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Stock Market & Financial Investment News

News For GS;JPM;USB;MS;BAC;WFC;C From The Last 14 Days
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July 14, 2015
12:28 EDTWFC, JPMOn The Fly: Top stock stories at midday
Stocks on Wall Street were higher at midday despite data showing that retail sales unexpectedly fell last month. With a nuclear pact agreed to by Iran and the Greek debt crisis pushed to the back burner for the time being, earnings are set to take center stage, beginning with the reports this morning from two of the country's biggest banks and a bluechip healthcare conglomerate. With stocks working on their fourth consecutive day in positive territory, the Dow has pushed back above the 18,000 level. ECONOMIC EVENTS: In the U.S., retail sales unexpectedly fell 0.3% in June, versus expectations for growth of 0.3%. If autos and gas are removed from the data, the core reading was down 0.2%, versus expectations for it to be up 0.4%. The import price index fell 0.1% last month, versus expectations for it to be up 0.1%. Business inventories grew 0.3% in May, matching the consensus expectation. In Europe, Bank of England Governor Mark Carney told U.K. officials that “the point at which interest rates may begin to rise is moving closer.” Additionally, Iran reached a deal on restrictions and inspections intended to prevent it from developing nuclear weapons in exchange for the lifting of economic sanctions on the Islamic Republic 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: Twitter (TWTR) shares spiked late in the morning after a questionable takeover report appeared on a website that attempted to mimic Bloomberg. A Bloomberg spokesman said soon afterward that the Twitter takeover story being attributed to the news service is a fake, while a Twitter spokesperson also denied the report of an alleged deal in a statement to Reuters... The nation's largest bank, JPMorgan (JPM), earned $1.54 per share in earnings in the second quarter of the year, which was up from the same period of last year and above the $1.44 per share consensus estimate. Peer Wells Fargo (WFC) reported quarterly earnings that were in-line with expectations on a revenue that, like JPMorgan, was a bit below the consensus forecast. Shares of each of the banks rose about 1% near noon following their reports... Dow member Johnson & Johnson (JNJ), however, slipped about 1% after reporting better than expected earnings, revenue that was in-line with expectations and raising its fiscal year adjusted profit forecast. MAJOR MOVERS: Among the notable gainers was Micron (MU), which jumped 11% after The Wall Street Journal reported last night that China's state-owned Tsinghua Unigroup had offered to acquire the memory chip maker for $23B, or $21 per share. Also higher was Matrix Service (MTRX), which gained 18% after the Oil & Gas industry service provider issued guidance for its revenue and earnings in fiscal 2016. Among the noteworthy losers was Vince Holding (VNCE), which sunk 19% after the fashion brand owner announced the resignation of its CEO, which follows the resignation of its CFO less than a month ago. Also lower was Navient (NAVI), which fell 10% after the company lowered its outlook to reflect marketplace conditions for private loan portfolio purchases and its cost of funds. INDEXES: Near midday, the Dow was up 60.30, or 0.34%, to 18,037.98, the Nasdaq was up 34.68, or 0.68%, to 5,106.20, and the S&P 500 was up 8.21, or 0.39%, to 2,107.81.
12:02 EDTJPMJPMorgan downgraded to Sector Perform from Outperform at Portales
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10:54 EDTWFCWells Fargo says home purchases in Q2 'strongest' in some time
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10:24 EDTWFCWells Fargo says ongoing U.S. economic expansion 'on track'
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09:56 EDTCScotiabank to acquire Citi's Retail, Commercial Banking ops in Panama, Costa Rica
Scotiabank (BNS) announced that an agreement has been reached to acquire Citigroup's (C) retail and commercial banking businesses in Panama and Costa Rica, subject to regulatory approval. Scotiabank's common equity tier one capital ratio will be impacted by approximately 15 basis points. This transaction will aim to provide a significant lift to the Bank's market share in credit cards to approximately 18% in Panama and 15% in Costa Rica, ranking Scotiabank number two in both countries in this segment. This acquisition will nearly triple Scotiabank's customer base in these two countries from approximately 137,000 to 387,000. Citibank's operations in Costa Rica and Panama include 27 branches which serve more than 250,000 retail and commercial banking customers. The agreement also includes the assumption of Citigroup employees from the retail and commercial banking businesses in Panama and Costa Rica by Scotiabank Panama and Costa Rica, respectively. Until the transaction receives the necessary regulatory approvals, all operations, branches, products and benefits programs will continue to operate as usual. Scotiabank and Citibank will work together to ensure a smooth transition for customers and employees.
09:42 EDTJPMDimon says may not be on JPMorgan's future earnings calls
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09:35 EDTBAC, JPMActive equity options trading on open
Active equity options trading on open: AAPL FB BAC T AMZN BABA INTC JPM LVS AAL CHK MSFT
09:33 EDTGS, BACSEC to hold an outreach program
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09:20 EDTJPM, WFCOn The Fly: Pre-market Movers
HIGHER: Natural Health Trends Corp. (NHTC), up 16.2% following second quarter guidance... Transgenomic (TBIO), up 14% after launching genetic test for Leukodystrophy diagnosis... Biocept (BIOC), up 12.4% after launching diagnostic assay for BRAF mutations in melanoma patients... Micron (MU), up 13.1% after WSJ reports that Tsinghua made $23B acquisition offer... SanDisk (SNDK) and AMD (AMD) are up 3.8% and 3.1%, respectively, following reports of Tsinghua offer to Micron... GoPro (GPRO), up 3.2% after being upgraded to Overweight from Equal Weight at Barclays. DOWN AFTER EARNINGS: Wells Fargo (WFC), down 1%... JPMorgan (JPM), down fractionally. ALSO LOWER: Vince Holding (VNCE), down 16.3% after being downgraded to Market Perform from Outperform at William Blair... Tonix Pharmaceuticals (TNXP), down 8.3% after 2.3M share Spot Secondary priced at $7.50... Spirit Airlines (SAVE), down 7.4% after pricing pressure leads to reduced fiscal 2015 margin view... Orbitz Worldwide (OWW), down 2.8% after being downgraded to Sell from Neutral at UBS.
09:07 EDTJPMJPMorgan CFO says possibly could reserve for downgrades of O&G clients
JPMorgan CFO Marianne Lake noted that additional oil & gas provisioning doesn't "necessarily translate" to losses.
08:56 EDTBACMorgan Stanley names 'Vintage Values 2016' list
Morgan Stanley named its "Vintage Values 2016" list, comprised of the firm's analysts' best ideas to hold over the next 12 months. Included on the list are Ameriprise (AMP), Apple (AAPL), Bank of America (BAC), Comcast (CMCSA), Crown Castle (CC), Estee Lauder (EL), Hilton (HLT), Ingersoll-Rand (IR), LinkedIn (LNKD), Magna (MGA), Marathon Oil (MRO), McKesson (MCK), Oaktree Capital (OAK), Thermo Fisher (TMO) and Visa (V).
08:38 EDTJPMLake says JPMorgan 'largest, fastest growing' in mobile among big U.S. banks
JPMorgan CFO Marianne Lake is speaking on the company's second quarter earnings conference call.
08:35 EDTJPMJPMorgan CFO Lake says 'meaningful progress' made on balance sheet in Q2
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08:05 EDTWFCWells Fargo expects to operate within targeted efficiency ratio for FY15
Wells Fargo said its noninterest expense declined $38 million from the prior quarter to $12.5 billion, primarily due to lower employee benefits, which were seasonally elevated in first quarter 2015. This decline was partially offset by higher operating losses, reflecting higher litigation accruals for various legal matters, as well as higher salaries, outside professional services, and advertising and promotion expense. The efficiency ratio improved to 58.5 percent in second quarter 2015, compared with 58.8 percent in the prior quarter. The company expects to operate within its targeted efficiency ratio range of 55 to 59 percent for full year 2015.
08:04 EDTWFCWells Fargo reports Q2 credit losses $650M vs. $708M last quarter
Wells Fargo said "Credit losses were $650 million in second quarter 2015, compared with $708 million in the first quarter, an 8 percent improvement. The quarterly loss rate was 0.30 percent with commercial losses of 0.06 percent and consumer losses of 0.53 percent. Nonperforming assets declined by $438 million, or 12 percent, from the prior quarter. Nonaccrual loans decreased $67 million as deterioration in the energy portfolio was offset by improvements across other portfolios. We released $350 million from the allowance for credit losses in the second quarter, reflecting continued credit quality improvement and more specifically, improvement in the residential real estate portfolio. Future allowance levels may increase or decrease based on a variety of factors, including loan growth, portfolio performance and general economic conditions."
08:02 EDTWFCWells Fargo reports Q2 Common Equity Tier 1 ratio 10.5%
Capital levels remained strong in the second quarter, with Common Equity Tier 1 under Basel III of $139.9 billion. The Common Equity Tier 1 ratio under Basel III was 10.5 percent3. In second quarter 2015, the Company purchased 36.3 million shares of its common stock and paid a quarterly common stock dividend of $0.375 per share, up from $0.35 per share a year ago.
08:02 EDTWFCWells Fargo CEO says bank 'well positioned' for the future
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08:01 EDTWFCWells Fargo reports Q2 EPS $1.03, consensus $1.03
Reports Q2 revenue $21.32B, consensus $21.7B.
07:32 EDTWFCFederal Reserve Bank of Kansas City to hold a symposium
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07:23 EDTJPMJPMorgan says headcount in Consumer & Community Banking down about 6,000 ytd
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