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Stock Market & Financial Investment News

News Breaks
June 10, 2014
08:51 EDTGPT, BAC, 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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September 8, 2014
10:48 EDTBACBank of America upgraded as legal issues recede
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10:06 EDTBACOn The Fly: Analyst Upgrade Summary
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09:40 EDTBACActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL TWTR TSLA YHOO BAC FB MSFT NFLX GILD MCD
07:24 EDTMSBarclays to hold a conference
Global Financial Services Conference to be held in New York on September 8-10.
05:40 EDTBACBank of America upgraded to Buy from Neutral at Goldman
Goldman Sachs upgraded its rating on Bank of America (BAC) shares to Buy citing the resolution of a lot of the bank's legal issues and the shift of its earnings mix towards higher growth businesses. Goldman raised its price target for shares to $19 from $17. Bank of America closed Friday down 9c to $16.02.
September 5, 2014
16:01 EDTBACOptions Update; September 5, 2014
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10:05 EDTMSOn The Fly: Analyst Downgrade Summary
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09:06 EDTBACCFTC concerned about banks shifting trading operations overseas, WSJ says
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07:48 EDTMSMorgan Stanley downgraded to Neutral from Outperform at Macquarie
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07:26 EDTBACApple strikes transaction fee discount deals, Bank Innovation says
Apple (AAPL) has reached deals with American Express (AXP), JPMorgan (JPM), Citigroup (C), Capital One (COF), and Bank of America (BAC) to lower card transaction fees for its soon to be launched payments venture, said Bank Innovations, citing an earlier report from Tom Noyes and confirmation by its own sources. Apple has both convinced them to consider its transactions as “card present,” which carries a lower discount rate, and has also managed to bump down the actual “card present” rate by 15 to 25 basis points, according to people with knowledge of the matter, the report noted. Reference Link
September 4, 2014
16:00 EDTBACOptions Update; September 4, 2014
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07:44 EDTMSMorgan Stanley jv questioned by Chinese fraud investigators, FT says
Investigators from a Chinese regional prosecutors’ office visited the offices of Morgan Stanley’s joint venture as part of their probe into a former senior official who is detained under suspicion of taking bribes, reported Financial Times. Reference Link
06:54 EDTMSEuropean Commission clears Rosneft's purchase of Morgan Stanley's oil unit
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06:40 EDTMS, BACAgencies finalize liquidity rule for large banks
The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency finalized a rule yesterday that they said would strengthen the liquidity positions of large financial institutions. The rule will for the first time create a standardized minimum liquidity requirement for large and internationally active banking organizations., according to the agencies. Each institution will be required to hold high quality, liquid assets, or HQLA, such as central bank reserves and government and corporate debt that can be converted easily and quickly into cash in an amount equal to or greater than its projected cash outflows minus its projected cash inflows during a 30-day stress period, the agencies explained. The ratio of the firm’s liquid assets to its projected net cash outflow is its “liquidity coverage ratio,” or LCR, they said. The LCR will apply to all banking organizations with $250B or more in total consolidated assets or $10B or more in on-balance sheet foreign exposure and to these banking organizations’ subsidiary depository institutions that have assets of $10B or more, the agencies reported. The rule also will apply a less stringent, modified LCR to bank holding companies and savings and loan holding companies that do not meet these thresholds, but have $50B or more in total assets. Bank holding companies and savings and loan holding companies with substantial insurance or commercial operations are not covered by the final rule. The final rule is largely identical to the proposed rule, with a few key adjustments in response to comments from the public, the agencies stated. Those adjustments include changes to the range of corporate debt and equity securities included in HQLA, a phasing-in of daily calculation requirements, a revised approach to address maturity mismatch during a 30-day period, and changes in the stress period, calculation frequency, and implementation timeline for the bank holding companies and savings and loan companies subject to the modified LCR. 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).
September 3, 2014
10:00 EDTBACOn The Fly: Analyst Downgrade Summary
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09:02 EDTBACFirst South Bancorp purchases banking operations in North Carolina
First South Bancorp (FSBK) announced the signing of an agreement under which the Bank has agreed to purchase the branch banking operations of nine locations in North Carolina from Bank of America (BAC). The branch offices are located in Elizabethtown, Goldsboro, Kenansville, Kinston, Kitty Hawk, Morehead City, Mount Olive, Wallace and Wilson, North Carolina. The purchase is expected to add approximately $261.4M of deposits. The Bank has also agreed to purchase the fixed assets and a small amount of loans related to the purchased branches. The Bank expects the transaction to close in the fourth quarter of 2014, subject to approval by regulators and satisfaction of customary closing conditions. After the purchase of the branches, the Bank's franchise will increase from 26 to 35 banking offices. The transaction is expected to increase assets from $711M at June 30, 2014 to approximately $972M and deposits from $593M to approximately $854M at close.
07:29 EDTMS, BACFinal liquidity, swaps margin rules to be unveiled today, Reuters says
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07:19 EDTBACBank of America downgraded to Neutral from Buy at Nomura
Price target lowered to $17 from $18.
06:35 EDTBACJPMorgan in talks to sell oil-supply agreement to Bank of America, WSJ says
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06:34 EDTMS, BACFBI hasn't found evidence JPMorgan hack hit other big banks, WSJ reports
The FBI hasn't found any evidence to suggest that the recent breach at JPMorgan hit any of the other big U.S. banks, the Wall Street Journal reports, citing four people close to the probe. JPMorgan said it isn't experiencing "unusual amounts of fraud," and, according to two sources, consumers "likely don't face a serious risk." Reference Link
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