New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News For C;WFC;MS;GS;BAC;USB;JPM From The Last 14 Days
Check below for free stories on C;WFC;MS;GS;BAC;USB;JPM the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
<< 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | all recent news | >>
July 23, 2014
16:02 EDTCSallie Mae names Jeffrey Dale as company’s first Chief Risk Officer
Sallie Mae (SLM) appointed Jeffrey Dale as the company’s first Chief Risk Officer. Mr. Dale will work with senior executives and other company stakeholders to build out the enterprise risk management function and framework for the company and its Sallie Mae Bank subsidiary. Mr. Dale arrives from Citigroup (C) where he most recently served as the North American Group Risk Director responsible for consumer credit in the United States, Puerto Rico and Canada.
16:00 EDTCOptions Update; July 23, 2014
iPath S&P 500 VIX Short-Term Futures up 23c to 28.17. Option volume leaders: AAPL FB C GILD MSFT PBR NFLX AMZN TWTR TSLA according to Track Data
July 22, 2014
19:34 EDTJPMJPMorgan in advanced talks to sell half its stake in buyout arm, WSJ says
Subscribe for More Information
09:36 EDTCActive equity options trading on open
Subscribe for More Information
07:30 EDTJPMJPMorgan creating new multi-class electronic-trading group, WSJ says
Subscribe for More Information
07:17 EDTBACNational Association for Business Economics to hold a seminar
Subscribe for More Information
06:34 EDTGSGoldman, others close to $2B Huarong agreement, Reuters says
Goldman Sachs and other private equity firms such as Warburg Pincus, Khazanah Nasional, CITIC Group, China International Capital, Fosun Group and COFCO are nearing an agreement to purchase up to a 20% stake in China Huarong Asset Management for approximately $2B, according to Reuters, citing people familiar with the matter. Reference Link
July 21, 2014
16:40 EDTMSFifth Third Bancorp in share repurchase pact with Morgan Stanley
Subscribe for More Information
10:02 EDTWFCOn The Fly: Analyst Downgrade Summary
Subscribe for More Information
10:02 EDTJPMOn The Fly: Analyst Upgrade Summary
Subscribe for More Information
09:38 EDTJPM, CActive equity options trading on open
Subscribe for More Information
08:41 EDTJPMJPMorgan upgraded to Outperform from Market Perform at FBR Capital
Subscribe for More Information
08:36 EDTWFCWells Fargo downgraded to Hold from Buy at Rafferty Capital
Subscribe for More Information
07:50 EDTJPMJPMorgan upgraded to Outperform from Market Perform at FBR Capital
07:29 EDTMS, JPM, BACAIG settlement with BofA takes crisis claw back total up to $2B, FT says
Subscribe for More Information
07:23 EDTCCiti unit, Mexican regulator at odds over fraud probes, Reuters says
Subscribe for More Information
07:12 EDTJPMCFA Institute to hold a seminar
Subscribe for More Information
06:47 EDTGSGoldman signs preliminary agreement with Socar unit, Reuters says
Subscribe for More Information
July 18, 2014
16:47 EDTBAC, JPM, GS, CMarket ends week higher as earnings, M&A offset geopolitical tensions
Subscribe for More Information
13:02 EDTJPM, GSGoldman, JPMorgan ready with $25B bridge loan for Time Warner takeover by Fox
Subscribe for More Information
12:01 EDTCCitigroup says DOJ settlement includes est. of cost of consumer relief
Says $3.8B charge for DOJ settlement included estimates of cost of consumer relief.
11:30 EDTCCitigroup sees issuing 'somewhat more' securitizations during rest of year
Says liquidity position remains strong. Sees FY NCL rate in Asia, Latin America roughly in line with 1H. Says expects to repurchase or redeem $10B of debt this year. Expects to issue preferred stock between now and when Basel III rules are implemented at a measured pace. Sees 2014 preferred stock issuance volume below 2013 levels. Says capital position remains among the strongest in the industry. Says will issue "somewhat more" securitizations during the rest of the year, says credit cards to be primary source of additional securitizations. Comments made on the company's Q2 Fixed Income Investor Review.
10:42 EDTMSMorgan Stanley expands commodities trading, financing units, Reuters says
Subscribe for More Information
10:32 EDTCCitigroup says making continued progress in resolving legacy issues
Subscribe for More Information
08:18 EDTMSMorgan Stanley results encouraging, says JMP Securities
Subscribe for More Information
06:45 EDTBACDocument reveals SEC examining firms in HFT probe, Reuters says
An internal document from the U.S. Securities and Exchange Commission revealed that the regulator has been looking for data on 10 registered broker dealers as part of an ongoing probe into high-frequency trading strategies, according to Reuters, citing the document. The firms in question include Allston Trading, Hudson River Trading, Jump Trading, Latour Trading, which is an affiliate of Tower Trading, Merrill Lynch, Pierce, Fenner & Smith, owned by Bank of America (BAC), Octeg, which has been merged into a unit of KCG (KCG), Tradebot Systems, Two Sigma Investments, Two Sigma Securities and Virtu Financial. Reference Link
06:21 EDTGSCTW Investment asks SEC to probe Walgreen's meetings, NY Post says
CTW Investment Group has asked the SEC to investigate private meetings that top Walgreen (WAG) executives held with investors to reincorporate overseas for tax reasons, reports the New york Post. The pension advisor is raising questions about whether Walgreen's meetings with Goldman Sachs (GS), Jana Partners, Och-Ziff and Corvex broke fair disclosure rules. Reference Link
July 17, 2014
16:22 EDTJPMJPMorgan awards CEO Dimon 2M crisis-era stock options
Subscribe for More Information
11:00 EDTMSMorgan Stanley says financial advisors growing mortgages despite weak demand
Subscribe for More Information
10:48 EDTMSMorgan Stanley says not likely industry ROE stays below 10%
Subscribe for More Information
10:27 EDTMSMorgan Stanley sees M&A remaining "vibrant"
Says that although June was stronger than first two months of quarter, too early to determine conditions for balance of year. Says M&A volumes remain strong, financing markets remain "receptive," seeing an increase in activity in Europe.
10:20 EDTMSMorgan Stanley says continuing to work toward close fo Rosneft deal
Subscribe for More Information
10:06 EDTMSMorgan Stanley rises after earnings, heading for resistance
Subscribe for More Information
09:15 EDTMSOn The Fly: Pre-market Movers
HIGHER: Dresser-Rand (DRC), up 15.5% after Manager Magazin says Siemens (SIEGY) preparing bid for the company. Other oil equipment companies with a market cap similar to Dresser-Rand's include Dril-Quip (DRQ) and Oil States (OIS)... Microsoft (MSFT), up 3.4% after announcing restructuring, including plans to cut up to 18K jobs. UP AFTER EARNINGS: Morgan Stanley (MS) up 1.5%... Sherwin-Williams (SHW), up 3%. DOWN AFTER EARNINGS: Mattel (MAT), down 7.3%... Sandisk (SNDK), down 7%... Yum! Brands (YUM), down 2.5%. LOWER: Orbitz (OWW), down 3% after results, 34M share spot secondary offering of stock priced at $8.25... Benefitfocus (BNFT), down 1% after 2.5M share Secondary priced at $38.50.
08:47 EDTGSAdvanced Emissions provides operations update
Subscribe for More Information
07:21 EDTMSMorgan Stanley says #2 in announced M&A, #3 in IPOs
Subscribe for More Information
07:19 EDTMSMorgan Stanley says results included net discrete tax benefit of 31c per share
07:19 EDTMSMorgan Stanley reports Q2 EPS 60c ex-DVA, tax benefit, consensus 55c
Subscribe for More Information
07:18 EDTMSMorgan Stanley reports Q2 Institutional Securities revenue $4.2B
Institutional Securities net revenues for the current quarter were $4.2B compared with $4.4B a year ago. DVA resulted in positive revenue of $87M in the current quarter compared with $175M a year ago. Excluding DVA, net revenues for the current quarter of $4.2B were relatively unchanged from a year ago. Wealth Management net revenues for the current quarter were $3.7B compared with $3.5B a year ago. Investment Management net revenues of $692M increased from $673M in the prior year. Results reflect higher gains on investments in Merchant Banking and higher results in Traditional Asset Management, partly offset by lower revenues in the Real Estate Investing business driven by the deconsolidation of certain legal entities associated with a real estate fund sponsored by the Firm.
07:18 EDTMSMorgan Stanley reports Tier 1 risk-based capital ratio approx. 15.2% at June 30
Subscribe for More Information
07:17 EDTMSMorgan Stanley reports Q2 EPS 94c, consensus 55c
Subscribe for More Information
07:14 EDTWFCWells Fargo CEO John Stumpf says economy stronger than people think
Subscribe for More Information
06:38 EDTMS, BACStudy says UBS largest private bank with assets near $2T, Reuters says
Subscribe for More Information
06:00 EDTGSGoldman Sachs implied volatility of 15 at lower end of index mean range
Subscribe for More Information
July 16, 2014
16:00 EDTCOptions Update; July 16, 2014
iPath S&P 500 VIX Short-Term Futures down 70c to 27.25. Option volume leaders: AAPL FB GOOG AMZN TWTR TSLA C HPQ TWX INTC AMZN according to Track Data.
15:02 EDTMSMorgan Stanley July 32.5 straddle priced for 3.3% move into Q2
Subscribe for More Information
14:57 EDTMSEarnings Preview: Morgan Stanley to report amid optimism on Wealth Management
Morgan Stanley (MS) is scheduled to report second quarter earnings before the open on Thursday, July 17 with a conference call scheduled for 10:00 am ET. Morgan Stanley is a bank holding company. EXPECTATIONS: Analysts are looking for EPS of 55c on revenue of $8.2B, according to First Call. The consensus range for EPS is 52c-64c on revenue of $7.58B-$8.65B. Morgan Stanley (MS) reported stronger than expected first quarter results, as the company's revenue rose to $8.9B from $8.2B. The company's wealth management unit generated pre-tax income of $691M, versus $597M in the same period a year earlier. Morgan Stanley's investment management unit saw its pre-tax income from continuing operations rise to $263M from $187M, while the pre-tax income of its institutional Securities division rose $1.4B, up from $799M. Morgan Stanley's wealth management business will continue growing and the business' return on equity will eventually be well over 10%, said the company's CEO, Tom Gorman last month, according to The New York Times. But declines in the bank's fixed income revenues may make it harder for its securities businesses to exceed a 10% return on equity, and the firm has significantly reduced its trading operations, the newspaper quoted the CEO as saying. PEERS: On July 15, Goldman Sachs reported stronger than expected results, as the bank's investment banking unit saw its net revenue rise 15% year-over-year, while the net revenues generated by its Institutional Client Services unit dropped 11%. But Goldman's investing and lending unit saw its net revenues surge 46% year-over-year. Citigroup (C), on July 14, reported higher than expected Q2 EPS excluding certain items but lower than expected revenue. Revenue from Citi's Institutional Client Group dropped 11%, as revenue from fixed income and equity markets fell. STREET RESEARCH: On July 10, research firm Bernstein recommended Morgan Stanley's stock due to its exposure to high margin investment banking. Bernstein also liked Morgan Stanley because of its exposure to wealth management. PRICE ACTION: Morgan Stanley is up almost 9% over the last three months and it has surged over 23% in the last twelve months.
12:26 EDTBACOn The Fly: Midday Wrap
Subscribe for More Information
11:28 EDTCLeon Cooperman gives 12 stock picks at CNBC conference
Subscribe for More Information
11:16 EDTCCooperman lists Actavis, Citigroup, KKR among top-picks, CNBC says
Subscribe for More Information
10:14 EDTBACBofA said to offer $13B to settle mortgage-securities probe, WSJ reports
Subscribe for More Information
09:54 EDTUSBU.S. Bancorp says loan demand "strong" across the U.S.
09:44 EDTUSBU.S. Bancorp sees efficiency ratio in the low 50s going forward
Sees net charge offs, nonperforming assets remaining "relatively stable" in Q3. Says capital position is "strong." Comments made on the Q2 earnings conference call.
09:37 EDTC, BACActive equity options trading on open
Subscribe for More Information
08:51 EDTBACBank of America sees reserve releases to decline 'modestly' through rest of year
Subscribe for More Information
08:47 EDTBACBofA now sees 'New BAC" cost savings of $2B to be achieved by Q4
Subscribe for More Information
08:45 EDTBACBofA says balance sheet still positioned for NII benefit as rates move up
Subscribe for More Information
08:36 EDTBACBofA says underlying trading business performed well despite lower volumes
Subscribe for More Information
08:25 EDTJPMCNBC / Institutional Investor to host a conference
Subscribe for More Information
07:26 EDTJPMJPMorgan retreats from mortgage lending on foreclosure concerns, Reuters says
JPMorgan is retreating from making home loans to less creditworthy borrowers after losing confidence in its ability to recover much money from home foreclosures, even with government assurance, according to Reuters, citing comments from the CEO of JPMorgan's residential mortgage banking business Kevin Watters. Reference Link
07:22 EDTUSBU.S. Bancorp reports end Q2 book value per share $20.98
Subscribe for More Information
07:19 EDTUSBU.S. Bancorp reports Q2 common equity tier 1 capital ratio 9.6%
Subscribe for More Information
07:17 EDTUSBU.S. Bancorp reports Q2 EPS 78c, consensus 77c
Subscribe for More Information
07:17 EDTBACBofA/Merrill to hold a roundtable
Subscribe for More Information
07:13 EDTBACBank of America CEO says economy strengthening, customers doing more business
Subscribe for More Information
07:11 EDTBACBank of America reports $21.16 book value per share at June 30
Subscribe for More Information
07:08 EDTBACBofA reports Q2 provision for credit losses $411M, net charge-offs $1.1B
Subscribe for More Information
07:05 EDTBACBofA sees Basel 3 common equity tier 1 ratio up to 9.5%
Subscribe for More Information
07:04 EDTBACAIG to receive $650M in cash in Bank of America settlement
Subscribe for More Information
07:02 EDTBACBank of America reports Q2 EPS ex-items 41c, consensus 29c
Reports Q2 revenue $21.75B, consensus $21.61B. Results include litigation expense of $4.0B pretax or approximately 22c per share after tax.
07:02 EDTBACAIG announces settlement with BofA on residential mortgage related disputes
American International Group (AIG) announced that it has reached a global resolution of its residential mortgage related disputes with Bank of America (BAC). The resolution includes its claims pending in New York and California federal courts related to the creation, offering, and sale of RMBS from which AIG and its subsidiaries suffered losses either directly on their own account or in connection with their participation in AIG’s securities lending program. The resolution also covers AIG’s objections to the $8.5 billion settlement of Countrywide’s mortgage repurchase obligations to various investors, as well as disputes concerning the issuance of mortgage guaranty insurance by AIG’s United Guaranty subsidiaries to Bank of America and Countrywide. Under the terms of the settlement, AIG will receive $650M in cash plus its pro rata share of whatever amount is ultimately paid out to investors in connection with the Countrywide repurchase settlement. In addition, the parties have agreed, subject to the approval of Fannie Mae, Freddie Mac and certain other mortgage holders, to resolve the outstanding mortgage guaranty claims disputes in accordance with agreed-to claims processes and payment formulae.
07:01 EDTBACAIG announces settlement with BofA on residential mortgage related disputes
Subscribe for More Information
July 15, 2014
17:59 EDTGSGoldman Sachs looks undervalued, Barron's says
Subscribe for More Information
16:40 EDTGS, JPMOn The Fly: Closing Wrap
Subscribe for More Information
15:29 EDTBACBank of America July 15.5 straddle priced for 3.1% move into Q2
15:19 EDTBAC, USBNotable companies reporting before tomorrow's open
Subscribe for More Information
14:48 EDTCCitigroup reports June credit loss 2.33% vs. 2.40% last month
Reports June delinquencies 1.43% vs. 1.46% last month.
14:32 EDTBACEarnings Preview: Bank of America to report after peers beat expectations
Subscribe for More Information
12:21 EDTJPM, GSOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday despite better than expected quarterly reports from two of the nation's largest financial institutions. Stock futures improved during the pre-market trading session, leading to a higher open for the broader market, following better than expected earnings reports from JP Morgan (JPM) and Goldman Sachs (GS). The earnings news also came alongside another huge M&A deal, as tobacco giants Reynolds American (RAI) and Lorillard (LO) confirmed plans to merge. However, the major averages weakened throughout the morning and fell into negative ground against the backdrop of Fed Chair Janet Yellen giving testimony on Capital Hill. In the Board of Governors' Monetary Policy Report, the central bank said valuation metrics in "some sectors" appear substantially stretched, "particularly those for smaller firms in the social media and biotechnology industries." ECONOMIC EVENTS: In the U.S., retail sales increased 0.2% in June compared to the month prior, making for the weakest reading since January and missing the consensus forecast for an increase of 0.6%. The Empire State manufacturing index climbed to a four-year high of 25.6 in July, beating expectations for a reading of 16.5. Import prices rose 0.1% in June, with export prices slipping 0.4%. Business inventories grew 0.5% in May, which was just below the 0.6% consensus growth expectation. In Europe, Germany's ZEW survey missed expectations, as both its Current Situation and Expectations reading were lower than forecast. COMPANY NEWS: Shares of JPMorgan advanced nearly 4% after the bank reported a profit of $1.46 a share, which included a legal expense of 13c a share, beating analysts' consensus forecast of $1.29. The earnings report comes after CEO Jamie Dimon recently disclosed that he has throat cancer. During the company's conference call, Dimon said he was "feeling great," that doctors had found no evidence of cancer anywhere except in the location where it had originally been detected, and that his prognosis for recovery is "excellent"... Also in the large-cap bank sector, Goldman Sachs' headline earnings and revenue similarly beat expectations. The firm, which said it ranks first in worldwide announced and completed mergers and acquisitions for the year-to-date, advanced about 1% following its report... Along with JPMorgan in the Dow Jones Industrial Average, Johnson & Johnson (JNJ) reported quarterly sales and profits that beat expectations and the healthcare conglomerate raised its fiscal year EPS view to $5.85-$5.92 from $5.75-$5.85. However, its increased outlook range still fell short of the $5.90 per share consensus forecast that analysts had prior to its report... Reynolds American confirmed news that has been speculated for many weeks, announcing that it will acquire peer Lorillard in a cash-and-stock transaction currently valued at $68.88 per Lorillard share, or a total of $27.4B, including the assumption of net debt. Shares of both fell afterward, with Lorillard down 8% to trade near $61.75 at midday and Reynolds slipping 5%. MAJOR MOVERS: Among the notable gainers was small-cap pharma biotechnology research company Codexis (CDXS), which surged nearly 50% after announcing a collaboration and license agreement with GlaxoSmithKline (GSK). Among the noteworthy losers was Aaron's (AAN), which is engaged in the lease ownership and retail sale of a variety of consumer products. Its stock fell over 6% after the company lowered its second quarter outlook, citing lower than expected performance of its core business as the reason for the revision. INDEXES: Near midday, the Dow was down 33.45, or 0.2%, to 17,021.97, the Nasdaq was down 40.48, or 0.91%, to 4,399.94, and the S&P 500 was down 9.24, or 0.47%, to 1,967.86.
12:10 EDTBACBank of America technical comments ahead of earnings
Subscribe for More Information
11:53 EDTGSGoldman Sachs says Fed's tapering executed 'quite well'
Says Fed's tapering has been a success.
11:26 EDTGSGoldman Sachs doesn't see more significant asset reductions related to review
Doesn't see any more significant asset reductions related to its balance sheet review. Regarding its tax rate, CFO Schwartz says "We're a high taxpayer." Sees headcount increasing by year-end. Says hiring in asset management, cutting staff in fixed income trading.
11:06 EDTGSGoldman Sachs CFO says will consider accretive acquisitions
Subscribe for More Information
10:50 EDTGSGoldman Sachs says asset reductions had 'de minimis' impact on franchise
Subscribe for More Information
10:47 EDTGSGoldman Sachs says undertook 'comprehensive analysis' of balance sheet during Q2
Reports "mixed" operating environment in Q2. Says equity volatility at historically low levels. Says VAR drop driven by volatility, risk positions. Says currency trading was higher in Q2 than Q1, mortgages were flat, credit declined. CFO Harvey Schwartz says company undertook comprehensive review of balance sheet during the quarter. Comments made on the Q2 earnings conference call.
10:37 EDTC, WFC, JPMOptions with decreasing implied volatility
Subscribe for More Information
10:12 EDTBACBank of America reports June default rate 3.24% vs. 3.75% last month
Subscribe for More Information
09:47 EDTJPMJPMorgan rallies after earnings, levels to watch
Subscribe for More Information
09:38 EDTJPMActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL FB JPM TSLA
09:37 EDTJPMJPMorgan upgraded to Outperform from Sector Perform at Portales
Subscribe for More Information
09:25 EDTJPMJPMorgan continues to see share buyback as back-end loaded
JPMorgan CFO says company does not give specific guidance on share repurchases, but that the bank has capacity to do share buybacks in the second half of the year.
09:21 EDTJPM, GSOn The Fly: Pre-market Movers
Subscribe for More Information
08:44 EDTJPMJPMorgan CFO says mortgage production environment remains challenging
JPMorgan CFO Marianne Lake speaking on earnings conference call.
08:41 EDTJPMJPMorgan reports firm NIM down 1 bp, core NIM down 2 bps
JPMorgan reports Q2 firm and core NIM down 1 bp and 2 bps sequentially, to 2.19% and 2.64%, respectively, primarily due to lower loan yields, partially offset by lower long-term debt yields.
08:34 EDTJPMJPMorgan CEO Dimon says feels great, prognosis excellent for condition
Subscribe for More Information
08:30 EDTJPMJPMorgan sees current fixed income and equities environment to persist in Q3
In Fixed Income & Equities, JPMorgan expects the current environment to persist into Q3 with normal seasonal trends. In Securities Services, sees revenue to decrease by approximately $100M in Q3 from $1.14B in Q2, due to seasonality. In Treasury Services, expects revenue to be flat vs. Q2 at approximately $1B in Q3, primarily due to the impact of business simplification and lower trade finance balances and spreads. JPMorgan sees FY14 pretax margin and ROE to be lower than Q2, as the business continues to invest in both infrastructure and controls as well as select front office hiring, but is on track to deliver TTC targets for FY15. Guidance in slides for Q2 earnings conference call.
08:26 EDTJPMJPMorgan expects FY14 adjusted expense $58B+/-
Subscribe for More Information
08:03 EDTWFCCBS reports results of CBS Outdoor exchange offer
Subscribe for More Information
07:43 EDTCCitigroup successfully executing plan, says RBC Capital
Subscribe for More Information
07:43 EDTGSGoldman Sachs says ranks first in M&A year-to-date
Goldman Sachs continued its leadership in investment banking, ranking first in worldwide announced and completed mergers and acquisitions for the year-to-date, the company said. The firm also ranked first in worldwide equity and equity-related offerings, common stock offerings and initial public offerings for the year-to-date.
07:41 EDTGSGoldman Sachs CEO says 'pleased' with results in context of operating conditions
Subscribe for More Information
07:40 EDTGSGoldman Sachs reports Basel III Common Equity Tier 1 ratio 11.4% at June 30
Subscribe for More Information
07:40 EDTGSGoldman Sachs reports book value, tangible book value both up 2%
Book value per common share and tangible book value per common share both increased approximately 2% during the quarter to $158.21 and $148.45, respectively. The firm continues to manage its liquidity and capital conservatively. The firm’s global core excess liquidity was $170B as of June 30. In addition, the firm’s Common Equity Tier 1 ratio was 11.4% as of June 30, under the Basel III Advanced approach. Total assets decreased $56B to $860B as of June 30, resulting from a firmwide initiative to reduce activities with lower returns, including certain client secured financing activities.
07:39 EDTGSGoldman Sachs reports Q2 Investment Banking revenues $1.78B
Subscribe for More Information
07:38 EDTGSGoldman Sachs reports Q EPS $4.10, consensus $3.05
Subscribe for More Information
07:37 EDTCAmerican Enterprise Institute holds a discussion
Subscribe for More Information
07:34 EDTCCitigroup shares cheap on valuation, says UBS
UBS views Citigroup shares as cheap and does not expect them to trade below tangible book value indefinitely. The firm sees earnings stabilization, better than expected trading results, strong loan growth, and valuation as reasons to maintain its Buy rating and raise its price target on Citigroup shares to $61 from $60.
07:23 EDTJPMFortune to hold a conference
Subscribe for More Information
07:08 EDTJPMJPMorgan CEO says saw encouraging signs toward end of Q2
Subscribe for More Information
07:06 EDTJPMJPMorgan reports Q2 Basel III Common Equity Tier 1 ratio 9.8%
Reports Common Equity Tier 1 of $161B, or ratio of 9.8%. Reports Firm Supplementary Leverage Ratio of 5.4%. Reports "core loans" up 8% compared with the prior year. Consumer & Community Banking: average Consumer & Business Banking deposits up 9%; credit card sales volume up 12%; record client investment assets up 19%; record Business Banking loan originations up 46% Corporate & Investment Bank: maintained #1 ranking for Global Investment Banking fees with 8.2% wallet share YTD; assets under custody up 14%. Commercial Banking: period-end loan balances up 9%, driven by 14% growth in Commercial Real Estate; gross investment banking revenue with Commercial Banking clients up 25%. Asset Management: twenty-first consecutive quarter of positive net long-term client flows; record client assets up 15%; record loan balances up 17%.
07:05 EDTJPMJPMorgan reports headcount down 8,871 to 245,192
Subscribe for More Information
07:04 EDTJPMJPMorgan reports Q2 provision for credit losses $692M
Subscribe for More Information
07:02 EDTJPMJPMorgan says Q2 results include $500M after-tax, or 13c, legal expense
Subscribe for More Information
07:01 EDTJPMJPMorgan reports Q2 adjusted EPS $1.46, consensus $1.29
Subscribe for More Information
06:19 EDTJPMJPMorgan reports June net charge losses 2.84% vs. 3.05% last month
Subscribe for More Information
July 14, 2014
17:53 EDTCCitigroup looks cheap, Barron's says
Subscribe for More Information
16:30 EDTCOn The Fly: Closing Wrap
Subscribe for More Information
16:00 EDTCOptions Update; July 14, 2014
Subscribe for More Information
15:24 EDTJPM, GSNotable companies reporting before tomorrow's open
Subscribe for More Information
14:46 EDTGSGoldman Sachs technical notes ahead of earnings
Subscribe for More Information
14:41 EDTGSGoldman Sachs July 167.5 straddle priced for 2.4% move into Q2
14:40 EDTJPMJPMorgan July 56.5 straddle priced for 2.2% move into Q2
Subscribe for More Information
12:21 EDTCOn The Fly: Midday Wrap
Subscribe for More Information
11:42 EDTCCitigroup says will continue to issue perferred stock
Subscribe for More Information
11:26 EDTCCitigroup says different approaches on table for One Main
Subscribe for More Information
10:56 EDTCCitigroup says committed to expense targets for 2015
Subscribe for More Information
10:51 EDTCAG Schneiderman announces $182M for New Yorkers as part of Citi settlement
Subscribe for More Information
10:37 EDTCCitigroup CFO says feels good about CCAR progress
Sees sequential decline in core expenses in each of next 2 quarters. Says does not see significant Citi Holdings legal costs in 2H.
10:29 EDTCCitigroup sees Citi Holdings remaining profitable for the rest of the year
Subscribe for More Information
10:26 EDTCCitigroup sees NIM roughly flat to Q2 levels for rest of year
Says on track for headcount reduction goal in 2014. Says sees sequential revenue growth in Korea during the year. Sees FY NCL rate in Asia, Latin America roughly in line with 1H levels.
10:25 EDTCDOJ: Settlement doesn't absolve Citigroup, others from possible criminal charges
Subscribe for More Information
10:08 EDTCCitigroup CEO says sees improved revenue picture in 2H
Subscribe for More Information
10:00 EDTWFCOn The Fly: Analyst Downgrade Summary
Subscribe for More Information
09:48 EDTCCitigroup likely to outperform today following report, says Wells Fargo
Subscribe for More Information
09:38 EDTCCitigroup says headwinds abating in Global Consumer Banking
Says Q2 Markets revenues were impacted by low volatility, ongoing macro uncertainty. Says results showing progress despite difficult operating environment. Says seeing continued underlying growth in Treasury & Trade Solutions. Comments from slides that will be presented on the Q2 earnings conference call.
09:36 EDTCActive equity options trading on open
Subscribe for More Information
09:16 EDTCOn The Fly: Pre-market Movers
HIGHER: Citigroup (C), up 3.6% after reporting better than expected Q2 results, announcing $7B settlement with DOJ and FDIC... Apple (AAPL), up 0.7% after Barclays upgrades stock to Overweight, Morgan Stanley raises Apple estimates above consensus... Shire (SHPG), up 1.6% after receiving revised proposal from AbbVie (ABBV) of GPB 53.20 per share, which it says it would be willing to recommend to Shire shareholders. AbbVie is down 2.8% after the news... Mylan (MYL), up 4% after acquiring Abbott's (ABT) non-U.S. developed markets specialty and branded generics business in all-stock transaction valued at about $5.3B. Abbott up 1.6% after the news... Progenics (PGNX), up 13% after FDA says RELISTOR can be approved on data submitted in sNDA... Exelixis (EXEL), up 13% after announcing coBRIM Phase 3 trial met primary endpoint... URS (URS) up 8% after acquired by AECOM Technology (ACM) for $56.31 per share. AECOM shares alos up 2% after deal announcement... Whiting Petroleum (WLL), up 4.5% after agreeing to acquire Kodiak Oil & Gas (KOG) in a $6B transaction. Kodiak Oil & Gas up 3%... Kandi Technologies (KNDI), up 11% after announcing JV's sale of 4,114 EVs in Q2. LOWER: Riverbed (RVBD), down 4.5% after saying it sees its Q2 adjusted EPS at low end of 26c-28c range... Harmonic (HLIT), down 13% after reporting preliminary Q2 earnings results.. EBay (EBAY), down 0.5% after downgraded at Pacific Crest, confirming partnership plans with Sotheby's (BID).
08:53 EDTWFCCapital One has positive read from Wells Fargo report, says Janney Capital
Subscribe for More Information
08:35 EDTWFCWells Fargo price target raised to $56 from $51 at RBC Capital
Subscribe for More Information
08:05 EDTCCitigroup reports Q2 Citi Holdings assets down 15% to $111B
Citi Holdings revenues in Q2 increased 33% versus the prior year period to $1.5B. Revenues in the second quarter 2014 included CVA/DVA of negative $1M compared to positive $15M in the prior year period. Excluding CVA/DVA, Citi Holdings revenues increased 35% to $1.5B primarily driven by the absence of repurchase reserve builds for representation and warranty claims in the current quarter, a higher level of gains on asset sales compared to the prior year and lower funding costs. As of the end of the quarter, total Citi Holdings assets were $111B, 15% below the prior year period, and represented approximately 6% of total Citigroup assets.
08:03 EDTCCitigroup reports Q2 Citicorp revenue $17.88B
Reports Q2 Citicorp revenues of $17.9B declined 8% from the prior year period. CVA/DVA, reported within ICG, was negative $32M in Q2, or negative $20M after-tax, compared to positive $462M, or $284M after-tax, in the prior year period. Excluding CVA/DVA, revenues were down 5% from Q213, reflecting declines in both GCB and ICG revenues of 3% and 7%, respectively. GCB revenues of $9.4B declined 3% from the prior year period, as lower U.S. mortgage refinancing activity, regulatory changes, repositioning actions in certain markets and the continued impact of spread compression globally more than offset the impact of the Best Buy portfolio acquisition and ongoing volume growth in most international businesses. ICG revenues declined 11% from the prior year period to $8.5B. Excluding the impact of CVA/DVA, revenues were $8.5B, 7% lower than the prior year period, primarily reflecting a decline in Fixed Income Markets and Equity Markets revenues, partially offset by higher Investment Banking revenues.
08:03 EDTCCitigroup CEO: Businesses showed resilience during uneven economic environment
Subscribe for More Information
08:03 EDTGSGoldman Sachs volatility increases into Q2 and outlook
Subscribe for More Information
08:02 EDTCCitigroup reports Q2 allownace for loan losses $17.9B
Subscribe for More Information
08:01 EDTJPMJP Morgan July volatility increases into Q2 and outlook
Subscribe for More Information
08:01 EDTCCitigroup reports Basel III Tier 1 Common ratio 10.6% at quarter end
Subscribe for More Information
07:59 EDTCCitigroup reports Q2 EPS $1.24 ex-items, consensus $1.05
Subscribe for More Information
07:48 EDTGSQuantum computer company D-Wave may come public, FT says
Subscribe for More Information
07:05 EDTCCitigroup to settle DOJ, FDIC claims for $7B
07:03 EDTCCitigroup CEO: Settlement in best interests of shareholders
07:02 EDTCCitigroup CEO says has resolved substantially all legacy RMBS, CDO litigation
Subscribe for More Information
07:01 EDTCCitigroup to take charge of approximately $3.8B pre-tax in Q2
Subscribe for More Information
07:01 EDTCCitigroup to settle DOJ, FDIC claims for $7B
Citigroup announced that it has reached an agreement to settle the ongoing investigation of the Residential Mortgage-Backed Securities Working Group, part of the Financial Fraud Enforcement Task Force. Today’s agreement resolves actual and potential civil claims by the U.S. Department of Justice, several state attorneys general and the Federal Deposit Insurance Corporation relating to RMBS and collateralized debt obligations (CDOs) issued, structured or underwritten by Citi between 2003 and 2008. Under the terms of the settlement, Citigroup will pay a total of $4.5B in cash and provide $2.5B in consumer relief. The cash portion consists of a $4 billion civil monetary payment to the DOJ and $500M in compensatory payments to the State AGs and the FDIC. The consumer relief will be in the form of financing provided for the construction and preservation of affordable multifamily rental housing, principal reduction and forbearance for residential loans, as well as other direct consumer benefits from various relief programs. Citigroup has agreed to provide the consumer relief by the end of 2018. Michael Corbat, CEO of Citigroup, said, “The comprehensive settlement announced today with the U.S. Department of Justice, state attorneys general, and the FDIC resolves all pending civil investigations related to our legacy RMBS and CDO underwriting, structuring and issuance activities. We also have now resolved substantially all of our legacy RMBS and CDO litigation. We believe that this settlement is in the best interests of our shareholders, and allows us to move forward and to focus on the future, not the past.”
07:00 EDTCCitigroup announces settlement with RMBS Working Group
Subscribe for More Information
05:56 EDTWFCWells Fargo downgraded to Neutral from Overweight at JPMorgan
JPMorgan downgraded Wells Fargo to Neutral citing the company's higher expenses in Q2 and the year-to-date outperformance of shares. The firm lowered its price target for the stock to $52 from $54.50.
July 13, 2014
20:31 EDTCCitigroup's $7B U.S settlement on mortgages expected Monday, Reuters says
Subscribe for More Information
July 11, 2014
16:46 EDTWFCStocks end week lower on European, Fed concerns
Subscribe for More Information
16:22 EDTWFCOn The Fly: Closing Wrap
Stocks on Wall Street were higher today, but were still lower for the week, as concerns in Europe have come back to the forefront of investors' minds. Today's modest bounce was not enough to make up for the declines seen in three of the other four sessions earlier in the week. ECONOMIC EVENTS: In the U.S., the June federal budget statement showed a surplus of $70.5B for the month, compared to analysts' forecast for a $79B surplus. COMPANY NEWS: Shares of Wells Fargo (WFC) slipped 32c, or 0.62%, to $51.49 after the largest mortgage lender in the U.S. posted earnings of $1.01 a share that matched analysts' consensus forecast. Wells did note that its credit performance continued to improve in Q2 and CEO John Stumpf said he is "optimistic about the future" for the bank... Lorillard (LO) advanced $2.92, or 4.63%, to $66.01, while Reynolds American fell 51c, or 0.82%, to $61.75, after the two cigarette makers confirmed that they are holding talks about a possible merger, as has been speculated by various media reports in recent weeks... In another update to an ongoing M&A story, Japan's Nikkei reported that Sprint's (S) corporate parent, Softbank (SFTBF), has reached an agreement to acquire T-Mobile (TMUS) from Deutsche Telecom (DTEGY), clearing the way for the long-speculated merger between the third and fourth largest wireless carriers in the U.S. Following the new story, Sprint shares finished the day up 30c, or 3.64%, to $8.55, while T-Mobile rose 62c, or 1.89%, to $33.50. MAJOR MOVERS: Among the notable gainers was Ruckus Wireless (RKUS), which advanced 87c, or 7.9%, to $11.88 after the FCC announced that it would allocate new funds to subsidize the launch of WiFi networks in schools and libraries. Also higher was Amazon.com (AMZN), which climbed $18.28, or 5.57%, to $346.20 after consulting firm ChannelAdvisor (ECOM) reported that the company's same-store sales growth had accelerated significantly in June compared with May. Among the noteworthy losers was Rent-A-Center (RCII), which dropped $3.18, or 10.94%, to $25.88 after the company warned that its revenue and earnings for Q2 will not meet expectations. Also lower were shares of industrial and construction supply retailer Fastenal (FAST), which fell $2.00, or 4.16%, to $46.15 after its Q2 revenue missed analysts' consensus view and the company reported plans to close 45 stores. INDEXES: The Dow was up 28.74, or 0.17%, to 16,943.81, the Nasdaq was up 19.29, or 0.44%, to 4,415.49, and the S&P 500 was up 2.83, or 0.14%, to 1,967.51.
15:59 EDTCOptions Update; July 11, 2014
iPath S&P 500 VIX Short-Term Futures down 33c to 28.25. Option volume leaders: AAPL C GILD X FB GOOG AMZN TWTR TSLA according to Track Data.
15:44 EDTCCitigroup technical comments ahead of results
Subscribe for More Information
15:28 EDTCCitigroup July 47 straddle priced for 2.8% move into Q2
12:36 EDTWFCOn The Fly: Midday Wrap
Subscribe for More Information
12:12 EDTCCitigroup to host conference call
Management holds a 2Q Fixed Income Investor Review conference call on July 18 at 11 am. Webcast Link
11:13 EDTWFCWells Fargo sees doing commercial real estate portfolio acquisitions
Says would be willing to sell student loan portfolio in one piece.
10:50 EDTWFCWells Fargo sees gain on sale margins stabilizing
Subscribe for More Information
10:32 EDTWFCWells Fargo says 'absolutely' sees net interest income growth
Subscribe for More Information
10:28 EDTCURS Corporation working with banks on potential sale, Reuters reports
Subscribe for More Information
10:25 EDTWFCWells Fargo targeting a net payout ratio of 55%-75%
Subscribe for More Information
10:23 EDTWFCWells Fargo says seeing many indicators of economic growth accelerating
Subscribe for More Information
09:37 EDTC, WFCActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL WFC C SUNE FB AMZN TSLA TWTR
09:09 EDTWFCOn The Fly: Pre-market Movers
Subscribe for More Information
08:54 EDTWFCWells Fargo nears tests of support following earnings, levels to watch
Subscribe for More Information
08:09 EDTWFCWells Fargo reports Q2 Community Banking net income $3.4B
Community Banking reported net income of $3.4B, down $413M, or 11%, from Q1. Revenue of $12.6B rose slightly from the prior quarter. Higher net interest income, mortgage banking revenue and card fees, were offset by lower equity investment gains. Wholesale Banking reported net income of $2.0B, up $210M, or 12%, from Q1. Revenue of $5.9B increased $366M, or 7%, from prior quarter. Wealth, Brokerage and Retirement reported net income of $544M, up $69M, or 15%, from Q1. Revenue of $3.6B increased $82M, or 2%, from the prior quarter as increased asset-based fees and higher gains on deferred compensation plan investments, offset in compensation expense, were partially offset by lower brokerage transaction revenue.
08:06 EDTWFCWells Fargo reports Q2 mortgage originations of $47B
Subscribe for More Information
08:05 EDTWFCWells Fargo says credit performance continued to improve in Q2
Subscribe for More Information
08:04 EDTWFCWells Fargo reports Q2 net charge offs $717M
Subscribe for More Information
08:04 EDTWFCWells Fargo reports loans $828.9B at June 30, up $2.5B from March 31
Subscribe for More Information
08:02 EDTWFCWells Fargo CEO says 'optimistic' about bank's future
“Our strong results in the second quarter reflected the benefit of our diversified business model and our long-term focus on meeting the financial needs of our customers,” said Chairman and CEO John Stumpf. “By continuing to serve customers we grew loans, increased deposits and deepened our relationships. Our results also reflected strong credit quality driven by an improved economy, especially the housing market, and our continued risk discipline. We are committed to both maintaining strong capital levels and returning more capital to our shareholders. In the second quarter we increased our common stock dividend 17 percent and repurchased 39.4 million shares. We remain dedicated to building long-term shareholder value, and I am optimistic about the future as we continue to focus on meeting the needs of our consumer, small business and commercial customers.” CFO John Shrewsberry said, “The primary drivers of Wells Fargo’s business remained strong in the second quarter, with broad-based loan growth, increased deposit balances, and improved credit quality. Revenue increased linked quarter as the Company grew both net interest income and noninterest income, a reflection of Wells Fargo’s diversified business model. These solid fundamental business results led to an increase in pre-tax income linked quarter. Net income was down as the Company’s effective tax rate was lower in the first quarter due to a $423 million discrete tax benefit.”
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
Subscribe for More Information
07:30 EDTWFCGlobal Interdependence Center to hold a summit
Subscribe for More Information
07:20 EDTGS, JPM, USB, WFC, C, BAC, 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
Subscribe for More Information
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
Subscribe for More Information
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
Subscribe for More Information
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
Subscribe for More Information
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
<< 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | all recent news | >>

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