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Stock Market & Financial Investment News

News For BAC;JPM;MS;USB;GS;C;WFC From The Last 14 Days
Check below for free stories on BAC;JPM;MS;USB;GS;C;WFC the last two weeks.
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July 11, 2014
08:01 EDTWFCWells Fargo reports Q2 EPS $1.01, consensus $1.01
Reports Q2revenue $21.07B, consensus $20.82B.
07:34 EDTMSMorgan Stanley July volatility elevated into Q2 and outlook
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07:30 EDTWFCGlobal Interdependence Center to hold a summit
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07:20 EDTBAC, WFC, JPM, USB, C, GS, MSBig banks seen losing reserve release cushion, Reuters says
Releasing loan-loss reserves has helped U.S. big banks weather a period of weak loan demand and lower fee income, but Q2 results from the banks may see less benefit from the practice as loss rates and reserves near their lower limits, said Reuters. 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). Reference Link
July 10, 2014
15:49 EDTWFCWells Fargo July weekly 52 straddle priced for 2% move into Q2
15:13 EDTWFCNotable companies reporting before tomorrow's open
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13:24 EDTWFCEarnings Preview: Analysts divided on Wells Fargo ahead of results
Wells Fargo (WFC) is scheduled to report second quarter earnings before the open on Friday, July 11 with a conference call scheduled for 10:00 am ET. Wells Fargo is a bank holding company. EXPECTATIONS: Analysts are looking for EPS of $1.01 on revenue of $20.82B, according to First Call. The consensus range for EPS is 93c-$1.06 on revenue of $20.34B-$22.74B. LAST QUARTER: Wells reported stronger than expected first quarter results, as its net chargeooffs tumbled $594M year-over-year and its nonperforming assets sank 18% year-over-year. However, the bank’s revenue did decline to $20.6B, from $21.3B during the same period a year earlier. On May 20, Wells said that it was targeting a net payout ratio of 55%-75%. The bank defined net payout as dividend and share repurchases less issuances. The bank added that it would target return on equity of 12%-15%. Wells said it was "well-positioned for rising rates," and indicated that its competition was intensifying. On June 6, The New York Times reported that Wall Street's largest banks this year significantly cut the number of bonds they held, leaving them with a negative position in bonds in March, as they expected bond prices to drop, Since bond prices rose, a number of the large banks have said that their earnings would be hurt by this trade, the newspaper stated. STREET RESEARCH: In a note to investors on July 7, FBR Capital named Wells as one of its favorite names in the banking space. Wells is one of the banks that’s benefiting from above average loan growth while taking market share from its peers, according to the firm. Wells also has above-average growth prospects, high-quality earnings streams, and solid underlying fundamentals, FBR Capital stated. Conversely, Barron’s warned on June 30 that Wells’ stock looked pricey at $52.46. According to Barron’s, Macquarie predicted that the bank’s EPS growth was set to slow, while the stock rose more than it should have in the first half of 2014. Macquarie, which downgraded Wells to Underperform from Neutral on June 30, said that the bank’s core earnings had declined in the past four quarters, added Barron’s. Banks’ results remain challenging, as net interest income, fee revenues and core pre-provision earnings are all essentially unchanged since 2011, Oppenheimer wrote in a note to investors on July 7. Meanwhile, chargeoffs have likely hit bottom, the firm stated. But on a positive note, consumer lending is finally increasing and banks’ current expansion cycle likely has a few years to go, Oppenheimer believes. However, the firm kept a Perform rating on Wells Fargo. PRICE ACTION: Wells Fargo’s stock is up more than 14% this year and is not far from its 52-week high of $53.08.
09:20 EDTMSMorgan Stanley, Lazard recommended at Bernstein
Bernstein recommends Morgan Stanley (MS) and Lazard (LAZ) for their exposure to high margin investment banking. The firm also likes Morgan Stanley because of its exposure to wealth management.
06:56 EDTBACBank of America July volatility elevated into Q2 and capital outlook
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06:52 EDTGSGoldman gains energy marketer Golender from Barclays, Reuters says
Goldman Sachs (GS) appointed oil marketer Roy Golender as vice president of energy sales from Barclays (BCS), according to Reuters citing a company spokesman. Golender's LinkedIn profile says that while at Barclays Golender spent four years in commodity derivatives sales. Reference Link
06:29 EDTBACBank of America requests 5c dividend reapproval, WSJ reports
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06:28 EDTWFCOptions expected to be active
Options expected to be active: LL PBPB VNO FDO WFC COST ZUMZ UAL BA
06:21 EDTJPMJPMorgan appoints Li as new China head, Reuters says
JPMorgan Chase (JPM) said it has appointed former UBS (UBS) banker David Li as the new head of its China division to replace top China banker Fang Fang who left the firm in March, according to Reuters, citing a statement from the U.S. company. Reference Link
06:20 EDTCCalifornia, New York among states to share in Citigroup settlement, LA Times say
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06:16 EDTBACHolder refuses meeting with BofA head, Reuters says
Attorney General Eric Holder has formally decided to not meet with Bank of America CEO Brian Moynihan to discuss a multibillion-dollar agreement, as talks to resolve investigations into shoddy mortgage securities sold by the firm and its divisions are delayed, according to Reuters, citing people familiar with the matter. Sources said that no discussions between the bank and the U.S. Department of Justice have occurred since the second week in June. Reference Link
July 9, 2014
13:14 EDTUSBU.S. Bancorp July volatility flat into Q2 and outlook
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07:36 EDTWFCWells Fargo July weekly volatility increases into Q2 and outlook
Wells Fargo July weekly call option implied volatility is at 39, July is at 20, August is at 15, October is at 14; compared to its 26-week average of 16 according to Track Data, suggesting large near term price movement into the expected release of Q2 results on July 11.
06:51 EDTBAC, CBofA also in talks with DOJ to settle civil probes over mortgage unit, WSJ says
In addition to the talks with Citigroup (C), the Department of Justice has also has been in talks with Bank of America (BAC) to resolve civil probes over its mortgage business, the Wall Street Journal reports. Reference Link
06:37 EDTCCitigroup close to settling mortgage probe for $7B, NY Times reports
Citigroup is nearing a deal with the Justice Department, under which the bank would pay about $7B to settle a civil probe of mortgage investments it sold, according to The New York Times. Dow Jones yesterday reported that Citigroup would pay about $4B to settle the probe. Reference Link
06:25 EDTGSGoldman exec says Japan M&A 'breaking' barriers, Bloomberg says
Goldman Sachs head of mergers and acquisitions in Japan, Yoshihiko Yano, said that the country is "breaking" M&A boundaries, according to Bloomberg, citing comments from Yano. Yano said, "We have to be more creative and steer away from biases and assumptions like ‘This company will normally do this,’ or ‘This type of move may happen in this industry.’” Reference Link
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