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Stock Market & Financial Investment News

News For FMER;FMER;FMER;MMC;MMC;MMC;BCS;BCS;BCS;ZION;ZION;ZION;TRV;TRV;TRV;WFC;WFC;WFC From The Last 14 Days
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July 30, 2015
13:04 EDTWFCWells Fargo to withdraw from mortgage marketing service agreements with RE firms
Wells Fargo Bank, N.A. announced that it will withdraw from mortgage marketing services and desk rental agreements with real estate firms, builders and certain other referral sources. The decision was made as a result of increasing uncertainty surrounding regulatory oversight of these types of arrangements and as part of Wells Fargo’s ongoing efforts to simplify the process that customers experience as they weigh all of their choices when shopping for a mortgage. “Real estate firms and builders always have been—and will continue to be—very important to Wells Fargo’s retail mortgage operations, and we are exploring a number of new options for enhancing and strengthening those relationships over the long term,” said Franklin Codel, executive vice president for mortgage production at the company. “Because we value our strong relationships with real estate professionals and builders, the decision to exit these marketing services agreements was difficult, but we are taking this action to ensure that we continue to conduct our business in a way that represents the best interests of all of our customers and clients. We believe the best way to earn the relationship with real estate firms and builders is through timely, dependable service delivered by the best team in the business.” The decision is effective Aug. 1 and the wind down will occur over the following 90 days. Termination of these marketing services agreements is not expected to have a material impact on Wells Fargo’s total mortgage production.
July 29, 2015
10:00 EDTWFCOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: 3D Systems (DDD) upgraded to Neutral from Underperform at Longbow... AK Steel (AKS) upgraded to Outperform from Neutral at Macquarie... Ally Financial (ALLY) upgraded to Outperform from Neutral at Credit Suisse... Amazon.com (AMZN) upgraded to Buy from Hold at Stifel... Arrow Electronics (ARW) upgraded to Buy from Underperform at CLSA... Beacon Roofing (BECN) upgraded to Buy from Neutral at CL King... Citrix (CTXS) upgraded to Outperform at Baird... Commvault (CVLT) upgraded to Buy from Hold at Jefferies... FireEye (FEYE) upgraded on positive checks, business mdoel changes at Oppenheimer... Hibbett Sports (HIBB) upgraded to Neutral from Underperform at Sterne Agee CRT... Integra LifeSciences (IART) upgraded to Outperform at Raymond James... M/A-COM (MTSI) upgraded to Buy from Hold at Needham... Norsk Hydro (NHYDY) upgraded to Neutral from Underperform at Exane BNP Paribas... NuVasive (NUVA) upgraded to Outperform from Market Perform at Northland... SM Energy (SM) upgraded to Outperform from Market Perform at Raymond James... Scorpio Bulkers (SALT) upgraded to Buy from Hold at Deutsche Bank... Sirius XM (SIRI) upgraded to Buy from Hold at Wunderlich... Sprouts Farmers Markets (SFM) upgraded to Neutral from Underperform at Longbow... Supervalu (SVU) upgraded to Equal Weight from Underweight at Morgan Stanley... Waters (WAT) upgraded to Outperform from Market Perform at Wells Fargo... Wells Fargo (WFC) upgraded to Buy from Neutral at Guggenheim... Williams-Sonoma (WSM) upgraded to Overweight from Neutral at JPMorgan... YRC Worldwide (YRCW) upgraded to Strong Buy at Raymond James.
07:21 EDTWFCWells Fargo upgraded to Buy from Neutral at Guggenheim
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05:51 EDTBCSBarclays reports Q2 adjusted profit before tax GBP 1.85B vs. GBP1.66B last year
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July 28, 2015
10:22 EDTZIONZions Bancorp management to meet with Evercore ISI
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07:34 EDTFMERFirstMerit reports Q2 EPS 33c, consensus 34c
Returns on average common equity and average assets for the second quarter 2015 were 7.85% and 0.90%, respectively, compared with 8.08% and 0.93%, respectively, for the first quarter 2015 and 8.62% and 0.98%, respectively, for the second quarter 2014. Net interest income on a fully tax-equivalent basis was $189.0M in the second quarter 2015 compared with $189.6M in the first quarter 2015 and $199.7M in the second quarter 2014. Noninterest income, excluding gains and losses on securities transactions1, for the second quarter 2015 was $66M, an increase of $500K, or 0.80%, from the first quarter 2015 and a decrease of $6.5M or 8.92% from the second quarter 2014. Included in noninterest income this quarter were costs of $1.8M associated with branch closures.
07:13 EDTMMCMarsh & McLennan reports Q2 adjusted EPS 80c, consensus 79c
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July 27, 2015
06:52 EDTWFCWells Fargo currently testing mobile biometrics, WSJ reports
Wells Fargo is currently testing voice recognition and eye scanning in an effort to use biometrics technology to authenticate customers using their mobile applications, the Wall street Journal reports, citing comments from Steve Ellis, head of Wells Fargo's new Innovation Group. Wells Fargo's mobile development efforts include testing an assist using artificial intelligence technology and the bank expects to launch the software in 2016, the report says. Reference Link
July 23, 2015
18:57 EDTWFCWells Fargo 'poised for growth,' Barron's says
Wells Fargo is a "high quality" value stock and the "well-managed" company could be "poised for growth" given the potential for interest rate hikes before the end of the year, Barron's contends in its 'Weekday Trader' column. Reference Link
10:00 EDTBCSBarclays in talks to sell Portuguese banking unit, Bloomberg reports
Barclays is in advanced discussions with a Spanish bidder to sell its Portuguese banking unit, Bloomberg reports, citing people with knowledge of the plan. The sale would exclude Barclays' Portuguese credit-card business, the report says. Interested parties may include Bankinter, the report says. Reference Link
09:06 EDTWFCSEI Investments extends long-term realtionship with Wells Fargo
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08:37 EDTBCSBarclays announces strategic partnership with Elkhorn Capital
Barclays announced a strategic partnership with Illinois-based investment firm Elkhorn Capital Group. The partnership is designed to extend Barclays’ product availability by bringing together its extensive experience in creating distinctive investment concepts with Elkhorn’s independent product expertise. The partnership will allow Barclays and Elkhorn to collaborate in offering clients access to additional products based on Barclays’ strategies.
July 22, 2015
09:01 EDTWFCWells Fargo names Pelos to oversee commercial, corporate, treasury mangement
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06:15 EDTBCSBarclays close to SFO settlement over Qatar bribes, Daily Mail reports
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July 21, 2015
16:28 EDTTRVOn The Fly: Top stock stories for Tuesday
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12:21 EDTTRVOn The Fly: Top stock stories at midday
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09:48 EDTTRVTravelers says evaluates M&A opportunities 'all the time'
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07:02 EDTTRVTravelers reports adj. book value per share increased 5% from the prior year end
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07:00 EDTTRVTravelers reports Q2 EPS $2.53, consensus $2.12
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06:08 EDTBCSU.K. watchdog visited Barclays 186 times in 2014, Bloomberg reports
The FCA's supervisory team made 186 visits to Barclays (BCS) in 2014, more than any other British bank that year, Bloomberg reports. HSBC (HSBC) was next highest with 85 visits, with RBS (RBS) and Lloyds (LYG) following with 65 and 58 encounters, respectively, the report says. Reference Link
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