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Stock Market & Financial Investment News

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January 2, 2014
16:16 EDTBAC, AMRS, DRYS, FIATY, MSO, M, JCPOn The Fly: Closing Wrap
Stocks on Wall Street were lower in the year's first trading session, with the fractured holiday week and impending snow in the Northeast keeping volume on the light side. Manufacturing data in China showed slowing activity in December, while the ISM's PMI reading in the U.S. was in-line with expectations and a slight decline compared to November's reading. ECONOMIC EVENTS: In the U.S., Markit's manufacturing Purchasing Managers Index for December rose to 55.0, beating an initial estimate of 54.4 for the month and the 54.7 reading for November. The more closely watched Institute for Supply Management PMI dipped slightly to 57.0 from a 57.3 recent-high in November, as expected. Initial jobless claims fell 2K to 339K in the week ended December 28 from a revised 341K in the prior week. Growth in construction spending in November beat expectations with a 1.0% increase, versus the forecast for a rise of 0.8%. In China, both the official and HSBC PMI figures showed factory activity slowed month-over-month in December but remained in expansionary territory. HSBC and Markit's China PMI slipped to a three-month low of 50.5 in December, while the official government PMI fell to a four-month low of 51.0. In Europe, Markit's Euro zone manufacturing PMI rose to 52.7 in December from 51.6 in November. COMPANY NEWS: Italian carmaker Fiat (FIATY) announced Wednesday that it had agreed to take full ownership of Chrysler via a $4.35B deal to buy out the remaining 41% stake in the third of Detroit's "Big Three" that has been held by a union trust. The deal, expected to close later this month, is the last step needed before the Italian and U.S. companies can merge to create the world's seventh-largest automaker. Fiat shares trading in New York gained $1.22, or 14.7%, to $9.52 following the deal. MAJOR MOVERS: Among the notable gainers was Martha Stewart Living Omnimedia (MSO), up 37c, or 8.81%, to $4.57 after announcing a settlement in its breach-of-contract dispute with Macy's (M). In its own release, Macy's said the settlement does not affect its outstanding claim against J.C. Penney (JCP). Also higher was Bank of America (BAC), up 53c, or 3.4%, to $16.10, its best level since 2010, after the stock was upgraded to Buy from Neutral at Citigroup. Among the noteworthy losers was Amyris (AMRS), down 58c, or 10.96%, to $4.71 after being downgraded to Underperform at Cowen. Also lower were shares of DryShips (DRYS), down 39c, or 8.3%, to $4.31 after the shipper Tuesday night announced the resumption of its $200M equity offering. Even with today's decline, shares of DryShips are up more than 160% in the last year. INDEXES: The Dow was down 135.31, or 0.82%, to 16,441.35, the Nasdaq was down 33.52, or 0.80%, to 4,143.07, and the S&P 500 was down 16.38, or 0.89%, to 1,831.98.
News For FIATY;MSO;M;JCP;BAC;AMRS;DRYS From The Last 14 Days
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April 11, 2014
07:31 EDTFIATYChina auto sales growth slowed in March, WSJ reports
The China Association of Automobile Manufacturers said 1.71M passenger vehicles were sold there in March, which was up 7.9% from a year earlier but a slower growth rate than the 11% year-over-year increase seen in the January-to-February period, reported The Wall Street Journal. The association cited weak sales of minivans, which fell 23% in the month, as a large factor, the report noted. Publicly traded automakers include Ford (F), General Motors (GM), Fiat (FIATY), Honda (HMC), Toyota (TM), Nissan (NSANY) and Volkswagen (VLKAY). Reference Link
April 10, 2014
11:21 EDTBACBank of America falls to important support area, levels to watch
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06:35 EDTBACMobile banking presents opportunity and risks for banks, WSJ reports
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06:32 EDTFIATYAutomakers have recalled nearly 15M vehicles since start of year, WSJ reports
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April 9, 2014
13:37 EDTBACBank of America ordered by CFPB to pay $727M for illegal credit card practices
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12:24 EDTBACBank of America to pay $800M in credit card settlement, WSJ says
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09:20 EDTMBofA/Merrill's retail analysts hold an analyst/industry conference call
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08:48 EDTBACHuntington Bancshares to acquire 11 branches in central, east Michigan
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07:41 EDTBACBofA unit, Allstate dismiss toxic mortgage debt suit, Reuters says
Allstate (ALL) and Bank of America's (BAC) Countrywide unit have agreed to end a lawsuit stemming from $700M of toxic mortgage debt, according to Reuters, citing a court filing. Reference Link
07:00 EDTBACBofA, Intel fire 3K workers, leaving Costa Rica shocked, Bloomberg says
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06:35 EDTBACRegulators increase leverage ratio requirement for large banks, NY Times says
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06:27 EDTBACBig banks must add capital to comply with new rules, WSJ reports
A of January 1, 2018, the U.S.'s eight largest banks -- including Citigroup (C), JPMorgan (JPM) and Goldman Sachs (GS) -- must add up to $68B in extra capital to comply with a new rule intended to help firms weather losses during periods of market stress, the Wall Street Journal. The banks will be required to maintain well above the minimum levels of capital held against assets on their books. Banks must report the new levels next year. Reference Link
April 8, 2014
11:42 EDTJCPStocks with call strike movement; P JCP
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April 7, 2014
19:57 EDTBACFederal Reserve announces extension on some CLOs
The Federal Reserve Board announced that it intends to exercise its authority to give banking entities two additional one-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations, or CLOs, covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as the Volcker rule. Section 619 of the Dodd-Frank Act directed the board to adopt rules for the conformance period and the board previously extended the conformance period for all activities and investments by one year to July 21, 2015. To ensure effective compliance, the board intends to grant banking entities two additional one-year extensions, which together would extend until July 21, 2017, to conform their ownership interests in and sponsorship of CLOs to the statute. Publicly traded companies that may be impacted by the announcement include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:28 EDTJCPStocks with implied volatility below IV index mean; SWY JCP
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April 4, 2014
16:00 EDTBACOptions Update; April 4, 2014
iPath S&P 500 VIX Short-Term Futures up 89c to 41.88. Option volume leaders: AAPL C P NFLX LNG BAC INTC TSLA TWTR according to Track Data.
11:31 EDTJCPStocks with call strike movement; JCP TWTR
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07:38 EDTFIATYGM ups truck discounts in April, Reuters says
GM (GM) again increased discounts on its full-size Chevrolet Silverado pickups after being outsold in March by Chrysler's Ram 1500, according to Reuters, citing GM's details of the discount on the company's consumer website. Chrysler is a unit of Fiat (FIATY). Reference Link
06:07 EDTJCPStocks with implied volatility below IV index mean; JCP PLUG
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05:42 EDTFIATYFiat upgraded to Buy from Neutral at UBS
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