New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News For GS;JPM;USB;MS;BAC;WFC;C From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
<< 1 | 2 | 3 | 4 | 5 | 6 | 7 | all recent news | >>
March 6, 2015
13:06 EDTCCiti downgraded at Portales
As noted earlier, Portales downgraded Citi to Underperform from Sector Perform. The firm believes that the Fed will approve Citi's request to return capital to its shareholders, but predicts that the amount returned will be disappointing. Specifically, the firm thinks that Citi will return less than $7B to its shareholders. The firm also believes that 2015 earnings estimates for the bank will drop as early as mid-April.
12:35 EDTBACOn The Fly: Midday Wrap
Subscribe for More Information
10:55 EDTCCiti downgraded to Underperform from Sector Perform at Portales
Subscribe for More Information
10:35 EDTJPM, C, USB, WFC, BACBank of America advances after Fed reports stress test results
Subscribe for More Information
09:56 EDTMSMorgan Stanley rises, levels to watch
Shares are up over 2.7% to $36.52 at time of writing, putting $38.09 up as next resistance. Support is at $36.16.
09:52 EDTBACBank of America breaks out above 50-day moving average, levels to watch
The shares were last at $16.55, trading above the 50-day moving average at $16.39. This is a technically bullish trigger in many trading systems. Next resistance is at $16.79, a pivot high from February. Support is at the 50-day.
09:35 EDTCActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL YY TWTR C FB TSLA MNKD BIDU
09:31 EDTMSFiera Axium consortium acquires Montreal Gateway Terminals
Subscribe for More Information
09:11 EDTBACOn The Fly: Pre-market Movers
UP AFTER EARNINGS: YY Inc. (YY), up 8.6%... Skullcandy (SKUL), up 7.1%... Foot Locker (FL), up 5.5%... Finisar (FNSR), up 5.5%... AVEO Pharmaceuticals (AVEO), up 17.6% after reporting fourth quarter results and results from BATON-CRC study. ALSO HIGHER: Calithera Biosciences (CALA), up 37.1% after gaining license to TransTech hexokinase inhibitors... Ascent Solar (ASTI), up 9% after announcing partnership with Micro Center... Bank of America (BAC), up 2.4% following results of 2015 Dodd-Frank Stress Test. NOTABLE: Apple (AAPL), up 1.3% after taking AT&T's (T) spot in Dow Jones Industrial Average. AT&T is down 1.4%. DOWN AFTER EARNINGS: Violin Memory (VMEM), down 8.8%... Staples (SPLS), down 2.2%. ALSO LOWER: Sunshine Heart (SSH), down 30.8% after halting study enrollment after four patient deaths... AEterna Zentaris (AEZS), down 32.1% after raising $37M in a common stock and warrant offering... Conatus Pharmaceuticals (CNAT), down 14.4% following resignation of Chief Medical Officer... Darling Ingredients (DAR), down 2.4% after being downgraded to Neutral from Conviction Buy at Goldman... Lululemon (LULU), down 3.5% after being downgraded to Sell from Neutral at Goldman.
07:20 EDTBACBank of America capital plan likely to be approved, says RBC Capital
After Bank of America passed the Fed's stress test, RBC Capital believes that the bank's performance on the test will probably result in the Fed approving the bank's shareholder cash return request next week. The firm keeps a $19 price target and Outperform rating on Bank of America.
05:41 EDTCCiti upgraded to Outperform from Market Perform at Keefe Bruyette
Subscribe for More Information
March 5, 2015
18:21 EDTC, BACOn The Fly: After Hours Movers
UP AFTER EARNINGS: YY Inc. (YY), up 5.2%... Finisar (FNSR), up 5%... Martha Stewart Living (MSO), up 5.1%... Thor (THO), up 3.5%... The Fresh Market (TFM), up 2.5%... Cooper (COO), up 2.6%. ALSO HIGHER: Calithera Biosciences (CALA), up 39% after gaining license to TransTech hexokinase inhibitors... Bank of America (BAC), up 2% following results of 2015 Dodd-Frank Stress Test. DOWN AFTER EARNINGS: Checkpoint Systems (CKP), down 20.4%... Emergent BioSolutions (EBS), down 8.5%. ALSO LOWER: Gap (GPS), down 2.1% after reporting February sales... AEterna Zentaris (AEZS), down 13.7% after filing to sell common units, no amount given... Citigroup (C), down marginally following results of 2015 Dodd-Frank Stress Test.
18:08 EDTUSBU.S. Bancorp releases results of 2015 Dodd-Frank Stress Test
Subscribe for More Information
18:03 EDTMSMorgan Stanley releases results of 2015 Dodd-Frank Stress Test
Subscribe for More Information
18:00 EDTJPMJPMorgan releases results of 2015 Dodd-Frank Stress Test
Subscribe for More Information
17:58 EDTGSGoldman Sachs releases results of 2015 Dodd-Frank Stress Test
Tier 1 common ratio would be 6.3% in severe adverse scenario and Tier 1 risked based capital ratio would be 6.4%. Reference Link
17:24 EDTBACBank of America releases results of 2015 Dodd-Frank Stress Test
Subscribe for More Information
17:22 EDTWFCWells Fargo releases results of 2015 Dodd-Frank Stress Test
Subscribe for More Information
17:06 EDTCCiti releases results of 2015 Dodd-Frank Stress Test
Basel I Hybrid Tier 1 common ratio would be 11.1% in severe adverse scenario and Tier 1 risked based capital ratio would be 9.2%. Reference Link
16:47 EDTWFC, C, BAC, MS, GS, JPM, USBFed stress test reveal all 31 banks meet capital requirements
Subscribe for More Information
16:00 EDTBACOptions Update; March 5, 2015
Subscribe for More Information
15:07 EDTJPMJPMorgan weekly increases into part one of stress test results
JPMorgan March weekly call option implied volatility is at 30, March is at 20, April is at 18, June is at 17; compared to its 26-week average of 19 according to Track Data, suggesting non-directional price movement into near tem price movement into part one of stress test results.
15:05 EDTCCitigroup volatility elevated into part one of stress test results
Subscribe for More Information
15:04 EDTBACBank of America volatility elevated into stress test results
Subscribe for More Information
11:34 EDTCCostco sees FY15 CapEx $2.5B-$2.7B
Costco (COST) says plans to open 20 new locations for rest of FY15. Sees opening "just a few" locations in Q3, 18 in Q4, with 10 in the U.S. and 10 international locations. Says U.S. Canada renewal rates at 91% in Q2. Says co-branded credit card with Citi (C), Visa (V) to be fee free. Believes deal will benefit shareholders long-term. Still sees FY15 CapEx $2.5B-$2.7B. Reports Q2-end membership 32.7M. Comments made on the Q2 earnings conference call. Costco is up 1.98% to $150.09 in late morning trading.
09:36 EDTCActive equity options trading on open
Subscribe for More Information
07:57 EDTJPMBrookings Institution holds a discussion
Subscribe for More Information
07:18 EDTCCiti tax credits seen as advantage in winning Costco business, Reuters says
Subscribe for More Information
07:12 EDTBACUBS strengthens U.S. M&A unit with Evercore, Lazard, BofA hires, WSJ says
Subscribe for More Information
06:03 EDTCCiti sells 9.9% stake in Akbank for $1.15B
Subscribe for More Information
March 4, 2015
16:02 EDTCOptions Update; March 4, 2015
iPath S&P 500 VIX Short-Term Futures down 6c to 27.22. Option volume leaders: AAPL TSLA TWTR AA PBR NFLX MNKD FB BMY C according to Track Data.
11:34 EDTCCiti OneMain sale, Costco win both positive for shares, says Morgan Stanley
Subscribe for More Information
11:29 EDTWFCSEC charges Wells Fargo's H.D. Vest with violating consumer protection rules
Subscribe for More Information
11:25 EDTJPM, GSJPMorgan, Goldman Sachs win dismissal of price fixing claims, Reuters says
U.S. District Judge Katherine Forrest has dismissed the aluminum price fixing lawsuit against JPMorgan (JPM), Goldman Sachs (GS), and Pacorini Metals, reports Reuters. Forrest stated the evidence failed to suggest the companies participated in unlawful conduct. Reference Link
11:16 EDTJPM, GSJPMorgan, Goldman Sachs win dismissal of aluminum price-fixing suit, CNBC says
CNBC said in a tweet that JP Morgan and Goldman Sachs have won the dismissal of a U.S. aluminum price-fixing lawsuit. Reference Link
08:21 EDTCCiti sales of OneMain positive, says Bernstein
Subscribe for More Information
08:00 EDTCCiti, MasterCard sign new global 10-year agreement
Subscribe for More Information
07:22 EDTC, JPM, USB, WFC, BACBanks, not Apple, on hook for 'post-Apple Pay fraud,' says Trustev
Subscribe for More Information
March 3, 2015
16:23 EDTCOn The Fly: Closing Wrap
Stocks on Wall Street were lower, as the major averages receded from record levels. The Dow and S&P 500 closed yesterday at all-time highs, though the market was unable to build upon those records. Auto sales for February included disappointments for several companies, but that was quickly blamed on the poor weather during the month. With the economic calendar light, investors began looking forward to end of the week, when the highly anticipated monthly nonfarm payrolls are released. ECONOMIC EVENTS: In the U.S., no major economic data was reported. COMPANY NEWS: Automakers reported on their sales in the U.S. during February, with several falling short of expectations. Ford (F) reported sales fell about 2% last month compared to the prior year, and its stock fell 40c, or 2.41%, to $16.17 afterward. Shares of Fiat Chrysler (FCAU), which reported a 6% increase in U.S. sales last month, declined 52c, or 3.28%, to $15.31. General Motors (GM) reported its February U.S. sales rose a bit over 4%, but that was below the nearly 6% increase that had been forecast by analysts, and shares gained 19c, or 0.51%, to $37.80... Target (TGT) shares gained 32c, or 0.41%, to $78.00 as the company held its investor day meeting. During the meeting, the retailer guided for its fiscal 2015 EPS to be $4.45-$4.65, versus consensus $4.50, and projected that its sales will grow 2%-3% during the fiscal year. Target also said it is targeting $2B in share repurchases this year and said it expects 5%-10% annual dividend growth. MAJOR MOVERS: Among the notable gainers was Orexigen (OREX), which surged $1.85, or 31.95%, to $7.64 after the company disclosed that its weight loss drug, Contrave, demonstrated a statistically significant benefit over placebo for cardiovascular events when announcing a method of treatment patent was issued by the USPTO. Also higher was Springleaf Holdings (LEAF), which gained $12.19, or 32.05%, to $50.23 after agreeing to acquire OneMain Financial from Citigroup (C) for $4.25B. Among the noteworthy losers was Primoris Services (PRIM), which fell $3.87, or 18.35%, to $17.22 after reporting fourth quarter results that fell short of consensus expectations and were below last year’s fourth quarter. Also lower were shares of Micron (MU), which fell $1.58, or 5.06%, to $29.66 after Nomura downgraded the stock to Neutral from Buy. INDEXES: The Dow fell 85.26, or 0.47%, to 18,203.37, the Nasdaq lost 28.20, or 0.56%, to 4,979.90, and the S&P 500 declined 9.61, or 0.45%, to 2,107.78.
16:01 EDTBAC, COptions Update; March 3, 2015
Subscribe for More Information
13:04 EDTJPMJPMorgan weekly flat into stress test results
Subscribe for More Information
10:20 EDTJPMJPMorgan to pay $50M in settlement with Justice Department
Subscribe for More Information
10:12 EDTCCitigroup volatility elevated into stress test results
Subscribe for More Information
10:00 EDTCOn The Fly: Analyst Upgrade Summary
Subscribe for More Information
09:35 EDTCActive equity options trading on open
Subscribe for More Information
07:31 EDTCFortress Co-Chairman Wes Edens comments on Springleaf acquisition of OneMain
Subscribe for More Information
07:15 EDTCSpringleaf to host conference call
Subscribe for More Information
06:50 EDTJPMJPMorgan's consumer business outshining its investment bank, NY Times says
In a reversal from the last several years, JPMorgan's consumer banking business seems to be performing better than its investment bank, The New York Times wrote, after viewing presentations by the heads of both banks. The head of the consumer bank, Gordon Smith, is in line to succeed Jamie Dimon as JPMorgan's CEO if he steps down in the near future, the newspaper noted. Reference Link
06:34 EDTCCiti confirms sale of OneMain Financial To Springleaf to $4.25B
Subscribe for More Information
06:32 EDTCSpringleaf confirms acquisition of Citi's OneMain for $4.25B
Subscribe for More Information
06:06 EDTCCiti upgraded to Overweight from Neutral at JPMorgan
JPMorgan upgraded Citigroup (C) to Overweight saying the Costco (COST) co-branding credit card deal announced yesterday will add to revenue growth and return on assets. Further, the firm expects the Federal Reserve to approve Citi's capital return in 2015 and for the banking giant to achieve its operating efficiency targets this year. It upped its price target for shares to $58 from $54. Citi closed Monday up $1.07 to $53.49.
05:37 EDTCSpringleaf close to buying Citi's OneMain for $4.25B, WSJ reports
Springleaf (LEAF) could announce as early as today a deal to acquire Citi's (C) OneMain Financial for about $4.25B, Wall Street Journal reports, citing people familiar with the matter. Reference Link
March 2, 2015
17:08 EDTBAC, GSOverstock.com market-riggin case to proceed
Overstock.com (OSTK) announces that due to the California Supreme Court's decision last week not to review a lower appellate court ruling, relevant discovery materials gained in its long-fought battle with Goldman Sachs (GS) and Merrill Lynch (BAC) will be released to the public, and it will be proceeding to trial against Merrill Lynch. In a suit filed in 2007, Overstock.com alleged certain brokerages engaged in illegal market manipulation in a deliberate effort to manipulate Overstock.com's share prices. Over many years and millions of dollars of discovery generating millions of documents, it fashioned its case against some of the premier brokerages on Wall Street. As was previously disclosed in a filing with the SEC in December 2010, Overstock.com entered into a settlement with certain other defendants in the aggregate amount of $4.44M, the terms of which are confidential. In January 2012, a California trial court decided that relevant portions of the voluminous discovery records regarding Goldman and Merrill should be made public, but dismissed the case on narrow, technical grounds. Last week's decision by the California Supreme Court not to review the appellate court ruling means that the process for public release of information gathered through the discovery process may now proceed, and also the trial against Merrill Lynch. Overstock SVP and General Counsel Mark Griffin added, "It is unfortunate the Court has decided that, despite the substantial evidence against Goldman Sachs, due to jurisdictional grounds they cannot be made to account for it in a California courtroom. Overstock looks forward to making that evidence available to the public for review, and we can't wait to get Merrill Lynch in front of a jury, and let them decide what to do about these manipulative stock market abuses."
16:02 EDTBAC, COptions Update; March 2, 2015
iPath S&P 500 VIX Short-Term Futures down 91c to 26.70. Option volume leaders: AAPL TSLA TWTR MBI MCD NFLX AMZN GOOG BAC C according to Track Data.
12:20 EDTMSNew York Attorney General to sue Morgan Stanley over subprime deals
In a regulatory filing submitted Monday, Morgan Stanley stated that on January 13, the New York Attorney General’s Office indicated that it intends to file a lawsuit related to approximately 30 subprime securitizations sponsored by the company. NYAG indicated that the lawsuit would allege that the company misrepresented or omitted material information related to the due diligence, underwriting and valuation of the loans in the securitizations and the properties securing them and indicated that its lawsuit would be brought under the Martin Act. The company does not agree with NYAG’s allegations and has presented defenses to them.
11:24 EDTCCiti CFO sees Q1 fixed-income, equity markets revenue declining, Reuters says
Citi CFO John Gerspach sees revenue from fixed-income and equity markets declining by mid-to-high single-digits in Q1 y/y due to the Swiss currency reevaluation and a "slow start" in spread products, reports Reuters, citing an investor conference. Reference Link
10:41 EDTJPMJPMorgan investment banking head sees 'very active' year, Bloomberg says
Dorothee Blessing, JPMorgan's vice chairman of EMEA investment banking, stated in a Bloomberg interview that “We expect 2015 to continue to be very active," similar to last year's cross-border deals and transactions in health care and telecoms, media and technology. Blessing said , "We see a continuous flow of ECM activity this year and the pipeline for IPOs is robust.” Separately today, she appointed Callum Mitchell-Thomson as head of investment banking for Germany. Reference Link
10:02 EDTJPM, CSantander names Scott Powell CEO of Santander Holdings USA
Subscribe for More Information
09:03 EDTUSBU.S. Bancorp announces working with Samsung mobile payment service
Subscribe for More Information
08:38 EDTGSGoldman cuts Singapore investment-banking team nearly a third, Bloomberg says
Subscribe for More Information
08:11 EDTCCapital One slips after Costco enters co-brand card pact with Visa, Citi
Shares of Capital One (COF) are slipping in pre-market trading after Costco Wholesale (COST) announced it has entered into a new co-brand credit card program agreement with Citi (C) and an acceptance and co-brand incentive agreement with Visa (V). The Fly notes that on February 12 American Express (AXP) announced that its U.S. co-brand and merchant acceptance agreements with Costco are set to end on March 31, 2016. On October 1 of last year, MasterCard Canada (MA) entered into an agreement with Costco Canada to open credit card acceptance to MasterCard cardholders. In addition, Capital One rolled out a new cobranded MasterCard credit card with Costco Canada at that time, which may have led some to speculate that Capital One and MasterCard could have the inside track for a U.S. deal with Costco. In pre-market trading, Capital One shares slid 0.56% to $78.27 and MasterCard shares slipped fractionally lower to $90.
08:06 EDTCCostco enters long-term co-brand credit card agreement with Citi, Visa
Costco Wholesale (COST) announced it has entered into a new co-brand credit card program agreement with Citi (C) and an acceptance and co-brand incentive agreement with Visa (V). The implementation of these agreements is subject to the purchase of the existing co-brand credit card portfolio by Citi. Under the terms of the agreements, Citi, the world's largest issuer of consumer credit cards, would become the exclusive issuer of Costco's co-brand credit cards and Visa will replace American Express as the credit card network for Costco in the United States and Puerto Rico beginning April 1, 2016. Once issued, Costco's co-brand Visa credit card would provide generous rewards to Costco members, serve as the Costco membership card, and would be accepted at Costco locations in the United States and Puerto Rico, as well as all merchants worldwide that accept Visa credit cards. Costco will provide its members with additional information in the coming months regarding the anticipated transition from its existing co-brand credit card program.
08:06 EDTCCostco enters long-term co-brand credit card agreement with Citi, Visa
Subscribe for More Information
07:50 EDTCCitigroup volatility elevated into stress test results
Subscribe for More Information
07:43 EDTMSBrookings Institution holds a discussion
Subscribe for More Information
06:41 EDTWFCWells Fargo to place limit on subprime auto loans, NY Times reports
Wells Fargo has decided to limit the dollar volume of its subprime auto loans to 10% of its overall auto loan originations, bank executives said, according to The New York Times. Reference Link
06:24 EDTGSGoldman Sachs to launch messaging service for banks by July, NY Post says
Subscribe for More Information
06:23 EDTJPMBanco Santander's U.S. unit expected to name Powell as CEO, WSJ reports
Santander Holdings USA, the U.S. unit of Banco Santander (SAN), is expected to announce as today that Scott Powell will become its new CEO, sources tell The Wall Street Journal. Powell, a former head of JP Morgan Chase's (JPM) consumer-banking operations, would replace Roman Blanco. Reference Link
06:16 EDTCCiti CEO, CFO may be pressured to leave if bank fails stress test, FT says
Citi is preparing for the results of the Federal Reserve's capital distribution stress test and if the bank were to fail, CEO Mike Corbat, CFO John Gerspach, and head of risk Brian Leach will be pressured by investors to step down, reports the Financial Times, citing two anonymous Citi executives. Reference Link
March 1, 2015
13:05 EDTWFCBerkshire's Buffett says 2015 will be 'tough year' for 'Big Four' investments
Subscribe for More Information
February 27, 2015
16:19 EDTBACBank of America files mixed securities shelf
Subscribe for More Information
16:06 EDTC, BACOptions Update; February 27, 2015
Subscribe for More Information
10:45 EDTC, BACBank of America falls after analyst warns of potential Fed test failure
Subscribe for More Information
09:58 EDTBACOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 500.com (WBAI) downgraded to Hold from Buy at Deutsche Bank... Akorn (AKRX) downgraded to Hold after share rally at Needham... Allscripts (MDRX) downgraded to Market Perform from Outperform at Leerink... Bank of America (BAC) downgraded to Neutral from Buy at UBS... Bill Barrett (BBG) downgraded to Hold from Buy at KLR Group... CA Technologies (CA) downgraded to Underperform from Neutral at Credit Suisse... CBOE Holdings (CBOE) downgraded at BofA/Merrill... CONE Midstream (CNNX) downgraded to Sector Perform from Outperform at RBC Capital... Calamos (CLMS) downgraded to Underperform from Neutral at Credit Suisse... Crane (CR) downgraded to Market Perform from Outperform at FBR Capital... Dick's Sporting (DKS) downgraded to Equal Weight from Overweight at Barclays... EnerNOC (ENOC) downgraded to Buy from Strong Buy at Needham... Hercules Offshore (HERO) downgraded to Sell from Buy at Deutsche Bank... Insulet (PODD) downgraded at Oppenheimer... Intelsat (I) downgraded to Underperform from Neutral at Credit Suisse... Laredo Petroleum (LPI) downgraded to Market Perform from Outperform at Northland... Mavenir Systems (MVNR) downgraded to Equal Weight from Overweight at Morgan Stanley... Memorial Production (MEMP) downgraded to Underperform from Perform at Oppenheimer... Mobileye (MBLY) downgraded to Neutral from Buy at Dougherty... NTELOS (NTLS) downgraded to Market Perform from Outperform at Wells Fargo... Ocwen (OCN) downgraded to Sell from Neutral at Compass Point... Pegasystems (PEGA) downgraded to Neutral from Buy at Merriman... Performant Financial (PFMT) downgraded to Neutral from Buy at Compass Point... Pharmacyclics (PCYC) downgraded to Neutral from Buy at Goldman... Potbelly (PBPB) downgraded to Underweight from Overweight at Piper Jaffray... SYNNEX (SNX) downgraded to Hold from Buy at Stifel... Safe Bulkers (SB) downgraded at Credit Suisse... Sarepta (SRPT) downgraded to Market Perform from Outperform at Cowen... Seadrill Partners (SDLP) downgraded to Sector Perform from Outperform at RBC Capital... Spirit Realty (SRC) downgraded at RBC Capital... Transocean (RIG) downgraded to Sector Perform from Outperform at Iberia... UIL Holdings (UIL) downgraded to Neutral from Outperform at RW Baird... WCI Communities (WCIC) downgraded to Neutral from Buy at Citigroup... Walter Investment (WAC) downgraded to Neutral from Outperform at Credit Suisse.
09:42 EDTBACBank of America falls as Chief Accounting Officer, two directors, step down
Subscribe for More Information
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
08:37 EDTCCiti likely to return 44% of 2015 earnings to shareholders, says Bernstein
Subscribe for More Information
08:29 EDTJPMJPMorgan, Deutsche Bank pause plans for $2B Argentina bond sale, WSJ says
Deutsche Bank (DB) and JP Morgan (JPM) have suspended plans to sell $2B of Argentinian bonds after a U.S. district judge ordered an emergency hearing on the potential sale, reports the Wall Street Journal, citing people familiar with the matter. The sources said the banks believed they had found a way to sell the bonds without being blocked by a prior U.S. court ruling.Reference Link
08:01 EDTWFCWells Fargo fires Ocwen as bond overseer, hires Credit Suisse, Bloomberg says
Wells Fargo (WFC) has issued notices to Ocwen (OCN) terminating it as overseer of debt backing for two bond deals, reports Bloomberg, citing letters sent from Wells Fargo to bondholders. Wells Fargo stated in notices sent to bondholders that a majority of investors felt the move was correct. Wells Fargo plans to transfer responsibility to Credit Suisse (CS). Reference Link
07:17 EDTGS, BACUniversity 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
Subscribe for More Information
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
16:00 EDTCOptions Update; February 26, 2015
iPath S&P 500 VIX Short-Term Futures down 33c to 27.78. Option volume leaders: AAPL TSLA TWTR C ZNGA MCD RIG NFLX according to Track Data.
15:02 EDTMS, GS, BAC, JPM, WFC, C, USBFed 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 EDTJPM, BAC, CBarclays 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 EDTGS, WFC, BAC, USB, C, JPM, MSNew York regulator considering cybersecurity, cash laundering controls, WSJ says
Subscribe for More Information
10:35 EDTGSGoldman Sachs shakes up mergers and acquisitions group, Financial Times says
Subscribe for More Information
February 25, 2015
17:40 EDTMSMorgan Stanley agrees to $2.6B mortgage settlement with U.S.
Subscribe for More Information
17:37 EDTMSMorgan Stanley agrees to $2.6B mortgage settlement with U.S.
Subscribe for More Information
17:36 EDTCCiti discloses money laundering inquiries, says fully cooperating
Subscribe for More Information
13:34 EDTJPMDeutsche Bank hires JPMorgan senior banker Jeff Urwin
Subscribe for More Information
09:01 EDTMSMorgan Stanley says Apple Pay available for Wealth Management clients
Subscribe for More Information
08:47 EDTJPMJPMorgan valuation discount overdone, says Goldman
Subscribe for More Information
08:33 EDTJPMJPMorgan core franchise outlook positive, says Bernstein
Subscribe for More Information
08:28 EDTMSMorgan Stanley reportedly near deal for Montreal cargo facility, Bloomberg says
Subscribe for More Information
06:36 EDTGSGoldman Sachs looking to launch energy debt investment fund, NY Times reports
Subscribe for More Information
06:23 EDTJPMJPMorgan in talks with DOJ over auto loan pricing
Subscribe for More Information
06:13 EDTJPMJPMorgan to close 300 bank branches over two years, AP reports
Subscribe for More Information
February 24, 2015
16:06 EDTCOptions Update; February 24, 2015
Subscribe for More Information
14:43 EDTBACBofA head of Americas equitites leaving company, Bloomberg reports
Subscribe for More Information
12:12 EDTBACBank of America head of equities for America leaving bank, Bloomberg says
10:53 EDTJPMJPMorgan rises, levels to watch
Subscribe for More Information
09:25 EDTJPMJPMorgan sees pro forma net income growing to about $30B over 3 year horizon
Subscribe for More Information
09:11 EDTJPMJPMorgan CFO says will 'aggressively' manage G-SIB exposures
CFO Lake says may take at actions to reduce G-SIB buffer to 4% if required actions are accretive.
09:06 EDTJPMJPMorgan CFO says company seeks to raise dividends if approved
Subscribe for More Information
09:01 EDTJPMJPMorgan expects legal costs to ease, but remain above pre-crisis levels
08:55 EDTJPMJPMorgan expect net charge offs to remain low at $4B+ in 2015
Subscribe for More Information
07:21 EDTC, BAC, JPM, GS, MSSecurities Industry & Financial Markets Association to hold a conference
Subscribe for More Information
07:12 EDTWFCWells Fargo to hold a conference
Subscribe for More Information
06:15 EDTGS, JPMBanks probed for possible rigging of precious metals markets, WSJ reports
Officials in the U.S. are investigating at least 10 major banks for potential rigging of precious-metals markets, sources tell The Wall Street Journal. The DOJ's antitrust unit are investigating the price-setting process for gold, silver, palladium and platinum in London, while the CFTC has begun a civil investigation, with both agencies making requests for information, including a subpoena to HSBC (HSBC) from the CFTC. According to a source, Credit Suisse (CS), JP Morgan (JPM), UBS (UBS), Societe Generale (SCGLY), Bank of Nova Scotia (BNS), Barclays (BCS), Goldman Sachs (GS) and Deutsche Bank (DB) are also under investigation. Reference Link
06:12 EDTJPMJPMorgan plans to charge fees for deposits from large clients, WSJ says
JPMorgan is planning to charge corporate clients, hedge funds, private-equity firms, and foreign banks for deposits due to regulatory rules that impose costs on holding money viewed as "prone to fleeing" during financial stress, reports the Wall Street Journal, citing an internal memo and people familiar with the plan. Clients will be asked to pay a fee or move funds to other products such as money-fund sweep accounts. Retail customers are unaffected. Reference Link
February 23, 2015
16:00 EDTCOptions Update; February 23, 2015
Subscribe for More Information
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
11:08 EDTJPMJPMorgan weekly volatility elevated into investor day
Subscribe for More Information
09:39 EDTCActive equity options trading on open
Subscribe for More Information
08:57 EDTJPMJPMorgan to host investor day
Subscribe for More Information
06:52 EDTGSGoldman Sachs sees $3B in possible legal costs above reserves
Subscribe for More Information
February 20, 2015
16:20 EDTCOn The Fly: Closing Wrap
Stocks on Wall Street opened in negative territory with time running out for Greece to reach an extension of its bailout agreement. The morning was filled with headlines from both Greek and eurozone finance leaders, many of which indicated that prospects for a deal looked grim. When reports surfaced that an agreement on an extension had been reached the Dow took off and hit its first new high of 2015. The S&P 500 followed to its own new high and the Nasdaq continued to close in on the 5,000 level. ECONOMIC EVENTS: In the U.S., Markit's flash PMI rose to 54.3 in February, versus the consensus forecast for a preliminary reading of 53.6 for the month. In Europe, the Eurogroup and Greece reached a tentative deal for an extension of the current EFSF Master Financial Assistance Facility Agreement for up to four months. The deal is predicated on Greek authorities presenting a first list of reform measures, based on the current arrangement, by the end of Monday. Also, the Eurozone flash composite PMI came in at 53.5, versus expectations for a reading of 53. The services PMI was better than expected, while the manufacturing PMI was lower than expected. COMPANY NEWS: Deere reported Q1 earnings per share of $1.12 and revenue of $6.38B, which beat consensus forecasts of 84c and $5.59B, respectively. However, Deere said company equipment sales are projected to decrease about 17% for fiscal 2015 and now sees net income to be about $1.8B, which is down from the company's prior net income outlook of $1.9B. Analysts at Wells Fargo calculate that the implied EPS guidance from Deere dropped to $5.25 from $5.50. Consensus for FY15 EPS prior to Deere's report was $5.51. Shares of the farm, construction and forestry equipment maker rose 72c, or 0.79%, to $92.43 following this morning's report. MAJOR MOVERS: Among the notable gainers was National Bank of Greece (NBG), whose shares trading in New York jumped 35c, or 21.74%, to $1.96 after the Greek aid extension deal was negotiated. Also higher was Springleaf (LEAF), which gained $4.40, or 12.88%, to $38.57 after Reuters reported that the company has beaten out rival bidders and is in advanced talks to buy consumer finance unit OneMain Financial from Citigroup (C) for more than $4B. Two stock that dropped after their earnings reports prompted multiple analyst downgrades were Noodles & Company (NDLS), which plunged $8.84, or 31.87%, to $18.90, and Rocket Fuel (FUEL), which fell $3.95, or 26.74%, to $10.82. INDEXES: The Dow rose 154.67, or 0.86%, to 18,140.44, the Nasdaq gained 31.27, or 0.63%, to 4,955.97, and the S&P 500 advanced 12.85, or 0.61%, to 2,110.30.
15:05 EDTCSpringleaf in lead to buy OneMain for over $4B, Reuters says
Subscribe for More Information
14:18 EDTCSpringleaf in advanced talks to buy OneMain from Citi for over $4B, Reuter says
Subscribe for More Information
10:47 EDTCNY AG says Santander Bank to adopt new policies regarding use of ChexSystems
New York Attorney General Eric T. Schneiderman announced that Santander Bank, N.A. (SAN) has agreed to adopt new policies governing its use of ChexSystems, a consumer-reporting agency that screens people seeking to open checking or savings accounts. Santander’s new policies are expected to allow thousands of additional New Yorkers and consumers nationwide to open bank accounts by September 30. The change comes amid concerns that screenings by ChexSystems and other consumer-reporting agencies, which are used by most of the nation’s banks, adversely affect lower-income applicants and force them to turn to high-cost alternative financial services like check-cashing outlets. With this agreement, Santander now joins Capital One (COF) and Citibank (C) as the third bank to commit to overhaul its use of ChexSystems. The three banks operate a combined 613 branches across New York State and 2,822 branches nationwide.
08:54 EDTCCiti confirms retirement of global consumer banking head Manuel Medina-Mora
In a filing, Citigroup said that on February 18, Manuel Medina-Mora, Citi’s Co-President and CEO, Global Consumer Banking, submitted a notice of retirement to Citi. The effective date of the retirement is June 1.
08:43 EDTCCiti's head of consumer banking set to retire in June, WSJ reports
Citigroup co-president and head of consumer banking, Manuel Medina-Mora, is planning to retire in June, The Wall Street Journal reports, citing memos sent by Medina-Mora and Citigroup CEO Michael Corbat. Medina-Mora is expected to stay with the bank as the non-executive chairman of Banamex. Citigroup plans to name a new head of the consumer bank "in the near future." Reference Link
06:03 EDTJPMAnn Inc. working with JPMorgan on potential sale, Bloomberg reports
Subscribe for More Information
<< 1 | 2 | 3 | 4 | 5 | 6 | 7 | all recent news | >>

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the theflyonthewall.com disclaimer & terms of use