charles Schwab (SCHW) downgraded to Underperform from Market Perform at Keefe Bruyette... Dunkin' Brands (DNKN) downgraded to Neutral from Buy at Longbow... Equifax (EFX) downgraded to Neutral from Buy at Goldman... Leap Wireless (LEAP) downgraded to Sell from Hold at Deutsche Bank... Lowe's (LOW) downgraded to Perform from Outperform at Oppenheimer... MicroStrategy (MSTR) downgraded to Market Perform from Outperform at JMP Securities... NetApp (NTAP) downgraded to Underperform from Neutral at RW Baird... NeuStar (NSR) downgraded to Neutral from Buy at Goldman... Red Hat (RHT) downgraded to Market Perform from Outperform at BMO Capital... Ruby Tuesday (RT) downgraded to Market Perform from Outperform at Wells Fargo... Synovus (SNV) downgraded to Sell from Neutral at Goldman... TD Ameritrade (AMTD) downgraded to Underperform from Market Perform at Keefe Bruyette... Thoratec (THOR) downgraded to Neutral from Buy at Goldman... CF Industries (CF) downgraded to Hold from Buy at Miller Tabak... Children's Place (PLCE) downgraded at Susquehanna... CarMax (KMX) downgraded to Market Perform from Outperform at William Blair... SanDisk (SNDK) downgraded to Neutral from Buy at Nomura... Red Hat (RHT) downgraded at BMO Capital... Rex Energy (REXX) downgraded to Hold from Buy at Stifel... Range Resources (RRC) downgraded to Hold from Buy at Stifel... Kansas City Southern (KSU) downgraded to Sell from Hold at Stifel... Capella Education (CPLA) downgraded to Hold from Buy at Stifel. | | | 08:15 EDT | | MS | Morgan Stanley to sell Indian unit to Standard Chartered, Reuters reports
Subscribe for More Information | | | 06:41 EDT | | GS | Goldman Sachs seeking to sell stake in Chinese bank, Reuters reports
Subscribe for More Information | | | 05:39 EDT | | BAC | Bank of America downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette downgraded Bank of America with a $13.50 price target citing valuation. | | | May 17, 2013 | | 16:00 EDT | | BAC | Options Update; May 17, 2013
Subscribe for More Information | | | | 10:20 EDT |  | BAC | Bank of America rises, levels to watch
Subscribe for More Information | | | 07:39 EDT | | FIATY | EU auto sales move into posiitve teritory, FT reports
Auto sales in the European Union in April ended an 18-month losing streak, as hopes are raised that the market’s decline in the continent had finally begun to slow, reports the Financial Times. New registrations in the EU were up 1.7% compared with the same month a year ago, helped by gains in the German and U.K. markets, Europe’s largest by sales.Reference Link | | | 07:11 EDT | | FIATY | Fiat's potential headquarters move to U.S. concerns Italy, Bloomberg reports
Subscribe for More Information | | | 06:06 EDT | | FIATY | On the Fly: Periodicals Wrap-Up
WALL STREET JOURNAL: A so-so Q1 earnings season hasn't dented investors' enthusiasm for stocks as prices have been rising, with the DJIA up 16% for the year and 4.2% since earnings season began April 8, the Wall Street Journal reports...JPMorgan Chase (JPM), in a last-ditch effort to beat back activist investors, sent a letter to shareholders who have yet to vote on the nonbinding proposal ahead of the May 21 annual meeting, urging them to reject a proposal to split the chairman and CEO roles held by James Dimon, the Wall Street Journal reports...REUTERS: Amazon.com (AMZN) will be called back to the British parliament to clarify how its activities in the U.K. justify its low corporate income tax bill, Reuters reports...J.C. Penney (JCP) CEO Ullman says that the department store chain is emerging from what he called an abyss but warned he needs time to fix the issues of the retailer, Reuters reports...BLOOMBERG: Apple (AAPL), which holds $102B in cash and investments outside the U.S., will suggest changes to corporate-tax laws to encourage companies to bring more cash into the country, Bloomberg reports...Fiat’s (FIATY) deliberations over moving its headquarters to the U.S. after a merger with Chrysler Group LLC. raised concern among Italian unions and politicians about the plans of the country’s biggest manufacturer. CEO Marchionne is considering the move because Fiat’s main sources of revenue and profit are shifting to North America, Bloomberg reports. | | | May 16, 2013 | | 18:49 EDT | | MS | Senior holders may face first CMBS losses since crisis, WSJ reports
Subscribe for More Information | | | 09:05 EDT | | GS | SolarCity, Goldman Sachs collaborate on solar lease financing platform
Subscribe for More Information | | | 07:18 EDT | | BAC | Investors bet on banks hit by credit crisis, Bloomberg reports
Subscribe for More Information | | | 06:41 EDT | | BAC, MS, GS | Big banks to benefit from U.S. concession on derivatives, NY Times says
Subscribe for More Information | | | 06:19 EDT | | GS | U.K. judge rules Goldman Sachs tax deal didn’t break law, Bloomberg reports
Goldman Sachs Group's deal with the U.K. government that may have saved the investment bank about $30.6M on its taxes didn’t break any laws and was properly conducted, a judge ruled, reports Bloomberg. Reference Link | | | 05:55 EDT | | FIATY | Pickup truck sales are booming, WSJ reports
Pickup truck buyers are no longer on the sidelines as they return to dealer showrooms, offering millions of dollars in profit and potentially lifelong brand loyalty to Ford (F), GM (GM) or Chrysler Group (FIATY) and rivals, reports the Wall Street Journal. Sales of large pickups are up 20% for the first four months of this year compared with a year ago, bigger gains than in small cars or midsize cars, according to Autodata CorpReference Link | | | | May 15, 2013 | | 17:26 EDT | | MS | Third Point gives quarterly update on stakes
NEW STAKES: Virgin Media (VMED), Tiffany (TIF), B/E Aerospace (BEAV), Anadarko (APC), and Thermo Fisher (TMO). INCREASED STAKES: International Paper (IP), Abbvie (ABBV), TransDigm (TDG), Constellation Brands (STZ), and Dollar General (DG). DECREASED STAKES: Delphi (DLPH), Murphy Oil (MUR), AIG (AIG), LyondellBasell (LYB), and Liberty Global (LBTYA). LIQUIDATED STAKES: Tesoro (TSO), Morgan Stanley (MS), Symantec (SYMC), Herbalife (HLF), and Illumina (ILMN). | | | 17:03 EDT | | MS | Soros gives quarterly update on stakes
NEW STAKES: MeadWestvaco (MWV), Brocade (BRCD), Red Hat (RHT), Liberty Global (LBTYK), and VMware (VMW). INCREASED STAKES: Google (GOOG), Liberty Global (LBTYA), EQT Corp (EQT), Charter (CHTR), and US Airways (LCC). DECREASED STAKES: Citigroup (C), AIG (AIG), Apple (AAPL), Invesco (IVZ), and Motorola Solutions (MSI). LIQUIDATED STAKES: JPMorgan (JPM), General Electric (GE), CF Industries (CF), Morgan Stanley (MS), and Capital One (COF). | | | 13:17 EDT | | GS | Goldman Sachs COO says will address Fed's CCAR concerns
Subscribe for More Information | | | 13:15 EDT | | GS | Goldman Sachs COO says wouldn't cut equities on first move by Fed
Subscribe for More Information | | | 13:15 EDT | | GS | Goldman Sachs volatility near low end of historic range
Goldman Sachs June call option implied volatility is at 21, July and October is at 22; compared to its 26-week average of 25 according to Track Data, suggesting decreasing price movement. | | | 12:12 EDT | | MS | Morgan Stanley price target raised to $36 from $30 at CLSA
Subscribe for More Information | | | 10:13 EDT | | BAC | Bank of America reports April card write-offs 4.55% vs. 4.33% last month
Subscribe for More Information | | | 06:34 EDT | | GS | JPMorgan CEO has obtained advice from Goldman counterpart, NY Times says
JPMorgan (JPM) CEO Jamie Dimon has spoken with his counterpart at Goldman Sachs (GS), Lloyd Blankfein, a number of times in recent months about the challenges that Dimon is facing, according to The New York Times, which cited unnamed sources. Reference Link J | | | May 14, 2013 | | 14:44 EDT | | MS | Morgan Stanley hits close to multi-year highs, levels to watch
Subscribe for More Information | | | 11:07 EDT | | MS | Morgan Stanley hits close to multi-year highs, levels to watch
Subscribe for More Information | | | | 10:53 EDT | | BAC | Bank of America breakout continues, levels to watch
The breakout back above what was persistent resistance at the $12.50 area has now taken on a firmer bullish footing. Shares are trading at multi-year highs, last at $13.25. At that price, resistance is now at $13.56 and then at $13.84. Support is at $13.01. | | | 09:01 EDT | | GS | NVIDIA in $750M accelerated share repurchase pact with Goldman Sachs
Subscribe for More Information | | | 08:44 EDT | | BAC | Bank of America management to meet with Deutsche Bank
Subscribe for More Information | | | 08:33 EDT | | GS, MS, BAC | CFTC investigates swap contracts, FT reports
The Commodity Futures Trading Commission issued a “special call” asking Wall Street banks and other traders to provide documents that would prove recent derivatives transactions known as “exchanges of futures for swaps” were legal. Lawyers at the CFTC enforcement division are also scrutinizing the trades for possible violations. The probe is into the legitimacy of more than 1M energy and metals transactions by the biggest traders in commodities markets over the past two years.Reference Link | | | 07:59 EDT | | GS | Glass Lewis: Investors should oppose Goldman Sachs pay plan, Bloomberg reports
Subscribe for More Information | | | 06:19 EDT | | BAC, MS | Brokerage firms see market share drop, competition increase, Bloomberg reports
Subscribe for More Information | | | 06:01 EDT | | GS | Goldman looking to lessen reliance on Bloomberg, NY Post reports
Subscribe for More Information | | | 05:44 EDT | | MS | Banks work deals from both sides of the field, WSJ reports
Subscribe for More Information | | | May 13, 2013 | | 15:04 EDT | | MS, BAC, GS | Fed says large banks must submit midyear stress tests on July 5
Eighteen large U.S. bank holding companies are required to submit the results of their company-run, midyear stress tests to the Federal Reserve on July 5, the Federal Reserve said. The Dodd-Frank Wall Street Reform and Consumer Protection Act required that large bank holding companies and non-bank financial institutions that are designated for Federal Reserve supervision by the Financial Stability Oversight Council conduct two stress tests each year. In the midyear test, which is being conducted for the first time in 2013, each firm develops its own baseline, adverse, and severely adverse scenarios to best reflect its individual operations and risks. Each firm in the midyear test is required to release the results produced under its severely adverse scenario, helping promote market discipline and understanding of the financial conditions and risks of individual firms, between September 15 and September 30, the Fed added. | | | May 11, 2013 | | 14:09 EDT | | FIATY | Chrysler recalling 469,00 vehicls on gear shift glitch, Reuters says
Subscribe for More Information | | | | May 10, 2013 | | 07:33 EDT | | BAC | New York's case against BofA, Merrill may be dropped, Reuters reports
Subscribe for More Information | | | 05:47 EDT | | FIATY | Jeep struggles to gain traction in China, WSJ reports
Chrysler's (FIATY) Jeep, which was one of the first Western auto brands to sell in China, is struggling to reestablish production in their automotive market, reports the Wall Street Journal. Last year, just 46,000 Jeep vehicles were sold in China, a small share of a market of about 19M cars and light trucks. All of the Jeeps were imported from the U.S., their prices inflated by import duties. Reference Link | | | 05:30 EDT | | BAC | KeyBank to acquire Bank of America CMBS servicing portfolio, Berkadia CMBS business
Subscribe for More Information | | | May 9, 2013 | | 14:30 EDT | | BAC | Options Update; May 9, 2013
Subscribe for More Information | | | 08:09 EDT | | GS, BAC, MS | JPMorgan, Bank of America had perfect trading records in Q1, Bloomberg reports
JPMorgan Chase (JPM) and Bank of America (BAC) had perfect trading records in the first quarter, making money every day of the period as Morgan Stanley (MS) posted losses in eight sessions and Goldman Sachs (GS) in two, reports Bloomberg. One daily gain at JPMorgan was over $200M as the bank recovered from last year’s London Whale derivatives loss, the company said in a regulatory filing. Reference Link | | | 06:05 EDT | | GS | Goldman Sachs made about $500M for Malaysian bond sales, Bloomberg reports
Goldman Sachs Group made about $500M arranging three bond sales in the past year for 1Malaysia Development Bhd., the state investment fund led by Prime Minister Najib Razak, sources say, reports Bloomberg. That total is nearly as much as Malaysia pays each month on its debt and compares with Goldman's record $694M of global bond underwriting fees in the first quarter, according to Bloomberg data. Reference Link | | | 05:43 EDT | | BAC, MS, GS | Big banks take the offense against Washington, WSJ reports
The biggest U.S. banks are going on the offensive to fight off growing efforts in Washington to rein them in, reports the Wall Street Journal. They've hired longtime, influential Washington insiders to deflect regulatory and political pressure to strengthen their finances and to sell assets. Reference Link | | | May 8, 2013 | | 16:00 EDT | | BAC | Options Update; May 8, 2013
CBOE Volatility Index VIX down 17c to 12.66. Option volume leaders: BAC GOOG C AAPL DIS X XOM according to Track Data. | | | 13:14 EDT | | GS | Goldman said to have earned $500M from Malaysia bond deals, Bloomberg reports
Subscribe for More Information | | | 07:56 EDT | | MS | Morgan Stanley expands types of debt it buys, Bloomberg reports
Morgan Stanley added $677M of collateralized debt obligations to its available-for-sale portfolio in Q1 and increased its corporate bond holdings to $3.53B, according to a regulatory filing, reports Bloomberg. The portfolio was invested solely in government and agency debt and U.S.-backed student loans at the end of 2011. Reference Link | | | | 07:24 EDT | | GS | Federal Reserve Bank of Chicago to host a conference
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