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Stock Market & Financial Investment News

News For C;BAC;GS;MS;USB;WFC;JPM From The Last 14 Days
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January 23, 2015
14:33 EDTCCiti CEO Corbat denies rumors of selling subsidiary Banamex, Forbes reports
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13:41 EDTGSGoldman Sachs to hold a conference call
Fixed Income Investor Conference Call to be held on January 29 at 12 pm. Webcast Link
07:23 EDTC, USB, BAC, WFC, JPMBass 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 EDTC, GS, JPM, BAC, MS, USB, WFCU.S. banks preparing for prolonged low bond yields, Reuters says
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January 22, 2015
16:22 EDTJPMJPMorgan CEO Dimon gets stock-based compensation of 198.5K shares for 2014
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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
14:36 EDTJPM, WFCCFPB fines Wells Fargo, JPMorgan for kickback scheme
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09:31 EDTGSAntuit confirms $56M funding led by Goldman Sachs
Antuit Holdings Pte Ltd, a global, Big Data solutions company headquartered in Singapore, announced it has secured an investment of up to $56M led by Goldman Sachs and Zodius Capital, an original founding investor. The funding will support further global expansion through organic growth and acquisitions.
07:00 EDTGSGoldman Sachs making major investments despite Volcker Rule, NY Times says
Goldman Sachs has been making significant investments with its own money despite the Volcker Rule ,which many had assumed would prevent such deals, according to The New York Times. Goldman has managed to find ways to make major deals with its own funds without appearing to violate the law, even as its competitors avoid such transactions, the newspaper stated. Reference Link
06:26 EDTJPMJPMorgan CEO expected to receive $20M pay package for 2014, WSJ reports
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06:13 EDTGSGoldman Sachs to lead $56M investment in Antuit Holdings, WSJ reports
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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.
13:54 EDTJPMJPMorgan could lose $1.5B as a result of 2008 error, Reuters says
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12:24 EDTUSBOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday, as details of a reported bond buying program planned by the ECB offset weakness in the Dow after IBM's (IBM) earnings report. ECONOMIC EVENTS: In the U.S., housing starts rose 4.4% in December to a 1.89M rate, versus expectations for an increase of 1.2%, while building permits fell 1.9% to a rate of 1.03M, versus expectations of an increase of 0.8%. The Bank of Canada lowered its target for the overnight rate by one-quarter of one percentage point to 0.75% in response to the recent sharp drop in oil prices, which it said will be negative for growth and underlying inflation in Canada. Reports indicated that a proposal from the European Central Bankís executive board is calling for it to begin making bond purchases of about EUR 50B per month and continue that easing program for at least one year. In Asia, the Bank of Japan refrained from expanding its stimulus program, although it expanded and extended its loan programs aimed at boosting bank lending. Also, the BoJ cut next fiscal year's CPI forecast to 1.0% from the 1.7% it had projected three months ago. COMPANY NEWS: Last night, IBM reported better than expected Q4 earnings, though its revenue and FY15 profit outlook trailed estimates, sending the stock down over 3% this morning. Citigroup cut its price target for IBM shares to $170 from $180 after reducing its sales and earnings estimates following the tech giant's Q4 results. Citi reiterated a Neutral rating on IBM, saying it wants to see stability in fundamentals and free cash flow growth before getting more positive on the name. Meanwhile, Jefferies said IBM's cash flow guidance for 2015 is "very weak" and that the company has yet to reach a bottom. The firm continues to believe the risk/reward for shares is skewed negatively and it kept an Underperform on IBM with a $130 price target following the company's Q4 results... Netflix (NFLX) jumped 17% to trade near $409 per share after the company reported stronger than expected fourth quarter results and a number of research firms raised their price targets for the stock while pointing out the company's global subscriber growth had exceeded expectations. Bucking the trend, FBR Capital analyst Barton Crockett said Netflix's EPS would only have been in-line with the consensus outlook if non-operating items were excluded. He said he is less impressed with Netflix following its report and trimmed his price target on the stock to $400 from $425 while keeping a Neutral rating on the shares. MAJOR MOVERS: Among the notable gainers following their earnings reports were Northern Trust (NTRS), which rose 6%, and U.S. Bancorp (USB), which gained 3.5%. Among the noteworthy losers was Eldorado Gold (EGO), which dropped 19% after the company reported on its 2014 gold production, gave guidance on production in 2015, and its shares were downgraded at Credit Suisse, TD Securities and Canccord. Also lower was Acacia Research (ACTG), which fell more than 14% after a court granted a motion finding no infringement of certain method claims asserted by the company's Adaptix subsidiary against Apple(AAPL), Verizon (VZ), AT&T (T), and HTC. INDEXES: Near midday, the Dow was up 42.03, or 0.24%, to 17,557.26, the Nasdaq was up 27.36, or 0.59%, to 4,682.21, and the S&P 500 was up 12.25, or 0.61%, to 2,034.80.
10:09 EDTUSBU.S. Bancorp sees Q1 NIM down 'a few points' from 3.12%
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09:49 EDTUSBU.S. Bank promotes Andrew Cecere to COO, Kathy Ashcraft Rogers to CFO
U.S. Bank announced yesterday that Andrew Cecere, currently Vice Chairman and CFO, has been promoted to Vice Chairman and COO and will be responsible for U.S. Bankís core lines of business: Consumer and Small Business Banking, Wholesale Banking and Commercial Real Estate, Payment Services, and Wealth Management and Securities Services. Cecere will continue to report to Richard Davis, Chairman, President, and CEO, U.S. Bank. Kathy Ashcraft Rogers, currently Executive Vice President, Business Line Planning & Reporting, will succeed Cecere as Vice Chairman and CFO. Rogers has been with U.S. Bank for 28 years and has served in a variety of leadership roles within the Finance organization. She will report to Davis and join the Managing Committee, which consists of the 14 most senior leaders at U.S. Bank.
09:47 EDTUSBU.S. Bancorp CEO Davis says management changes won't change his role
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09:45 EDTUSBU.S. Bancorp sees efficiency ratio remaining in low 50s going forward
Sees efficiency ratio remaining in low 50s going forward. Sees net charge offs "relatively stable" in Q1. Says capital position is "strong." Comments made on the Q4 earnings conference call. U.S. Bancorp shares are up 1.82% to $41.96 in morning trading.
07:50 EDTMSMorgan Stanley's deferment of bonuses lowered to 50%, NY Post says
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07:24 EDTUSBU.S. Bancorp CEO says well positioned for growth as economy improves
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07:22 EDTUSBU.S. Bancorp reports book value per share $21.68 at end Q4
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07:22 EDTUSBU.S. Bancorp reports Q4 common equity tier 1 capital ratio of 9.7%
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07:20 EDTUSBU.S. Bancorp sees net charge-offs to stay relatively stable in Q1
Given current economic conditions, the company expects the level of net charge-offs to remain relatively stable in the first quarter of 2015.
07:19 EDTUSBU.S. Bancorp reports Q4 net charge-offs down 8.3% on linked quarter basis
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07:16 EDTUSBU.S. Bancorp reports Q4 EPS with items 79c, consensus 77c
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January 20, 2015
16:23 EDTMSOn The Fly: Closing Wrap
Stocks began the session in positive territory, but the major averages were unable to hold their early gains. Lackluster earnings reports, the falling price of oil, and lowered global growth expectations appeared to be too much to overcome after a three day holiday weekend. The Dow led the way lower and had losses of more than 100 points before reversing and slowly paring its losses. Late in the day the averages made it back to positive ground, as investors await the next round of earnings due out after the close. ECONOMIC EVENTS: In the U.S., the NAHB homebuilder sentiment index fell to 57 in January, missing expectations for it to hold steady at 58. In China, Q4 GDP growth of 7.3% came in slightly better than expected, though that puts the nation's 2014 GDP growth at 7.4%, which was the lowest reported in 24 years. Of note, the International Monetary Fund cut its forecast for global growth in 2015 to 3.5% and in 2016 to 3.7%, which were both revised down by 0.3% relative to the organization's October 2014 outlook. COMPANY NEWS: Shares of Johnson & Johnson (JNJ) led all decliners on the Dow Jones Industrial Average with a drop of $2.75, or 2.64%, to $101.29 after its Q4 earnings were nearly in-line and its FY15 outlook failed to spur buying of the stock... Morgan Stanley (MS) declined 14c, or 0.4%, to $34.75 after the firm became the latest in the financial space to report headline earnings that missed expectations. MAJOR MOVERS: Among the notable gainers was Smith & Wesson (SWHC), which rose $1.65, or 16.47%, to $11.67 after the gunmaker increased its financial guidance and said it has seen recent, positive trends in the primary indicators it uses to assess its business and the consumer firearm market. Also higher was Orbitz Worldwide (OWW), which jumped 79c, or 8.62%, to $9.95 after Bloomberg reported that the online travel agency is working with an adviser to contact potential buyers and has drawn interest from private-equity funds and "other Internet companies." Among the noteworthy losers was FXCM (FXCM), which plunged $11.03, or 87.33%, to $1.60 after the stock reopened following the company struck a $300M rescue agreement with Leucadia (LUK) and gave further details on that deal over the weekend. Also lower were shares of Redbox owner Outerwall (OUTR), which fell $15.72, or 20.21%, to $62.05 after the company announced that its CEO had stepped down. INDEXES: The Dow rose 3.66, or 0.02%, to 17,515.23, the Nasdaq gained 20.46, or 0.44%, to 4,654.85, and the S&P 500 advanced 3.13, or 0.15%, to 2,022.55.
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.
15:21 EDTUSBNotable companies reporting before tomorrow's open
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13:08 EDTMSOn The Fly: Midday Wrap
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10:58 EDTMSMorgan Stanley reports 6.1% passive stake in Madison Square Garden
09:38 EDTBAC, CActive equity options trading
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09:14 EDTMSMorgan Stanley does not see lower oil hurting physical oil business sale process
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09:11 EDTMSOn The Fly: Pre-market Movers
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09:03 EDTMSMorgan Stanley says still committed to sale of oil and gas commodities business
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.
08:50 EDTMSMorgan Stanley sees 'clear path' to ROE of 10%
Morgan Stanley sees driving ROE above 10% in Fixed Income and Commodities. On reduction and optimization of Risk-Weighted Assets in Fixed Income and Commodities, the firm said it is on track to achieve year end 2015 target of below $180B and sees additional capital opportunity through passive roll-down of $25B of RWAs by year-end 2018. Morgan Stanley sees a "meaningful reduction" in funding costs due to spread tightening and roll-off of older more expensive debt. For target Compensation/Net Revenue ratios, Morgan Stanley sees Institutional Securities °‹ 39% in 2015 in a flat revenue environment; sees Wealth Management °‹ 55% over time in a flat interest rate environment; and sees Investment Management °‹ 40% over time. Morgan Stanley intends to continue to increase its capital return to shareholders over time, subject to regulatory approval, the company noted. Comments and guidance from Q4 earnings conference call and slides.
07:28 EDTGS, BACTreasury Institute for Higher Education to hold a symposium
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07:08 EDTMSMorgan Stanley says Q4 affected by 'choppy market conditions'
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07:07 EDTMSMorgan Stanley reports Q4 book value of $34.62
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07:07 EDTMSMorgan Stanley Common Equity Tier 1 risk-based capital ratio 14.2%
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07:05 EDTMSMorgan Stanley reports Q4 continuing ops EPS 47c, consensus 48c
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07:02 EDTMSMorgan Stanley reports Q4 EPS ex-DVA 40c, consensus 48c
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06:58 EDTJPMBlackRock, Fidelity close to launching 'dark pool,' WSJ reports
Some of the largest mutual fund firms, including Fidelity, BlackRock (BLK), Bank of New York Mellon (BK),, T. Row Price (TROW) and JP Morgan (JPM) are among the firms that are close to launching a new "dark pool," The Wall Street Journal reports, citing sources. The effort, which involves nine firms in total, would look to shut out sell-side trading desks and high-speed trading firms. Reference Link
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 EDTGS, WFC, JPM, BACMarket finishes week lower on continued oil, global growth worries
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16:29 EDTGSOn The Fly: Closing Wrap
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16:00 EDTBACOptions Update; January 16, 2015
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14:17 EDTUSBU.S. Bancorp volatility elevated into Q4 and outlook
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13:51 EDTMSEarnings Preview: Morgan Stanley to report after lackluster results from peers
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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
12:43 EDTGSOn The Fly: Midday Wrap
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12:10 EDTMSMorgan Stanley has an active bearish pattern ahead of earnings
There is an active bearish head and shoulders pattern on the daily chart that was confirmed on a move below $35.50. Ahead of earnings the question is whether news will halt and reverse the pattern, or accelerate its completion. If the news is as bearish as traders currently expect, the pattern may continue until it reaches completion at the $31 area. If the new is more bullish than the existence of the pattern itself suggests, then a move above $35.50 would neutralize the pattern. Upside objectives to watch would be at $36.13, and $38.09.
10:48 EDTGSGoldman CFO says early read of G-SIB buffer points to 9.5% minimum
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10:33 EDTGSGoldman Sachs says not shutting any units for capital reasons
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10:07 EDTGSGoldman Sachs says impact of Swiss franc move was 'immaterial' to firm
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09:54 EDTGSGoldman Sachs says Volcker rule extension prevented potential 'firesales'
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09:47 EDTGSGoldman Sachs says firm SLR compliant with regulatory minimum
09:42 EDTGSGoldman Sachs CFO says FICC market-making conditions 'difficult' in Q4
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09:37 EDTC, GS, BACActive equity options trading
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09:12 EDTGSOn The Fly: Pre-market Movers
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09:04 EDTGSConocoPhillips names John Faraci, Argun Murti to board
ConocoPhillips (COP) announced that John Faraci, former chairman and CEO of International Paper (IP), and Arjun Murti, former partner at Goldman Sachs (GS), have been elected to its board of directors. The election of Faraci and Murti increases the total number of ConocoPhillips directors to 12, 11 of which are outside directors.
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.
08:02 EDTGSGoldman Sachs down 1.5% following Q4 earnings report
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07:55 EDTGSGoldman Sachs reports Q4 net gain on credit spread changes of $82M
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07:44 EDTGSGoldman Sachs CEO says 'pleased' with 2014 performance
ďWe are pleased with our performance during a year characterized by mixed global economic and financial conditions. The depth of our global client franchise and our continued discipline on expenses and capital management produced a solid return for our shareholders. Looking ahead, we see evidence of a continued pick up in momentum for the global economy that will improve the opportunity set for 2015,Ē said Goldman Sachs CEO Lloyd Blankfein. Goldman reports book value per common share was $163.01 and tangible book value per common share was $153.79, both approximately 7% higher compared with the end of 2013 and approximately 1% higher compared with the end of the third quarter of 2014.
07:41 EDTGSGoldman Sachs says compensation/benefits costs essentially unchanged in FY14
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07:39 EDTGSGoldman Sachs reports Q4 Investment Banking revenue $1.44B
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07:36 EDTGSGoldman Sachs reports Q4 EPS $4.38, consensus $4.32
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07:02 EDTBACWet Seal files for Chapter 11 bankruptcy protection
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06:56 EDTMSMorgan Stanley volatility increases into Q4 and outlook
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05:57 EDTMSReinhart leaves Morgan Stanley as Chief U.S. economist, Bloomberg reports
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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 EDTC, BACOn 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.
15:14 EDTGSNotable companies reporting before tomorrow's open
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15:03 EDTGSGoldman Sachs technical notes ahead of results
The shares have been in a downtrend since the stock hit its 52-week high of $198.06 in early December of last year. If the downtrend continues following earnings, there are some important support levels to watch as potential downside objectives. A first major test may come at the 200-day moving average, last at $175.79. If that support failed to hold, a pivot low at $171.26 would be next support. That pivot was from the October market lows. Next support thereafter would be at $168.02. If there is more bullish news than traders currently appear to expect, the following resistance levels could become upside objectives: $180.80, $183.96, $186.58, and $189.99.
14:20 EDTGSGoldman Sachs January 177 straddle priced for 2.4% movement into Q4
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 EDTC, BACOn 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 EDTBAC, CActive 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 EDTC, BACOn The Fly: Pre-market Movers
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09:14 EDTMSMorgan Stanley naming new managing directors, sources say, Reuters reports
Morgan Stanley CEO James Gorman and other senior executives have been calling employees named to the new class of managing directors at the bank, Reuters reports, citing sources. The bank is expected to make an announcement today with the names of the new managing directors. In 2014, Morgan Stanley named 153 new managing directors. Reference Link
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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07:49 EDTJPMJPMorgan valuation attractive, says Argus
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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 EDTC, JPMJPMorgan, Citi fire or suspend Forex employees after Justice Dept probe, WSJ say
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06:21 EDTJPMJPMorgan reports December credit losses 2.56% vs. 2.61% last month
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06:21 EDTGSGoldman Sachs helped Apollo in Caesar's restructuring deal, NY Post reports
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January 14, 2015
17:38 EDTJPMJPMorgan pushing managers to cut costs, Reuters reports
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16:33 EDTWFC, JPMOn The Fly: Closing Wrap
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15:46 EDTCCiti technical comments before results
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15:27 EDTBAC, CNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Citigroup (C), consensus 11c; Bank of America (BAC), consensus 32c; Charles Schwab (SCHW), consensus 24c; Fastenal (FAST), consensus 39c.
15:08 EDTCEarnings Preview: Citi sees being 'marginally profitable' after legal issues
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15:07 EDTBACBank of America technical comments ahead of earnings
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15:00 EDTBACBank of America January 16 straddle priced for 3.3% movement into Q4
14:59 EDTCCiti January 48.5 straddle priced for 3.3% movement into Q4
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13:25 EDTBACEarnings Preview: Bank of America to report after mixed competitors' results
Bank of America (BAC), one of the largest banks in the U.S., is expected to report fourth quarter earnings before the open on Thursday, January 15, with a conference call scheduled for 8:30 am ET. EXPECTATIONS: Analysts are looking for earnings per share of 32c on revenue of $20.94B. The consensus range is 30c-39c for EPS on revenue of $20.39B-$21.48B, according to First Call. LAST QUARTER: Bank of America reported stronger than expected third quarter results, as it said its customer and client activity was "solid." Its net chargeoffs declined across most major portfolios versus the same period a year earlier, and its tangible book value increased 4% over the same period in 2013 to $14.13 per share. COMPETITORS' RESULTS: Wells Fargo (WFC) reported in-line fourth quarter profit and slightly higher than expected fourth quarter revenue. The bank said that its credit quality continued to improve last quarter. The bank's commercial and consumer loans, as well as its deposits also increased, it stated. However, its home lending originations fell to $44B from $48B in Q3. Also, JPMorgan (JPM) reported weaker than expected results, and noted that legal expenses lowered its EPS by 26c. Notably the results for JPMorgan's Corporate and Investment Bank sank significantly last quarter, compared with the previous quarter. The unit's net revenue fell to $7.4B from $9.1B, while its net income dropped to $972M from $1.7B. STREET RESEARCH: Large banks were hurt by trading volatility last quarter, research firm MKM Partners wrote last month. "Trading and investment banking are key quarterly swing factors" for Bank of America, the firm stated. MKM cut its Q4 EPS estimate for the bank by 9% to 32c. On the other hand, Barron's on December 27 named Bank of America as one of its ten favorite stocks for 2015. The bank had to absorb "massive legal charges" last year, but these charges should quickly decline in 2015, the magazine forecast. Bank of America trades at 12 times the consensus 2015 EPS estimate of $1.48, and its EPS is expected to reach about $2 by 2017, Barron's stated. Additionally, the bank will benefit if interest rates rise, Barron's believes. PRICE ACTION: Bank of America's stock has fallen 7% over the last month, and 5% over the last year.
12:49 EDTBAC, C, JPM, WFCOn The Fly: Midday Wrap
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11:02 EDTWFCWells Fargo says 'can tolerate' being at high end of efficiency ratio goal
Says bank spending more money on cybersecurity, risk management, compliance-related issues.
10:42 EDTWFCWells Fargo says taking 'hard look' at expenses
Says around 2% of bank's loans are to oil and gas sector. Says always taking "hard look" at expenses. Says "no specific" provisioning for oil volatility. Says "difficult" to find attractive entry points in fixed-income markets. Says clarity on liquidity encouraged bank to find entry point. Says examining loans on "name by name basis" regarding oil volatility.
10:23 EDTWFCWells Fargo sees Q1 mortgage origination volume consistent with Q4
Sees Q1 mortgage origination volumes "relatively consistent" with Q4 levels. Says bank won't rely on higher interest rates for growth. Says rates could benefit origination volumes in Q1. Says capital levels "strong." Says capital ratios could fluctuate from quarter to quarter. Comments made on the Q4 earnings conference call.
10:07 EDTWFCWells Fargo CEO Stumpf says low oil prices 'positive' for U.S. economy
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10:05 EDTWFCWells Fargo sees operating within 55%-59% efficiency ratio range in FY15
On slides that are being presented on the Q3 earnings conference call, Wells Fargo said that it sees operating within 55%-59% efficiency ratio range in FY15.
10:00 EDTJPMOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: ACE Limited (ACE) downgraded to Neutral from Outperform at Macquarie... AXIS Capital (AXS) downgraded to Neutral from Outperform at Macquarie... Allstate (ALL) downgraded to Underperform from Neutral at Macquarie... Altera (ALTR) downgraded to Neutral from Overweight at JPMorgan... American Midstream Partners (AMID) downgraded to Neutral from Buy at BofA/Merrill... Argo Group (AGII) downgraded to Underperform from Neutral at Macquarie... Aspen Insurance (AHL) downgraded to Underperform from Neutral at Macquarie... Beneficial Bancorp (BNCL) downgraded to Neutral at Boenning & Scattergood... CDW Corporation (CDW) downgraded to Neutral from Buy at Goldman... CHC Group (HELI) downgraded at Raymond James... CIRCOR (CIR) downgraded to Hold from Buy at Stifel... Chesapeake (CHK) downgraded to Underweight from Equal Weight at Barclays... Commerzbank (CRZBY) downgraded to Sell from Neutral at Goldman... Continental Resources (CLR) downgraded to Equal Weight from Overweight at Barclays... Corporate Office Properties (OFC) downgraded to Market Perform at Wells Fargo... Credit Suisse (CS) downgraded to Neutral from Overweight at HSBC... Datawatch (DWCH) downgraded to Hold at Canaccord... Devon Energy (DVN) downgraded to Equal Weight from Overweight at Barclays... Dollar Tree (DLTR) downgraded to Neutral from Buy at Northcoast... Douglas Emmett (DEI) downgraded to Neutral from Buy at Mizuho... Dresser-Rand (DRC) downgraded to Underperform from Market Perform at Raymond James... Enable Midstream (ENBL) downgraded to Underperform from Neutral at BofA/Merrill... F5 Networks (FFIV) downgraded to Equal Weight from Overweight at Barclays... First Majestic (AG) downgraded to Sector Perform from Outperform at Scotia Capital... Foot Locker (FL) downgraded to Sell from Neutral at Goldman... Franklin Resources (BEN) downgraded to Neutral from Buy at Goldman... HCP (HCP) downgraded to Market Perform from Outperform at Wells Fargo... Halcon Resources (HK) downgraded to Underweight from Equal Weight at Barclays... Insulet (PODD) downgraded at Sterne Agee... J.B. Hunt (JBHT) downgraded to Market Perform from Outperform at Avondale... JPMorgan (JPM) downgraded to Underweight from Neutral at HSBC... KB Home (KBH) downgraded to Neutral from Outperform at Credit Suisse... Kosmos (KOS) downgraded to Equal Weight from Overweight at Barclays... Marathon Oil (MRO) downgraded to Equal Weight from Overweight at Barclays... Medley Management (MDLY) downgraded to Market Perform at Keefe Bruyette... MoneyGram (MGI) downgraded to Underperform from Neutral at BofA/Merrill... NPS Pharmaceuticals (NPSP) downgraded to Neutral from Overweight at JPMorgan... National Grid (NGG) downgraded to Underperform from Neutral at Credit Suisse... Navigators (NAVG) downgraded to Underperform from Neutral at Macquarie... Pioneer Energy (PES) downgraded at Raymond James... RSP Permian (RSPP) downgraded to Equal Weight from Overweight at Barclays... Rambus (RMBS) downgraded to Neutral from Overweight at JPMorgan... Realty Income (O) downgraded to Market Perform from Outperform at Wells Fargo... Red Hat (RHT) downgraded to Sell from Neutral at Goldman... Resolute Energy (REN) downgraded to Underweight from Equal Weight at Barclays... Ross Stores (ROST) downgraded to Neutral at UBS... SandRidge Energy (SD) downgraded to Underweight from Equal Weight at Barclays... Tech Data (TECD) downgraded to Sell from Neutral at Goldman... Teekay Offshore Partners (TOO) downgraded to Neutral from Buy at BofA/Merrill... Travelers (TRV) downgraded to Underperform from Neutral at Macquarie... TrueCar (TRUE) downgraded to Market Perform at Cowen... Valspar (VAL) downgraded to Neutral from Outperform at RW Baird... Verizon (VZ) downgraded at Evercore ISI... Viacom (VIAB) downgraded to Sell from Buy at Citigroup... W. R. Berkley (WRB) downgraded to Underperform from Neutral at Macquarie... Waddell & Reed (WDR) downgraded to Neutral from Buy at Goldman... Western Union (WU) downgraded to Underperform from Neutral at BofA/Merrill... Whiting Petroleum (WLL) downgraded to Equal Weight from Overweight at Barclays... Whole Foods (WFM) downgraded to Hold from Buy at Argus... Xilinx (XLNX) downgraded to Neutral from Overweight at JPMorgan... iRobot (IRBT) downgraded to Underweight from Neutral at JPMorgan.
09:36 EDTBAC, CActive equity options trading
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09:18 EDTJPMJPMorgan says well diversified in face of oil slide
JPMorgan CEO Dimon says "net-net" that oil slide is "not a big deal" for the bank, noting that oil's slide hurts one area of business but can benefit others, such as consumer credit and retail spending.
09:16 EDTWFC, C, BAC, JPMOn The Fly: Pre-market Movers
HIGHER: ZIOPHARM (ZIOP), up 53% after the company and Intrexon (XON) announced a licensing agreement with University of Texas. Intrexon shares are also up 12%... GameStop (GME), up 10.6% after reporting holiday SSS, providing guidance for the fourth quarter and fiscal 2014, and being upgraded at Pacific Crest... Smith Micro (SMSI), up 12.7% after reporting preliminary fourth quarter revenue and providing revenue guidance for the first quarter and fiscal 2015... BioCryst (BCRX), up 3.2% after receiving a positive opinion on EMA orphan drug designation for BCX4161... GoPro (GPRO), up 1% following analyst remarks that sell-off after yesterday's report on Apple (AAPL) patent was "overdone." DOWN AFTER EARNINGS: JPMorgan (JPM), down 2.7%... Wells Fargo (WFC), down 2.2%... Banking peers down as well, with Bank of America (BAC) down 2.8% and Citi (C) down 2%. ALSO LOWER: Tesla (TSLA), down 9% following comments made by CEO Elon Musk at an automotive conference in Detroit regarding a slowdown in China... New Media (NEWM), down 4.8% after 7M share spot secondary priced at $21.70... General Motors (GM), down 3% after giving 2015 guidance, saying it is on track to meet previously announced 2016 financial targets... Apple (AAPL), down 1% following lawsuit against Ericsson (ERIC) and countersuit filing.
09:13 EDTJPMJPMorgan CEO says synergies of current model are 'huge'
JPMorgan CEO Jamie Dimon says the bank will "maintain the franchise" and that diversification is reason for less earnings volatility. Dimon says there "is a reason that we have big, global banks."
09:05 EDTJPMJPMorgan still sees adjusted expenses down in 2015
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09:00 EDTJPMJPMorgan core results in-line, says Wells Fargo
Wells Fargo says that JPMorgan's core results were in-line with Wells' expectations. However, the firm expects the stock to lag its peers today due to weakening ROTCE trends and an uncertain outlook for the bank. Wells keeps an Outperform rating on JPMorgan.
08:52 EDTJPMJPMorgan sees Markets revenue down 10% in Q1
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08:48 EDTJPMJPMorgan sees adding 50 basis points to full-phased advanced CET 1 ratio in 2015
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08:25 EDTCTwo Dubai lenders among bidders for Citi consumer unit in Egypt, Bloomberg says
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08:14 EDTWFCWells Fargo reports Q4 home lending originations of $44B
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08:11 EDTWFCWells Fargo released $250M from allowance for credit losses in Q4
08:10 EDTWFCWells Fargo CFO says credit quality continued to improve in Q4
Wells Fargo CFO John Shrewsberry said, ďOur performance in the fourth quarter was a great example of the benefit of our diversified business model and reflected a continuation of the solid results we generated all year. Compared with the prior quarter, we increased deposits and grew commercial and consumer loans while maintaining our risk and pricing discipline. Revenue increased as net interest income benefited from loan growth and the prudent deployment of our liquidity. Fee income remained strong and diversified. Credit quality continued to improve. We also maintained strong capital and liquidity, and returned more capital to shareholders in the quarter."
08:09 EDTWFCWells Fargo reports Q4 net interest margin 3.04%
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08:03 EDTWFCWells Fargo reports Q4 net charge-offs $735M, provision for credit losses $485M
Reports Common Equity Tier 1 ratio under Basel III of 10.44%. Reports Q4 ROE 12.841%, ROA 1.36%.
08:01 EDTWFCWells Fargo reports Q4 EPS $1.02, consensus $1.02
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07:51 EDTJPMJPMorgan says Q4 EPS negatively impacted 26c by legal expense
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07:34 EDTBACNew rules prompt BofA to sever ties with 150 hedge funds, Bloomberg reports
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07:31 EDTGSGoldman Sachs volatility increases into Q4 and outlook
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07:20 EDTJPMJPMorgan reports Q4 results include $990M after-tax legal expense
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07:10 EDTJPMJPMorgan Q4-end book value per share $57.07
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07:06 EDTJPMJPMorgan reports Q4 core loans up 8% compared with the prior year
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07:05 EDTJPMJPMorgan reports Q4 mortgage originations improved sequentially
CEO Jamie Dimon said: ďOur businesses continue to demonstrate strong momentum and expense discipline. Consumer & Community Banking delivered impressive growth in deposits and investment assets in the fourth quarter and throughout 2014, while outperforming its expense reduction target for the year. Mortgage originations improved sequentially in the fourth quarter, despite a seasonally slow quarter. Our Card business delivered double-digit sales volume growth, outpacing the industry for the 27th consecutive quarter. Auto had a good quarter and the pipeline remains strong. The Corporate & Investment Bank saw strong performance in fees, maintaining its #1 position in Global IB fees in 2014 with particular strength in Europe, although Markets remained somewhat challenged. Commercial Banking grew period-end loans 8% versus the prior year and Commercial Banking clients generated record investment banking revenues for the quarter and the year. Lastly, Asset Management had over $80B of net long-term inflows for the second consecutive year and overall AUM grew 9% this quarter compared to the prior year.Ē
07:03 EDTJPMJPMorgan reports Q4 provision for credit losses $840M
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07:00 EDTJPMJPMorgan reports Q4 EPS $1.19, consensus $1.31
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06:57 EDTBACBarclays appoints Jonathan Moulds as Group COO
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06:45 EDTJPMJPMorgan downgraded to Underweight from Neutral at HSBC
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06:36 EDTGSGoldman Sachs Q4 profit reduced by loan write-down, Reuters says
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06:04 EDTCCiti appoints CD Davies head of global Mortgage business
Citi yesterday announced that CD Davies has been appointed Head of Citiís Mortgage business globally. Davies joined Citi in March 2014. He will continue to report to Jane Fraser, CEO of CitiMortgage and U.S. Consumer and Commercial Banking. Davies was previously President and CEO of Wachovia Mortgage Corporation.
January 13, 2015
15:51 EDTCSpringleaf, Apollo Global among bidders for OneMain, Bloomberg says
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15:21 EDTWFC, JPMNotable companies reporting before tomorrow's open
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15:12 EDTC, JPM, BAC, USB, WFC, GS, MSU.S. Supreme Court decision gives homeowners leeway to rescind mortgage loans
In an unanimous ruling, the U.S. Supreme Court ruled on Jesinoski vs. Countrywide Home Loans that homeowners are allowed to rescind home mortgages within the three years allotted under the Truth in Lending Act of 1968 by providing written notice to his/her lender. The court ruled that the borrowers were not required to file suit against the lender, which the respondents, Countrywide, claimed. The notice of rescission was sufficient to clear the homeowners of any obligation to the loan, provided they do it within the allotted time. Countrywide Home Loans is a subsidiary of Bank of America (BAC). Other publicly traded companies in the banking space include Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
15:07 EDTCSpringleaf conducts due dillegence on OneMain, Bloomberg reports
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15:03 EDTJPMJPMorgan technical notes ahead of results
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14:20 EDTJPMJPMorgan January 58.5 straddle priced for 2.9% movement into Q4
14:17 EDTWFCWells Fargo January 51.5 straddle priced for 2.9% movement into Q4
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14:14 EDTWFCWells Fargo technical comments ahead of earnings
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14:02 EDTJPMEarnings Preview: JPMorgan to report results after upbeat analyst notes
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13:39 EDTWFCEarnings Preview: Bernstein, Baird recently cautious on Wells Fargo
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12:27 EDTCDOJ, EPA report proposed settlement regarding cleanup of Warren County, NJ site
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11:20 EDTBACBank of America January volatility elevated into Q4 and outlook
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11:04 EDTCCitigroup January volatility elevated into Q4 and outlook
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10:00 EDTUSB, WFCOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: American Midstream Partners (AMID) initiated with a Buy at Wunderlich... Ameriprise (AMP) initiated with a Buy at Deutsche Bank... Applied DNA Sciences (APDN) initiated with a Buy at Maxim... Axalta Coating (AXTA) initiated with an Outperform at RW Baird... Bellicum Pharmaceuticals (BLCM) initiated with a Buy at Citigroup... Bonanza Creek (BCEI) initiated with a Hold at Deutsche Bank... ConocoPhillips (COP) initiated with an Underweight at JPMorgan... Core-Mark (CORE) initiated with a Buy at Jefferies... Dick's Sporting (DKS) initiated with an In-Line at Imperial Capital... Dynegy (DYN) reinstated with an Overweight at Barclays... Gannett (GCI) initiated with an Outperform at Wells Fargo... Gran Tierra (GTE) initiated with an Outperformer at CIBC... HomeAway (AWAY) initiated with an Outperform at RBC Capital... Juno Therapeutics (JUNO) initiated with a Neutral at Goldman... MakeMyTrip (MMYT) initiated with a Buy at BofA/Merrill... PDC Energy (PDCE) initiated with a Hold at Deutsche Bank... PNC Financial (PNC) initiated with a Hold at Evercore ISI... Proofpoint (PFPT) initiated with a Buy at Summit Research... Sensata (ST) initiated with a Buy at Stifel... Southcross Energy Partners (SXE) initiated with a Buy at Wunderlich... Suncor (SU) initiated with an Overweight at JPMorgan... U.S. Bancorp (USB) initiated with a Hold at Evercore ISI... United Financial (UBNK) initiated with a Sector Perform at RBC Capital... Vantiv (VNTV) initiated with an Outperform at Keefe Bruyette... Wells Fargo (WFC) initiated with a Hold at Evercore ISI.
09:36 EDTCActive equity options trading
Active equity options trading according to Track Data: AAPL AMD AA TWTR GILD C CELG TSLA GOOG
08:15 EDTWFCWells Fargo initiated with a Hold at Evercore ISI
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07:44 EDTWFC, USB, JPM, C, BACNationstar, non-bank lenders could get boost from refis, WSJ says
As a decline in interest rates and a reduction in federal loan fees boosts refinancing activity, smaller banks and non-bank lenders, such as Quicken Loans, loanDepot, and Nationstar Mortgage (NSM), may be in a better position than large banks to benefit, said The Wall Street Journal. Publicly traded large U.S. banks include Bank of America (BAC), Citi (C), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
07:11 EDTWFCWells Fargo January volatility increases into Q4 and outlook
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07:05 EDTJPMJPMorgan volatility increases into Q4 and outlook
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06:38 EDTCCiti cut consumer banking business, Reuters reports
Citi is cutting its consumer banking operations in some of the world's largest cities, according to Reuters. Last year, the bank decided to target 100 cities with retail banking services, down from its previous level of 120 cities, the news service stated. Reference Link
January 12, 2015
16:18 EDTWFCWells Fargo initiated with a Hold at Evercore ISI
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16:17 EDTUSBU.S. Bancorp initiated with a Hold at Evercore ISI
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16:00 EDTCOptions Update; January 12, 2015
iPath S&P 500 VIX Short-Term Futures up 1.57 to 33.54. Option volume leaders: AAPL TSLA TWTR AMZN AA SIRI RIG FRO C according to Track Data.
10:00 EDTMSOn The Fly: Analyst Downgrade Summary
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09:33 EDTMSMorgan Stanley hires UBS U.K. investment banker Bishop, FT reports
Nick Bishop, a senior investment banker at UBS (UBS), will leave the company to join Morgan Stanley (MS), where he will become a managing director, sources tell The Financial Times. Reference Link
08:29 EDTMSMorgan Stanley downgraded at JMP Securities
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08:22 EDTJPM, CCiti may have more to gain than JPMorgan from break-up, WSJ says
Analysts have suggested that JPMorgan (JPM) could unlock investor value by breaking-up, but a Citigroup (C) break-up, while complicated, could be more compelling, according to The Wall Street Journal's "Heard on the Street" column. Reference Link
07:41 EDTJPM, CLarge banks' weakness creates attractive entry point, says Wells Fargo
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07:38 EDTMSMorgan Stanley downgraded to Market Perform from Outperform at JMP Securities
06:24 EDTUSBGM plans to use lending arm for subsized leases in the U.S., WSJ reports
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06:14 EDTGSBrennan Investment, Goldman Sachs acquire industrial portfolio
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