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Stock Market & Financial Investment News

News Breaks
June 10, 2014
08:51 EDTBAC, GPT, MSGramercy Property Trust closes previously announced deal for BOA Portfolio
Gramercy Property Trust (GPT) has closed the previously announced transaction with an affiliate of Garrison Investment Group to acquire Garrison’s 50% equity interest in a joint venture that owns 67 properties aggregating approximately 3.1 million square feet that are approximately 96.5% leased to Bank of America, N.A. (BAC), through June 2023. The company already owns the remaining 50% interest in the Joint Venture. The purchase price paid by the company valued the Joint Venture at $395M. At closing, in addition to other customary prorations and credits, the company received an approximately $5.3 million incentive profits credit against the purchase price. The BOA Portfolio has budgeted calendar year 2014 cash net operating income of approximately $27.5M and 2014 straight-line net operating income of approximately $28.5M. Morgan Stanley (MS) served as the company’s financial advisor in connection with the transaction.
News For GPT;BAC;MS From The Last 14 Days
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February 27, 2015
09:35 EDTBACActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL MCD GOOG MNST BAC TSLA NFLX SINA AMZN WYNN
07:17 EDTBACUniversity of Chicago Booth School of Business to hold a forum
U.S. Monetary Policy Forum is being held in New York on February 27.
06:32 EDTBACBank of America Chief Accounting Officer, two directors to step down
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05:50 EDTBACBank of America downgraded to Neutral from Buy at UBS
UBS analyst Brennan Hawken downgraded Bank of America to Neutral from Buy saying disclosures in the bank's recent annual filing raise the risk of a qualitative failure this year. Hawken believes that even with yesterday's 2.7% pullback, shares of Bank of America are not fully pricing in the risk of a qualified failure in the Federal Reserve's Comprehensive Capital Analysis and Review, or CCAR. The analyst writes that even if BofA passes the CCAR, the Fed's annual exercise to assess whether the largest banks have sufficient capital, its regulatory capital ratios are well below peers, which could drive lower capital returns. Hawken cut his price target on the banking giant to $16 from $20. Shares of Bank of America closed yesterday down 45c to $16.04.
February 26, 2015
15:02 EDTMS, BACFed extends capital surcharge for SiFi banks comment period to April 3
The Federal Reserve extended until April 3 the comment period for its proposed rule to implement capital surcharges for the largest, most systemically important U.S. bank holding companies. The Fed extended the comment period to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by March 2. The proposed rule would establish a methodology to identify whether a firm is a global systemically important banking organization and would also establish the size of a firm's risk-based capital surcharge. The proposal is designed to further strengthen the capital positions of these institutions. Large U.S. banks include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).
14:01 EDTBACBarclays to double provision for forex rigging fines, Sky News says
Barclays (BCS), which previously excluded itself from a broader settlement between several banking peers and regulators over alleged manipulation of foreign exchange rates as it worked to secure a binding agreement with all relevant authorities, will more than double its existing provision for forex fines next week, which may indicate that a settlement deal could be announced soon, said Sky News. Barclay took a GBP500M charge during the course of last year in advance of expected forex issue costs, the report noted. Other banks that previously agreed to a settlement included Bank of America (BAC), Citibank (C), HSBC (HSBC), JPMorgan Chase (JPM), RBS (RBS) and UBS (UBS). The report indicates that U.S. regulators have stepped up talks with banks including Barclays and the others involved. Reference Link
10:50 EDTBAC, MSNew York regulator considering cybersecurity, cash laundering controls, WSJ says
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February 25, 2015
17:40 EDTMSMorgan Stanley agrees to $2.6B mortgage settlement with U.S.
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17:37 EDTMSMorgan Stanley agrees to $2.6B mortgage settlement with U.S.
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09:01 EDTMSMorgan Stanley says Apple Pay available for Wealth Management clients
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08:28 EDTMSMorgan Stanley reportedly near deal for Montreal cargo facility, Bloomberg says
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February 24, 2015
14:43 EDTBACBofA head of Americas equitites leaving company, Bloomberg reports
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12:12 EDTBACBank of America head of equities for America leaving bank, Bloomberg says
07:21 EDTBAC, MSSecurities Industry & Financial Markets Association to hold a conference
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February 23, 2015
13:33 EDTMSRBS could name Howard Davies as chairman this week, FT reports
Royal Bank of Scotland (RBS) could name Howard Davies as its chairman as early as Thursday, when the bank reports its full-year results, the Financial Times reports. Davies is currently chairman of insurance business Phoenix Group and chairs Morgan Stanley's (MS) risk committee. Current RBS Chairman Philip Hampton is set to become GlaxoSmithKline's (GSK) chairman as early as this summer. Reference Link
February 19, 2015
06:47 EDTMS, BACReport shows subprime consumer loans at pre-2007 levels, WSJ says
Equifax (EFX) has released a report stating nearly 40%, or 50M, of auto loans, credit cards, and personal loans during the first 11 months of 2014 were made to subprime customers, the highest levels since the 2007 financial crisis, reports the Wall Street Journal. LendingTree (TREE) Chief Marketing Officer Gabriel Dalporto attributes the growth to nonbank lenders under less regulatory scrutiny than large banks. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:28 EDTMSAuthorities investigating possible hack in Morgan Stanley leak, WSJ says
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February 18, 2015
08:33 EDTGPTGramercy Property Trust acquires five properties for $44.4M
Gramercy Property Trust announced that it closed on the acquisition of one office and four industrial properties totaling approximately 590,000 square feet. The properties are 100% leased with a weighted average lease term of approximately 6.7 years. For the five properties, Year 1 net operating income is anticipated to be approximately $3.4M with 7.6% initial cap rate, 8.0% annualized straight-line cap rate. The properties were acquired all-cash for a purchase price of approximately $44.4M. The company assumed one in-place mortgage loan totaling approximately $13M with a remaining term of approximately 2 years until maturity with respect to one of the properties. The first property is a cross-dock truck terminal located in Milford, Connecticut, leased to a national less-than-truckload carrier. The second property is an approximately 115,000 square foot Class A call center, office and operations facility located in Charlotte, North Carolina, which is leased to a provider of high-speed data, video and voice services. Lastly, the company acquired three single-tenant industrial properties totaling approximately 450,000 square feet located in the Milwaukee, Wisconsin.
07:21 EDTMS, BACJPMorgan, Citi top government report of riskiest banks, Reuters reports
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February 17, 2015
10:26 EDTBACBank of America reports January default rate 2.93% vs. 3.13% last month
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