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Stock Market & Financial Investment News

News For C;BAC From The Last 14 Days
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<< 1 | 2 | 3 | 4 | all recent news | >>
January 29, 2015
08:38 EDTBACAmeris Bancorp announces private placement of common stock
Ameris Bancorp (ABCB)announced the sale of shares of the company's common stock at a price of $22.50 per share to institutional accredited investors through a private placement. The company has received commitments for the sale of up to 5,320,000 shares and is in the process of closing the issuance, which is expected to be completed by January 30. The company expects to receive net proceeds from the private placement of approximately $114.5M, which it intends to use, in part, to fund the cash consideration for its recently announced acquisitions of Merchants & Southern Banks of Florida, Inc. and eighteen Bank of America (BAC) branches located in North Florida and South Georgia.
07:36 EDTCStandard Chartered CEO growing unpopular with shareholders, executives, WSJ says
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January 28, 2015
16:56 EDTC, BACFederal judge says FOREX manipulation case to proceed, Reuters reports
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09:35 EDTCActive equity options trading
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06:30 EDTCCiti unit reaches agreement with NY AG on ChexSystems data, WSJ reports
Citigroup's Citibank unit is expected to announce today that it has reached an agreement with New York Attorney General Eric Schneiderman to change its screening processes for checking and savings accounts to be more forgiving of customers' histories, The Wall Street Journal reports. The new rules, which will begin on March 15, will change how the bank uses information from consumer-reporting agency ChexSystems. Reference Link
January 27, 2015
16:00 EDTCOptions Update; January 27, 2015
iPath S&P 500 VIX Short-Term Futures up 1.40 to 32.01. Option volume leaders: AAPL TSLA TWTR AMZN FB MSFT X RIG YHOO C GILD according to Track Data.
09:36 EDTCActive equity options trading
Active equity options trading according to Track Data: AAPL MSFT TWTR TSLA GILD NFLX C AA HPQ X
07:03 EDTCCiti Foundation CEO Pam Flaherty to retire, WSJ says
Pam Flaherty, Citigroup veteran since 1968 and current head of Citi's charitable foundation, will retire Friday, the Wall Street Journal reports. Citi Foundation COO Brandee McHale is expected to succeed Flaherty. Reference Link
January 26, 2015
12:49 EDTC, BACFederal Reserve discloses plan to improve U.S. payment system, WSJ reports
The Federal Reserve released a plan that would improve the U.S. payment system, saying the current outlook, which covers banking, checking, credit cards and online transactions is fragmented and outdated with respect to new technologies that may harm consumers, the Wall Street Journal reports. The Federal Reserve invited banks, credit card companies and payment processors to coordinate efforts. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
January 23, 2015
14:33 EDTCCiti CEO Corbat denies rumors of selling subsidiary Banamex, Forbes reports
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07:23 EDTC, BACBass does not expect large U.S. banks to break up
Publicly traded companies in the space include Bank of America (BAC), Citi (C), JPMorgan (JPM), and Wells Fargo (WFC). Kyle Bass of Hayman Capital continues speaking on CNBC.
07:08 EDTCNorwegian Statoil seeks to cut costs as oil prices drop, WSJ says
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06:42 EDTBAC, CU.S. banks preparing for prolonged low bond yields, Reuters says
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January 22, 2015
16:00 EDTBACOptions Update; January 22, 2015
iPath S&P 500 VIX Short-Term Futures down 2.13 to 31.32 Option volume leaders: AAPL TSLA TWTR AMZN FB FXCM AVP BAC according to Track Data.
15:26 EDTCCiti to hold a conference call
4Q14 Fixed Income Investor Review conference call to be held on January 23 at 11 am. Webcast Link
January 21, 2015
16:00 EDTCOptions Update; January 21, 2015
iPath S&P 500 VIX Short-Term Futures down 1.63 to 33.49. Option volume leaders: AAPL TSLA TWTR AMZN FB RIG C ABX SIRI NFLX according to Track Data.
January 20, 2015
16:00 EDTCOptions Update; January 20, 2015
iPath S&P 500 VIX Short-Term Futures down 36c to 35.12 Option volume leaders: AAPL TSLA TWTR GILD NFLX MGM ABX AMAT JNJ C according to Track Data.
09:38 EDTBAC, CActive equity options trading
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08:54 EDTBACBank of America upgraded to Conviction Buy from Buy at Goldman
Goldman added Bank of America to the Conviction Buy List with an $18 price target following recent underperformance. The firm continues to believe shares to will be driven by better than expected top-line growth, accelerated capital returns, and a business shift towards less capital intensive earnings streams.
07:28 EDTBACTreasury Institute for Higher Education to hold a symposium
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January 18, 2015
16:57 EDTCCiti may have lost more than $150M on Swiss franc volatility, Bloomberg says
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15:14 EDTCMashreqbank interested in Citigroupís Egyptian consumer unit, Bloomberg says
Dubai-based bank, Mashreqbank PSC confirmed it is interested in acquiring Citigroupís Egyptian consumer banking unit, says Bloomberg citing comments from Mashreqbank PSC CEO Abdul Aziz Al Ghurair. Reference Link
January 16, 2015
16:36 EDTBACMarket finishes week lower on continued oil, global growth worries
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16:00 EDTBACOptions Update; January 16, 2015
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13:01 EDTCCitigroup losses on currency top $150M, Bloomberg reports
Citigroup's (C) losses after the Swiss central bank abandoned the cap on the franc's value against the euro totaled more than $150M, a source tells Bloomberg. The losses occurred on the bank's trading desks and aren't related to its relationships with FXCM (FXCM) and other platforms, the source adds. Reference Link
12:43 EDTCCiti losses on currency top $150M, Bloomberg reports
09:37 EDTBAC, CActive equity options trading
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08:25 EDTBACMorgan Stanley says to buy the dip in Bank of America
Morgan Stanley said investors are missing the fact that Bank of America's the $578M FAS91 charge is non-cash and temporary and can reverse with higher rates. The analyst said Bank of America's expense decline is ahead of expectations and expects increased capital returns. Morgan Stanley recommends buying Bank of America on the dip and reiterates its Overweight rating and $21 price target.
08:24 EDTCCiti catalysts can still drive multiple expansion, says Wells Fargo
After Citi reported slightly lower than expected Q4 results, Wells Fargo thinks the company still has several positive upcoming catalysts that could cause its multiple to rise. The firm cut its price target on the name to $57-$60 from $60-$63 but keeps an Outperform rating on the shares.
07:02 EDTBACWet Seal files for Chapter 11 bankruptcy protection
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January 15, 2015
18:16 EDTBACE2open seeks sale, Wall Street Journal reports
E2open (EOPN) is looking to sell after its stock plummeted and the company is working with Bank of America (BAC) on the sale process, reports the Wall Street Journal, citing people familiar with the matter. Reference Link
16:20 EDTBAC, COn The Fly: Closing Wrap
Stocks on Wall Street had a see-saw trading day, with every attempt at getting the averages into positive territory being met with more selling. The market spent most of the day in negative territory, however, as the latest bank earnings reports failed to impress investors, the price of oil renewed its downtrend, and the Swiss National bank withdrew its floor support on the Swiss franc. ECONOMIC EVENTS: Internationally, Switzerland's central bank unexpectedly gave up its minimum exchange rate, sending the Swiss franc soaring against the dollar and euro and triggering wild swings in its equity markets. In the U.S., initial jobless claims rose 19K to 316K in the week ended January 10, versus expectations for 298K first-time claims. The producer price index fell 0.3% in December, versus expectations for a decrease of 0.4%. The core PPI rate rose 0.3% in the month, versus expectations for it to be up 0.1%. The Empire State index rebounded to 9.95 in January, beating expectations for a 5.0 reading for the measure of manufacturing activity in the New York area. The Philly Fed index fell 18.0 points to 6.3 in January, which was worse than the projected pullback to a reading of 18.7. WTI crude oil, the U.S. benchmark, reversed its early gains to end the trading session down 4.6% at $46.25 per barrel. COMPANY NEWS: Shares of Target (TGT) advanced $1.34, or 1.8%, to $75.67 after the retailer announced plans to stop operating stores in Canada. Target expects this decision will increase its earnings in fiscal 2015 and beyond, and increase its cash flow in fiscal 2016 and beyond. The company also raised its forecasts for Q4 U.S. comparable sales growth and adjusted earnings per share, mostly due to increased traffic and stronger-than-expected digital sales... Bank of America (BAC) slid 84c, or 5.24%, to $15.20 after reporting its fourth quarter results, while Citigroup (C), which also issued its Q4 report, dropped $1.82, or 3.71%, to $47.23. MAJOR MOVERS: Among the notable gainers was Cliffs Natural Resources (CLF), which rose 93c, or 11.94%, to $8.72 amid strength in the basic materials sector. Also benefitting the stock may have been a Bloomberg report that said an adviser to Quebec's investment arm stated that Cliffs' closed down Bloom Lake mine has attracted interest from several potential buyers. Also higher were shares of Kraft Foods (KRFT), which climbed $2.92, or 4.66%, to $65.68 after Goldman Sachs upgraded the stock to Buy and placed the shares on its Conviction List. Also of note, the Consumer Analyst Group of New York confirmed to Bloomberg that the food and beverage manufacturer canceled its upcoming conference appearance. Among the noteworthy losers was Best Buy (BBY), which dropped $5.61, or 14.06%, to $34.30 after reporting holiday growth that was lower than previous quarters, citing factors including weakness in tablets, and guiding toward comparable sales in the first half of FY16, excluding certain items, to be flat to down by a low-single digit percentage. Also lower were shares of BlackBerry (BBRY), which declined $2.49, or 19.77%, to $10.10 after the company said last night that it is not in talks with Samsung (SSNLF) about a potential merger, rebutting a Reuters report. INDEXES: The Dow fell 106.38, or 0.61%, to 17,320.71, the Nasdaq dropped 68.50, or 1.48%, to 4,570.82, and the S&P 500 declined 18.60, or 0.92%, to 1,992.67.
16:01 EDTCOptions Update; January 15, 2015
iPath S&P 500 VIX Short-Term Futures up 1.01 to 36.13. Option volume leaders: AAPL TSLA TWTR AMZN FB C CLF ABX SUNE according to Track Data.
14:07 EDTBACBank of America says 800,000 customers enrolled in Apple Pay
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14:05 EDTCCiti reports December credit loss 2.79% vs. 2.37% last month
Reports December delinquencies 1.56% vs. 1.52% last month.
12:26 EDTBAC, COn The Fly: Midday Wrap
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12:22 EDTCCiti sees FY15 trading revenue performing in-line with the market
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12:14 EDTCCiti CFO says committed to equities business, performance ex-AMEA good
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11:39 EDTCCiti says 2015 repositioning costs 'shouldn't be like' 2014
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11:34 EDTCCiti sees Citi Holdings staying 'at or above' breakeven in FY15
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11:32 EDTCCiti sees FY15 revenue growth for Citicorp in low to mid single digit percentage
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11:30 EDTCCiti sees 1H15 NIM to be 'more or less flat' to FY14 levels
Comment from Q4 earnings conference call.
10:19 EDTCCiti says committed to 2015 targets, returning capital to shareholders
Citi says active sales processes ongoing for consumer operations marked for exit. Will continue to serve institutional clients in these countries, but operations will be reported as part of Citi Holdings as of 1Q15. Citi says active processes underway to exit certain non-core institutional businesses in a "timely and economically rational manner." Says roughly half of those non-core institutional businesses operationsí pre-tax loss in 2014 was directly related to repositioning and other actions associated with the exits. Citi is targeting a 2015 consumer banking efficiency ratio of 49%-52%, compared to a ratio of 56% in 2014 and a pro forma 2014 ratio of 55%. Citi is targeting a 2015 institutional clients group efficiency ratio of 43%-57%, compared to a ratio of 59% in 2014 and a pro forma 2014 ratio of 58%. Citigroup reports a Q4 net interest margin of 2.92%, up from 2.91% in Q3 and from 2.88% in 4Q13. Citi sees positioning for increased return of capital over time in 2015. Comments from slides for Q4 earnings conference call.
10:13 EDTBACBank of America reports December default rate 3.13% vs. 3.08% last month
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09:36 EDTC, BACActive equity options trading
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09:31 EDTBACBank of America upgraded to Sector Perform from Underperform at Portales
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09:21 EDTBACBank of America says funded exposure to oil/gas about $23B at end year
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09:15 EDTBAC, COn The Fly: Pre-market Movers
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09:10 EDTBACBofA CFO says Q4 noninterest expense lowest since Merrill Lynch merger
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09:05 EDTBACBank of America sees pick-up in mortgage production in Q1 from re-fi
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08:08 EDTCCiti reports Q4 net interest margin 2.92%
08:07 EDTCCitigroup reports Citi Holdings assets down 16% to $98B
Citigroup reports Q4 Citi Holdings revenues of $1.3B, which included CVA/DVA of negative $5M, compared to $1M in the prior year period. Excluding CVA/DVA, Citi Holdings revenues increased slightly from the prior year period driven by higher gains on asset sales and lower cost of funds. As of the end of the quarter, Citi Holdings assets were $98B, 16% below the prior year period, and represented approximately 5% of total Citigroup assets. Citi Holdings allowance for credit losses was $4.5B at the end of Q4, or 6.20% of loans, compared to $6.5B, or 6.98% of loans, in the prior year period. 90+ days delinquent consumer loans in Citi Holdings decreased 28% to $2.0B, or 2.88% of loans.
08:05 EDTCCiti CEO says overall 2014 results fell short of expectations
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08:03 EDTCCiti reports Q4 net credit losses down 12% from prior year to $2.2B
Citi reports Q4 legal and related expenses and repositioning charges totaled $3.5B in the current quarter, compared to $1.0B in the prior year period. Citigroupís cost of credit in Q4 was $2.0B, a decrease of 3% from the prior year period, primarily reflecting a $299M improvement in net credit losses, partially offset by a lower net release of loan loss reserves. Reports Q4 loan loss reserve release of $441M. Reports Q4 provision for benefits and claims $206M. Citigroupís book value per share was $66.16 and its tangible book value per share was $56.83, each as of quarter end, representing 1% and 3% increases, respectively, versus the prior year period. At quarter end, Citigroupís Basel III Common Equity Tier 1 Capital ratio was 10.5%, up from 10.1% in the prior year period. Citigroupís estimated Basel III Supplementary Leverage ratio for the fourth quarter 2014 was 6.0%, up from 5.4% in the prior year period.
08:00 EDTCCiti reports Q4 EPS 6c, consensus 11c
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07:32 EDTBACBank of America down 2.2% after Q4 revenue miss
07:30 EDTBACBank of America reports Q4 FTE headcount down 2.5% from Q3
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07:14 EDTBACBank of America CEO says bank enters 2015 'in good shape'
"In 2014, we continued to invest in our businesses while reducing expenses and resolving our most significant litigation matters. Last quarter, consumer deposits and loan originations were solid; wealth management client balances grew to $2.5 trillion; we increased lending to middle-market and large companies; and we retained a leadership position in investment banking. There's more work and tremendous opportunity ahead as we improve on the platform we've built to serve our customers and clients, and we enter 2015 in good shape to manage both the opportunities and the challenges the markets and economy will offer," said CEO Brian Moynihan.
07:09 EDTBACBank of America reports book value per share $21.32 at Dec. 31, 2014
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07:07 EDTBACBank of America reports Q4 charge-offs $0.9B
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07:04 EDTBACBank of America reports Q4 results include 7c per share charges
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07:02 EDTBACBank of America reports Q4 EPS ex-charges 32c, consensus 32c
Reports Q4 revenue ex DVA/FVA $19.58B, consensus $20.94B.
06:25 EDTCJPMorgan, Citi fire or suspend Forex employees after Justice Dept probe, WSJ say
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