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Stock Market & Financial Investment News

News Breaks
April 11, 2014
17:09 EDTJPM, WFC, EBAY, GMStocks tumble as investors remain skittish
Stocks on Wall Street finished lower in a choppy week of trade that saw sellers take control in the week's final two sessions. The Nasdaq, which has been leading the market lower over the last few weeks of trade, was the week's laggard, with the tech index logging its first close below 4,000 since early February. ECONOMIC EVENTS: In the U.S., economic data came in a bit better than expected, with initial jobless claims reported at 300,000, less than expectations for 320,000 and lower than the prior month's revised reading of 332,000. The University of Michigan's consumer sentiment reading jumped to 82.6 in the preliminary April reading, better than March's 80.0... On Wednesday, the minutes from the FOMC's latest meeting were released, indicating that some Committee members were concerned that its new forward guidance could imply a change in its policy intentions. The Committee also said the severe winter weather in much of the U.S. held down economic activity early in the year, and said international developments, including those in China and Ukraine, bear watching... China's imports fell 11.3% from the prior month, sharply lower than expectations for expansion of 3.9%, with the world's second largest economy also reporting exports that fell 6.5% against estimates for a 4.8% increase. COMPANY NEWS: General Motors (GM) was again in the news this week, with the carmaker on Thursday placing two engineers on paid leave as part of its investigation into the circumstances leading to recall of more than 2.6M vehicles due to ignition defects. Later that same day, the company said it expects to take a $1.3 billion charge in the first quarter on recall-related repairs. Late in the session on Friday, a trove of documents were released by the the House of Representatives Committee on Energy and Commerce, which indicated, among other things, that CEO Mary Barra knew in 2011 about the company's handling of Saturn and Chevrolet models being probed by the NHTSA related to defects... Banking giants Wells Fargo (WFC) and JPMorgan (JPM) reported earnings Friday morning, with Wells' results beating expectations while JPMorgan missed estimates... eBay (EBAY) and activist investor Carl Icahn agreed to settle their proxy fight, with Icahn agreeing to withdraw his proposal for eBay to spin-off its PayPal unit. INDEXES: The Dow lost 2.4% to 16,026.75, the S&P 500 lost 2.6% to 1,815.69, and the Nasdaq lost 3.1% to 3,999.73.
News For GM;WFC;JPM;EBAY From The Last 14 Days
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November 18, 2014
06:20 EDTWFCWells Fargo downgraded to Market Perform from Outperform at BMO Capital
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November 17, 2014
15:36 EDTEBAYSnapchat partners with Square on money messaging service, Re/code reports
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10:06 EDTJPMSears Canada, JPMorgan Chase announce changes to credit card program
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10:02 EDTEBAYAmazon SSS up 36% in second week November, eBay up 10%, ChannelAdvisor says
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06:18 EDTJPMJPMorgan reports October net credit losses 2.26% vs. 2.24% last month
Reports October delinquency rate 1.34% vs. 1.30% last month.
06:07 EDTGMDeadline extended for GM compensation claims, AP reports
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November 16, 2014
17:42 EDTJPMJPMorgan settles mineral rights suit in Texas, Bloomberg says
JPMorgan settled a lawsuit by Texas mineral-rights owners that accused the bank of negotiating "sweetheart deals" with oil company clients to cheat them out of $681M in compensation, says Bloomberg. Beneficiaries of the South Texas Syndicate Trust alleged that JPMorgan entered into favorable deals for its commercial banking clients on the trust’s rights in the Eagle Ford, added Bloomberg. Reference Link
November 14, 2014
17:13 EDTGMAppaloosa gives quarterly update on stakes
NEW STAKES: NXP Semiconductors (NXPI), Lorillard (LO), Alibaba (BABA), and Shire (SHPG). INCREASED STAKES: Whirlpool (WHR), Priceline (PCLN), Delta (DAL), CBS (CBS), and General Motors (GM). DECREASED STAKES: American Airlines (AAL), Disney (DIS), Apple (AAPL), MGM Resorts (MGM), and Eastman Chemical (EMN). LIQUIDATED STAKES: Expedia (EXPE), AIG (AIG), Prudential (PRU), Celanese (CE), and ASML Holding (ASML).
17:01 EDTEBAYIcahn Associates gives quarterly update on stakes
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16:58 EDTEBAYThird Point gives quarterly update on stakes
NEW STAKES: Alibaba (BABA), eBay (EBAY), Bed Bath & Beyond (BBBY), Shire (SHPG), and Parker Hannifin (PH). INCREASED STAKES: Actavis (ACT), Amgen (AMGN), EQT (EQT), Sensata (ST), Coca-Cola Enterprises (CCE). DECREASED STAKES: Williams Cos (WMB), Ally Financial (ALLY), Cheniere Energy (LNG), YPF (YPF), and FedEx (FDX). LIQUIDATED STAKES: AIG (AIG), T-Mobile (TMUS), Rackspace (RAX), Hertz (HTZ), and Citrix Systems (CTXS).
16:39 EDTGMBerkshire Hathaway gives quarterly update on stakes
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09:38 EDTEBAYJANA Partners gives quarterly update on stakes
NEW STAKES: AMD (AMD), AECOM Technology (ACM), Alibaba (BABA), McDonald's (MCD), Amgen (AMGN), Gaming and Leisure Properties (GLPI), Iron Mountain (IRM), iRobot (IRBT), Seadrill Partners (SDLP), Valeant (VRX). INCREASED STAKES: eBay (EBAY), Charter (CHTR), Groupon (GRPN), HD Supply (HDS), Hertz (HTZ). DECREASED STAKES: Apache (APA). LIQUIDATED STAKES: CBS (CBS), Endo (ENDP), FMC Corporation (FMC), SeaWorld (SEAS), SunEdison (SUNE).
07:32 EDTGMHayman Capital gives quarterly update on stakes
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November 13, 2014
17:35 EDTWFCOcwen unit signs mutual termination agreement with Wells Fargo
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17:32 EDTWFCWells Fargo, Ocwen agree to cancel sale of mortgage servicing rights
Wells Fargo & Co. (WFC) announced that its subsidiary, Wells Fargo Bank, N.A., and Ocwen Loan Servicing have mutually decided to cancel a previously announced sale to Ocwen of certain Wells Fargo residential mortgage servicing rights. Cancelation of the transaction is not expected to be material to Wells Fargo’s consolidated financial results.
12:53 EDTWFCWells Fargo sees Q4 mortgage originations to decline from Q3
Expects Q4 mortgage originations to decline from Q3, reflecting normal seasonality in purchase market, while gain on sale margin is expected to remain within range of last four quarters. Expects to operate within targeted efficiency ratio range of 55%-59% in Q4. Wells Fargo said that while there is potential for continued net interest margin pressure, focus remains on growing net interest income over time. The comapny said it expects future reserve releases absent signification deterioration in the economy, but expect a lower level of future releases as the rate of improvement in credit loans and loan portfolio grows. Expects share count to continue to decline in Q4 as result of anticipated net share repurchases. Says mortgage business profitable and very pleased with that segment. Comments taken from slides for presentation at Bank of America Merrill Lynch Banking and Financial Services Conference.
09:30 EDTEBAYDiscover COO says U.S. consumer 'not great'
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08:33 EDTWFCWells Fargo sells federal student loans to Navient
Wells Fargo & Co. (WFC) Education Financial Services announced that Navient (NAVI) will purchase a principal balance of $8.5B of Federal Family Education Loan Program loans, which are included in Wells Fargo’s held-for-sale loan portfolio. Due to a change in federal law, Wells Fargo has not issued federal student loans since June 30, 2010. This sale supports Wells Fargo’s ongoing strategic focus on its private student lending business. “By selling these FFELP loans to Navient, Wells Fargo will be in a position to focus more on meeting the needs of our private student loan customers,” said John Rasmussen, head of Wells Fargo’s Education Financial Services. “We are deeply committed to the private student loan business because next to purchasing a home or saving for retirement, paying for an education is one of the most important financial events for our customers.” ). The sale is expected to close in a series of transactions, substantially all of which are expected to be completed in fourth quarter 2014, subject to customary closing conditions. Terms of the transaction were not disclosed and the sale is not material to Wells Fargo.
07:38 EDTJPMBloomberg Link to hold a conference
The Year Ahead: 2015 is being held in Washington, D.C. with a pre-conference dinner on November 13 followed by company presentations on November 14,
06:24 EDTGMHeidrick & Struggles picked by GM to find new general counsel, WSJ reports
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