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Stock Market & Financial Investment News

News Breaks
December 4, 2012
17:51 EDTFMD, GSGoldman Sachs in pact to sell First Marblehead stake
Goldman Sachs has determined to sell all series B preferred stock beneficially owned as well as common Stock that, together, constitute 9.9% of the issuer’s outstanding common stock on an as-converted basis, in a private transaction.
News For GS;FMD From The Last 14 Days
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July 17, 2015
16:41 EDTGSStocks end week higher as Google, Greece bring out the buyers
Stocks ended the week higher and the major averages are back at record highs after Iran agreed to a nuclear deal, Greece's parliament paved the way for the country to receive another bailout by agreeing to new austerity measures and Google (GOOG) gave investors hope that earnings from tech's other heavyweights will be similarly better than expected. MACRO NEWS: In the U.S., retail sales unexpectedly fell 0.3% in June, versus the consensus forecast for growth of 0.3%. The producer prices index showed prices rose 0.4% in June, versus expectations for an increase of 0.2%. The consumer price index rose a seasonally adjusted 0.3% in June from a month earlier, matching the consensus forecast. Compared with last year, consumer prices rose 0.1%, marking the first annual increase since December. Housing starts rose 9.8% to a 1.17M rate in June and building permits rose 7.4% to a 1.34M pace, both of which topped expectations. The NAHB homebuilder sentiment index for July came in at 60, a point better than forecast. The University of Michigan's consumer sentiment reading dropped to 93.3 in the preliminary July figure, which was below the 96.0 reading that was expected. During testimony before Congress, Federal Reserve Chair Janet Yellen stayed on message, stating that the central bank is on track to raise record-low interest rates this year, so long as the labor market and the economy keep improving... In China, exports rose 2.1% from a year earlier during June and imports dropped 6.7%, leaving a trade surplus of $45.8B for the month, the nation's customs administration reported. The nation's GDP was reported to have grown 7% in the second quarter from a year earlier, beating the consensus expectation for growth of 6.8%... In Europe, Greek lawmakers passed the country's austerity agreement and Euro-area finance ministers reportedly agreed in principle to extend a bridge loan to Greece. The loan should help keep Greece afloat while its Prime Minister negotiates the details of the country's latest bailout... Iran reached a deal on restrictions and inspections intended to prevent it from developing nuclear weapons in exchange for the lifting of economic sanctions by six world powers. The agreement still faces a political fight in the U.S. before taking effect, but President Barack Obama has vowed to veto any congressional effort to block its implementation. COMPANY NEWS: Class A shares of Google (GOOG, GOOGL) surged at the end of the week after the search giant reported better than expected revenues and earnings in the second quarter. Research firms all over Wall Street raised their price targets on the stock in the wake of the report... Netflix (NFLX) rallied to a split-adjusted all-time high after the streaming service operator reported stronger than expected second quarter results, including higher than expected Q2 subscriber metrics, prompting a large number of research firms to raise their price targets on the stock... Many of the nation's largest banks reported on their results in the second quarter this week. JPMorgan (JPM), Bank of America (BAC) and Citigroup (C) all posted quarterly profits, excluding certain items, that beat the average estimates of analysts. Wells Fargo (WFC) reported earnings in-line with consensus estimates and revenue somewhat below expectations, while Goldman Sachs (GS) reported headline earnings that appeared to fall far short of the consensus forecast. However, that was due to Goldman's nearly $1.5B in provisions for litigation and regulatory matters. Excluding those provisions, the bank's earnings were ahead of consensus... On the M&A front, Receptos (RCPT) advanced after Celgene (CELG) announced a deal to buy the smaller drugmaker for $232 per share in cash, or a total of about $7.2B net of cash acquired. A number of research firms applauded the deal, especially noting the price Celgene agreed to pay, but cautioned that a rival bidder may still emerge for Receptos. Marathon Petroleum (MPC) gained after MPLX (MPLX), the company's fee-based master limited partnership, agreed to acquire MarkWest Energy (MWE) in a cash and stock deal that implies a total enterprise value for MarkWest of approximately $20B, including the assumption of debt of approximately $4.2B. Micron (MU) rose after The Wall Street Journal reported that China's state-owned Tsinghua Unigroup had offered to acquire the memory chip maker for $23B, or $21 per share... Shares of Twitter (TWTR) spiked Tuesday morning after a questionable takeover report was published on a website that mimicked, but had a different web address, than Bloomberg News. A Bloomberg spokesman said soon afterward that the Twitter takeover story being attributed to the news service was a fake, while a Twitter spokesperson also denied the report of an alleged deal... Macy's (M) jumped after Starboard CEO Jeffrey Smith called the stock his "best idea" for 2015, adding that the shares could be worth $125 each if the company takes steps to maximize the value of its real estate holdings. Amazon (AMZN) announced it sold more units on its first "Prime Day" than the biggest Black Friday ever and had more new members try its Prime service worldwide than any single day in company history. The e-commerce giant noted that its worldwide order growth increased 266% over the same day last year and 18% more than Black Friday 2014, adding that it will "definitely be" doing another Prime Day in the future. A number of semiconductor equipment stocks, including Applied Materials (AMAT) and Lam Research (LRCX), dropped after Intel (INTC) cut its capital expenditures guidance while reporting on its quarterly results. INDEXES: For the week, the Dow gained about 1.05% to close at 18,086.45, the Nasdaq advanced about 3.37% to close at 5,210.14, and the S&P 500 rose about 1.67% to close at 2,126.64.
14:00 EDTGSEarnings Watch: Morgan Stanley rounds out quarterly results for financial firms
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July 16, 2015
16:22 EDTGSOn The Fly: Top stock stories for Thursday
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12:12 EDTGSOn The Fly: Top stock stories at midday
Stocks began the session in positive territory after Greece's Parliament approved austerity measures that should pave the way for the country to receive a new bailout package. With earnings season gaining steam and the situations in Greece and China appearing more stable in recent days, the S&P and Nasdaq are back within striking distance of their all-time highs. ECONOMIC EVENTS: In the U.S., initial jobless claims dropped to 281,000 in the week ended July 11, versus expectations for 285,000 first-time claims. The NAHB homebuilder sentiment index for July came in at 60, a point better than forecast. The Philly Fed business outlook index dropped 9.5 points to 5.7 in July, falling short of the 12.0 reading that was expected. In Europe, Greek lawmakers passed the country's austerity agreement and Euro-area finance ministers also reportedly agreed in principle to extend a $7.6B bridge loan to Greece. The loan, which will come from the European Financial Stabilization Mechanism, should help keep Greece afloat while Prime Minister Alexis Tsipras negotiates the details of the country's three-year bailout. COMPANY NEWS: Netflix (NFLX) rallied 16% and hit a split-adjusted all-time high of $114.45 per share after the streaming service operator reported stronger than expected second quarter results, including higher than expected Q2 subscriber metrics, prompting a large number of research firms to raise their price targets on the stock... The third-largest U.S. bank, Citigroup (C), posted second quarter profit, excluding adjustments and one-time items, of $1.45 per share, beating the $1.34 average estimate of analysts. Goldman Sachs (GS) reported Q2 earnings per share of $1.98, which fell far short of the consensus forecast of $3.89. However, the firm recorded $1.45B in net provisions for litigation and regulatory matters, which reduced EPS for the quarter by $2.77. Goldman Chairman and CEO Lloyd Blankfein said the bank was "pleased" with its quarterly performance, adding that while "uncertainty in the EU" weighed on investors’ conviction, many of its businesses continued to benefit from generally improving economic conditions. Citi shares rose 3.5% following its report, while Goldman shares slipped a bit more than 1.5%... eBay (EBAY), which is set to split from PayPal (PYPL) in just a few days, reported better than expected earnings for the still-combined company. eBay also announced an additional $1B stock repurchase authorization, bringing its total buyback allowance to $3B, and confirmed it reached a deal to sell eBay Enterprise to a consortium consisting of Sterling Partners, Permira Funds and others for $925M. MAJOR MOVERS: Among the notable gainers was Amira Nature Foods (ANFI), which advanced 16% after the company reported earnings and said it sees "double-digit" revenue growth in its new fiscal year. Also higher was Philip Morris (PM), which gained 3% after reporting better than expected earnings and revenue, excluding certain items. Among the noteworthy losers was Rovi (ROVI), which dropped 16.5% after Netflix was granted a motion of summary judgment invalidating all five of the remaining Rovi patents that were being contested in litigation between the companies. Also lower was Garmin (GRMN), which fell 9% after reporting preliminary Q2 earnings that fell short of expectations, citing the negative impact of currency movements and a "more promotional pricing environment" in the fitness segment. INDEXES: Near midday, the Dow was up 35.47, or 0.2%, to 18,085.64, the Nasdaq was up 54.08, or 1.06%, to 5,153.02, and the S&P 500 was up 14.10, or 0.67%, to 2,121.50.
10:12 EDTGSGoldman Sachs shares down 1.25% to $210.30 as conference call continues
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10:09 EDTGSGoldman Sachs CFO says litigation charges 'very unpredictable'
Says digital banking effort "in early days." Says not sure how Fed will include GSIB in CCAR.
09:53 EDTGSGoldman Sachs says Greece news 'weighed on spread-sensitive parts of business'
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09:49 EDTGSGoldman Sachs CFO says conditions got tougher toward end of Q2
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09:45 EDTGSGoldman Sachs CFO says new regulations have leveled playing field
09:45 EDTGSGoldman Sachs: Potential share repurchases to be back-end weighted
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09:39 EDTGSGoldman Sachs says FICC faced 'difficult operating environment' in Q2
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09:08 EDTGSOn The Fly: Pre-market Movers
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07:42 EDTGSGoldman says recorded $1.45B in provisions for litigation, regulatory matters
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07:41 EDTGSGoldman Sachs reports Q2 investment management revenue up 14% to $1.65B
Net revenues in Investment Management were $1.65B for the second quarter of 2015, 14% higher than the second quarter of 2014 and 4% higher than the first quarter of 2015. The increase in net revenues compared with the second quarter of 2014 was due to significantly higher incentive fees, as well as higher management and other fees and transaction revenues. During the quarter, total assets under supervision increased $5 billion to $1.18T. Long-term assets under supervision increased $11B, including net inflows of $14B and net market depreciation of $3B, both primarily in fixed income assets. Liquidity products decreased $6B.
07:40 EDTGSGoldman Sachs reports Q2 institutional client services revenue $3.6B
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07:39 EDTGSGoldman Sachs reports Q2 investment banking revenue up 13% to $2.02B
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07:38 EDTGSGoldman Sachs CEO says 'pleased' with performance in Q2
"We are pleased with our performance for the quarter,” said Lloyd C. Blankfein, Chairman and CEO. “While uncertainty in the EU weighed on investors’ level of conviction, many of our businesses continued to benefit from generally improving economic conditions and healthy client activity.”
07:38 EDTGSGoldman Sachs reports Q2 EPS $4.75 ex-items, consensus $3.89
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07:37 EDTGSGoldman Sachs reports Common Equity Tier 1 ratio 11.8% at June 30
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07:36 EDTGSGoldman Sachs reports Q2 EPS $1.98, consensus $3.89
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