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June 19, 2014
13:14 EDTV, AXP, GE, MAJustice Department announces settlement with GE Capital Retail Bank
The Department of Justice and the Consumer Financial Protection Bureau announced a settlement to resolve allegations that GE Capital Retail Bank, known as of this month as Synchrony Bank, engaged in a "nationwide pattern or practice of discrimination by excluding Hispanic borrowers from two of its credit card debt-repayment programs." The settlement resolves claims by the department and the CFPB that GE Capital violated the Equal Credit Opportunity Act by excluding borrowers who indicated that they preferred communications to be in Spanish or had a mailing address in Puerto Rico from two credit card debt-repayment programs. The settlement provides $169M in relief to approximately 108,000 borrowers in the form of monetary payments and the reduction, or complete waiver, of borrowers’ credit card balances. GE Capital has also agreed to eliminate negative credit reports for affected borrowers that occurred during periods of the alleged discrimination. Shares of credit card companies Visa (V), MasterCard (MA) and American Express (AXP) have moved off of their lows following the news from the Justice Department. The card companies sold off ahead of the DOJ's announcement that was dubbed a credit card enforcement action.
News For GE;V;MA;AXP From The Last 14 Days
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September 28, 2015
19:57 EDTMA, VRetailers urge courts to reject Visa, MasterCard settlement, Reuters says
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18:02 EDTGEGE-Aviation awarded $137.88M government contract modification
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13:33 EDTGEGE announces 18th and 19th HA Gas Turbine orders
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10:21 EDTGEGE urges Congress to reauthorize ExIm Bank for all American companies
10:20 EDTGEGE says to stop manufacturing gas engines in Waukesha, Wisconsin
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10:20 EDTGEGE confirms plans to build gas engine facility in Canada
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10:07 EDTGEGE to move 350 jobs to Canada from Wisconsin, Reuters reports
General Electric will move 350 jobs to Canada from Wisconsin as it shifts production of large, gas-powered engines, Reuters reports. GE has been unable to access financing from the U.S. Export-Import Bank, the report notes. GE is expected to invest $265M in a new manufacturing plant at a yet-to-be-determined Canadian location. Reference Link
10:03 EDTGEGeneral Electric to move 350 jobs to Canada from Wisconsin, DJ reports
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09:31 EDTMASamsung Pay debuts for MasterCard cardholders
Beginning today, Samsung Pay (SSNLF) is now available to MasterCard (MA) cardholders for everyday purchases. Samsung device owners can use their MasterCard credit, debit and select prepaid and small business cards from participating banks directly through Samsung Pay.
08:43 EDTGEPZU's Klesyk: GE may sell BPH this year, Reuters reports
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07:38 EDTGEBox to hold a user conference
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September 24, 2015
07:49 EDTGEGE reaches agreement with UKEF to access export financing for up to $12B
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06:50 EDTAXPAmerican Express price target lowered to $70 from $85 at Jefferies
Jefferies analyst John Hecht says that even with the recent selloff, shares of American Express do not offer "compelling rewards" at current levels. Hecht believes AmEx is nearing saturation in its core demographic, the highly-affluent consumer, and views the Costco (COST) loss as a "significant challenge to overcome." American Express remains the industry leader in terms of rewards, but the gap to competitors has narrowed, Hecht tells investors in a research note. The company faces "several discrete headwinds" over the coming quarters, the analyst concludes. He cut his price target for AmEx shares to $70 from $85 and keeps a Hold rating on the name. The credit card provider closed yesterday down 8c to $75.63. Hecht has Buy ratings on card peers Discover (DFS) and Synchrony Financial (SYF).
06:41 EDTGEGE likely to sell PE unit to France's Ardian, Bloomberg reports
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September 23, 2015
08:01 EDTGEGE Healthcare announces $300M commitment to support emerging market health
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September 22, 2015
16:00 EDTGEOptions Update; September 22, 2015
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10:32 EDTGEGeneral Electric names Linda Boff as Chief Marketing Officer
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08:03 EDTGEAres-EIF acquires 50% stake in Linden Cogen facility from GE unit
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08:01 EDTGEGE unit signs multiyear services agreement with Southern California Edison
GE's Power Generation Services business announced it has signed a multiyear services agreement with Southern California Edison to upgrade the utility's Mountainview Generating Facility, a 1,054-megawatt combined-cycle power plant in Redlands, California. Highlighting a growing trend with North American combined-cycle power stations, the upgrade project will reduce the facility's startup times, lower its emissions without using additional water and help to balance the growing role of renewables on the grid. GE's technologies will boost the station's output by about 48 MW, increase its efficiency and offer longer intervals between maintenance outages. By boosting Mountainview's flexibility, the project will help SCE protect the grid from the intermittency of the state's rapidly expanding renewable energy supplies while strengthening the facility's competitive position in California.
September 21, 2015
09:40 EDTGEActive equity options trading on open
Active equity options trading on open: AAPL BAC ESV BABA FB NFLX TSLA TWTR GE GPRO JPM ONVO MU
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