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Stock Market & Financial Investment News

News Breaks
March 31, 2014
09:43 EDTGE, BACGE considering sale of GE Money Bank Nordics, Reuters reports
According to sources, General Electric (GE) is considering selling GE Money Bank Nordics and is working with Bank of America Merrill Lynch (BAC) to review its options for the unit, Reuters reports. The unit could fetch up to $2.75B in a sale. Potential buyers for the unit include private equity firms, as well as strategic players with a presence in consumer finance, the sources say. Reference Link
News For GE;BAC From The Last 14 Days
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October 15, 2014
07:06 EDTBACBofA reports tangible book value per share up 4% to $14.13
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07:02 EDTBACBank of America CEO says saw 'solid' customer and client activity
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07:01 EDTBACBank of America reports Q3 EPS (1c), consensus (9c)
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October 14, 2014
15:29 EDTBACNotable companies reporting before tomorrow's open
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15:14 EDTBACEarnings Preview: Bank of America to report after upbeat notes from analysts
Bank of America (BAC) is scheduled to report third quarter earnings before the open on Wednesday, October 15, with a conference call scheduled for 8:30 am ET. Bank of America is a financial services company. EXPECTATIONS: Analysts are looking for earnings per share of (9c) on revenue of $21.36B, according to First Call. The consensus range for EPS is (14c)-(5c) on revenue of $20.73B-$21.93B. LAST QUARTER: Bank of America reported stronger than expected second quarter results, as its net charge-offs dropped to $1.1B in Q2 from $1.4B in Q1 and $2.1B in Q2 of 2013. Its provision for credit losses tumbled to $411M from $1.2B in the same period a year earlier. The drop was driven by lower levels of delinquencies across its consumer lending portfolio, as well as improvement in its consumer real estate portfolios, the bank stated. Bank of America added that its net interest income was positioned to rise as interest rates increased.. The bank's investment banking pipeline remained strong, while the second half of 2014 "looks healthy," the bank's CEO said. On August 6, the bank increased its quarterly dividend to 5c per share from 1c per share. On August 21, Bank of America announced that it had reached a $16.65B settlement with the Department of Justice and state Attorneys General on charges related to its residential mortgage-backed securities and collateralized debt obligation businesses. On September 10, the bank said its credit quality continued to improve, while most of its exposure to legacy mortgages had been eliminated. PEER RESULTS :Three large banks reported their Q2 results today. Citigroup (C) reported stronger than expected Q3 results today, while Wells Fargo's (WFC) results were roughly in-line with expectations. JPMorgan's (JPM) profit beat expectations, but its revenue came in slightly lower than expected. JPMorgan reported that its consumer and business banking deposits had risen 9%, and it lowered its fiscal 2014 charge-off guidance. The global economy faces challenges, but the U.S. economy is steadily improving, the bank stated. Citi said that its net credit losses had tumbled 14% from year ago levels, while its book value per share had risen 4% versus the same period a year earlier. Citi added that its consumer banking revenue was continuing to grow. As for Wells Fargo, the bank released $300M of its reserves due to improved credit quality, and said that it continued to sees signs of an improving economy. However, the bank added that its net interest margin had fallen to 3.06% from 3.15% as of June 30. STREET RESEARCH: On October 2, UBS upgraded Bank of America to Buy from Hold. The bank should be under less pressure than its peers to raise the interest rates it pays on deposits as the Federal Reserve starts to increase rates, the firm believes. Research suggests that holders of deposit accounts at Bank of America are less sensitive to rates than holders of deposit accounts at other banks, the firm explained. This situation should enhance the bank's ability to benefit from rising interest rates, according to UBS, which raised its price target on the shares to $20 from $16.80. On September 8, Goldman Sachs upgraded Bank of America to Buy from Neutral. The bank's business mix has improved significantly, as it has begun obtaining a greater percentage of its revenue from more profitable businesses, Goldman stated. Consequently, the bank's earnings per share volatility has decreased, Goldman believes. The firm increased its price target on the shares to $19 from $17. On September 20, Barron's echoed Goldman's enthusiasm, saying that Bank of America's earnings per share could hit $2 by 2017, up from an estimated 75c this year, while its cumulative dividends between now and 2017 could reach $1 per share. The stock could be worth $25 by 2017, the magazine stated. PRICE ACTION: Bank of America's stock is up 15% in the last year, but it is down 1.5% in the last month.
15:02 EDTBACBank of America October 16.5 straddle priced for 3.6% move into Q3
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14:47 EDTBACBank of America technical comments ahead of earnings
The shares have outperformed the broader averages in the last three months, trading up over 5%. The trend in the shares has been bullish with relatively low volatility. In technical terms the short-term and intermediate-term picture is bullish. On a longer-term basis however, the stock is at an interesting juncture. On a 5-year chart, the last 2.5 years to present are a mirror of the period from 5 years to 2.5 years ago. That puts the stock right back at resistance levels from early 2010. The key for the stock now is either breaking through resistance at the $18.50 area, or, fading. A breakout above $18.50 on strong news and a positive outlook would be very long-term bullish for share price. Resistance above $18.50 is at $18.99. Equally, news that fails to push the stock above that area could be a catalyst for a resumption of consolidation as traders await another upside catalyst. Support in that event is at $15.45, $14.98, and $14.02.
09:46 EDTGEGE signs contract with ENKA to supply power generation equipment in Iraq
GE has signed a contract with ENKA to supply power generation equipment for a new 750-megawatt combined-cycle plant being developed by Qaiwan Group in Iraq. GE will provide four 9E gas turbines and one steam turbine for a new power plant in Sulaimaniyah to support the governmentís goal of strengthening the electricity infrastructure in the Kurdistan region. Through its regional partnerships, GEís turbines support more than 90% of the electricity generated in the Kurdistan region, supplying nearly 20 hours of electricity a day. The Erbil, Sulaiymaniyah and Dohuk plants, powered by 24 GE 9E gas turbines, produce more than 3,000 MW, the equivalent to the required annual energy needs of approximately 3 million households in Iraq. The Bazyan plant will help deliver power to an additional 750,000 households.
October 13, 2014
16:02 EDTBACOptions Update; October 13, 2014
iPath S&P 500 VIX Short-Term Futures up 3.71 to 39.56. Option volume leaders: AAPL TSLA TWTR AMZN FB NFLX SUNE GILD BAC PBR according to Track Data.
09:02 EDTGEGE receives order from BAE Systems for 3U VPX rugged systems
GEís Intelligent Platforms business (GE) announced at AUSA that it had received a $2.6M order from BAE Systems Platforms and Services (BAESY) for a quantity of its latest generation 3U VPX COTS Rugged Systems that deliver an advanced HPEC capability. The COTS Rugged Systems will be deployed as part of the US Armyís CETU which sees in-vehicle training and simulation incorporated into the Bradley Fighting Vehicle.
09:01 EDTGEGE Capital Aviation to acquire Milestone Aviation for $1.775B
GE Capital Aviation Services, the aircraft leasing unit of GE, announced the signing of an agreement to acquire Milestone Aviation Group, the Dublin-based helicopter lessor, for $1.775B. The acquisition is in line with GE Capitalís strategic plan of growing and enhancing value in core areas aligned with GEís industrial domains including energy, aviation, oil & gas and healthcare, while reducing the overall size of GE Capital through the disposition of non-strategic assets such as the recently executed IPO and planned split-off of our North American Retail Finance business and the sale of our consumer banks in the Nordics. The transaction remains subject to customary closing conditions, including regulatory approvals, and is targeted to close in 2015. Richard T. Santulli, chairman and CEO, Milestone Aviation Group, will serve as chairman of the helicopter leasing business and will become an officer of GE.
07:19 EDTBACAmEx, Capital One profits seen boosted by credit card 'sweet spot,' WSJ says
Credit card players such as American Express (AXP) and Capital One (COF), as well as banks with significant card units like JPMorgan (JPM), stand to benefit from the U.S. card industry's "sweet spot" of moderate economic growth, low interest rates and consumers who are better managing payments while growing their spending, said The Wall Street Journal, which noted that consulting firm R.K. Hammer estimates U.S. card issuers' revenue will grow 9% this year to $158.6B. Other U.S. banks with credit card units include Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC) and other card companies include Visa (V) and MasterCard (MA). Reference Link
06:44 EDTBACRegulators seeking banks' auto loan data, Reuters reports
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00:04 EDTBACBanking regulators want more disclosure on auto loans, Reuters says
Banking regulators are requesting that banks provide more details on their auto loan portfolios, says Reuters. Balances remaining on auto loans are rising and about a fifth of the loans are subprime, added Reuters. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Capital One (COF), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
October 12, 2014
17:41 EDTGEGeneral Electric could return 25%, Barron's says
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17:20 EDTGEGE, Splunk, Cisco, others could benefit from Internet of Things, Barron's says
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13:03 EDTBACBanks agree on derivatives procedures for future crisis scenario, WSJ says
Meeting at the Federal Reserve in Washington, top banking executives from 18 large U.S., European and Japanese banks agreed in principle to wait up to 48 hours before seeking to terminate derivatives contracts and collect associated payments from a troubled financial institution, says the Wall Street Journal. Publicly traded companies in the space 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
October 10, 2014
18:05 EDTGEGeneral Electric negotiating deal to buy Milestone Aviation, WSJ reports
General Electric's finance unit is negotiating a deal to acquire Milestone Aviation Group, and the purchase price could be more than $2.5B, The Wall Street Journal reports, citing people familiar with the matter. Reference Link
07:25 EDTGEGE CEO to continue shedding divisions in FY15, Bloomberg says
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07:21 EDTGEGE expects data division to exceed $1B in sales this year, Reuters says
GE CEO Jeff Immelt said that the company was en route to gross over $1B in sales from its industrial data-analysis division in FY14, and is looking to broaden the availability of its software platform in FY15, according to Reuters, citing comments from Immelt. Reference Link
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