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Stock Market & Financial Investment News

News For MS;JPM;GS From The Last 14 Days
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May 20, 2015
16:26 EDTJPMOn The Fly: Top stock stories for Wednesday
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12:33 EDTJPMOn The Fly: Top stock stories at midday
Stocks began the session relatively unchanged from yesterday’s close and continue to trade in a holding pattern as investors await the release of the minutes from the Federal Reserve's last FOMC meeting. ECONOMIC EVENTS: In the U.S., EIA inventory data showed a 2.67M barrel fall in crude stocks, versus expectations for a 1.75M barrel decrease. The Federal Reserve is scheduled to release the minutes from its last rate setting meeting at 2 pm EDT. In Asia, Japan's GDP accelerated to a 2.4% growth pace in the first quarter, which was much better than expected. Japanese stock markets rallied on the news, sending the Nikkei 225 average to its best level in 15 years. COMPANY NEWS: Five of the world's largest banks - Citi (C), JPMorgan Chase (JPM), Barclays (BCS), The Royal Bank of Scotland (RBS) and UBS (UBS) - agreed to pay more than $5B and plead guilty to felony charges related to manipulating foreign currencies and interest rates. In conjunction with previously announced settlements with regulatory agencies in the United States and abroad, today’s resolutions bring the total fines and penalties paid by these five banks for their conduct in the foreign exchange spot market to nearly $9B, the Department of Justice stated... Target (TGT) shares advanced 1% after the retailer's first quarter earnings topped expectations and it raised the low-end of its fiscal year profit forecast. Brian Cornell, chairman and CEO of Target, said the company was pleased with its first quarter traffic and sales, particularly in its signature categories, which drove better-than-expected profitability through improved gross margin and continued expense management. MAJOR MOVERS: Among the notable gainers was Sarepta Therapeutics (SRPT), which rallied 53% after the company announced that, following meetings with the FDA, it would submit its eteplirsen drug to the FDA for approval on a rolling basis, with various components of the application being submitted separately. Eteplirsen is a treatment for Duchenne muscular dystrophy, or DMD. Also higher was Pep Boys (PBY), which gained 14% after The Wall Street Journal said private equity firm Golden Gate Capital and other potential suitors have expressed interest recently in buying the company. Among the noteworthy losers was Etsy (ETSY), which operates an online marketplace to buy and sell handmade items and vintage goods. The stock, which priced its IPO at $16 and opened for trading at $31 per share, dropped 22% to trade near $16.50 after the company issued its first financial report since coming public in April. Also lower were shares of several airline stocks, led by Southwest (LUV), which was down 8% near noon. In a regulatory filing last night, Southwest indicated it expects FY15 capacity growth to increase 7%-8% and to grow another 6%-7% in FY16. Buckingham downgraded Southwest to Neutral from Buy this morning, stating it has a more cautious revenue outlook for the company due to a worsening backdrop as competitors vow to compete aggressively. INDEXES: Near midday, the Dow was down 6.10, or 0.03%, to 18,306.29, the Nasdaq was up 1.65, or 0.03%, to 5,071.69, and the S&P 500 was down 0.49, or 0.02%, to 2,127.34.
10:15 EDTJPMFive banks agree to parent-level guilty pleas in settlement over forex rigging
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10:09 EDTJPMCiti, JPMorgan, RBS, Barclays, UBS agreed to guilty pleas in forex settlement
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10:08 EDTJPMJPMorgan announces $892M in settlements with DOJ, Fed
JPMorgan Chase announced settlements with the U.S. Department of Justice and the Federal Reserve relating to the bank’s foreign exchange (FX) trading business. Under the DOJ resolution, JPMorgan will plead guilty to a single antitrust violation and pay a fine of $550M. Under the resolution with the Fed, the bank will pay a fine of $342M and has agreed to the entry of a Consent Order. JPMorgan said it has previously reserved for these settlements. These settlements are in addition to agreements announced in November 2014 with the U.K. Financial Conduct Authority, the U.S. Commodity Futures Trading Commission and the U.S. Office of the Comptroller of the Currency relating to the FX trading business. The press release stated, "The conduct underlying the antitrust charge is principally attributable to a single trader (who has since been dismissed) and his coordination with traders at other firms." Jamie Dimon, Chairman and CEO of JPMorgan Chase, said: “The conduct described in the government’s pleadings is a great disappointment to us. We demand and expect better of our people. The lesson here is that the conduct of a small group of employees, or of even a single employee, can reflect badly on all of us, and have significant ramifications for the entire firm. That’s why we’ve redoubled our efforts to fortify our controls and enhance our historically strong culture."
08:21 EDTMS, GS, JPMATM data theft soars to highest rate in two decades, WSJ says
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06:10 EDTMSMorgan Stanley implied volatility of 16 at lower end of index mean range
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May 19, 2015
15:42 EDTJPMBanks' settlement over forex rigging to be announced tomorrow, CNBC says
Several banks are said to plan to plead guilty and pay "billions" in fines in a settlement over their roles in foreign exchange manipulation that is expected to be announced Wednesday, according to CNBC's Kate Kelly. Prior media reports have listed Barclays (BCS), Royal Bank of Scotland (RBS), UBS (UBS), JPMorgan (JPM) and Citigroup (C) as having been in talks with U.K. and U.S. authorities for their roles in foreign currency rigging.
09:37 EDTJPMActive equity options trading on open
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May 18, 2015
09:46 EDTJPM, MSMPLX enters common unit sales agreement for up to $500M
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07:12 EDTJPMBarclays expected to face over GBP250M in fines for rigging, Telegraph says
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May 15, 2015
10:47 EDTJPMNCR Corp. working with JPMorgan on sale, dealReporter says
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07:50 EDTJPMDOJ tearing up prior UBS rigging settlement after new violations, WSJ reports
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06:18 EDTJPMJPMorgan reports April Net Credit Losses 2.34% vs. 2.61% last month
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May 14, 2015
09:31 EDTJPMJPMorgan to buy $45B in mortgage servicing rights from Ocwen
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09:31 EDTJPMJPMorgan to buy $45B in mortgage servicing rights from Ocwen
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06:49 EDTJPMBanks to pay several billion over alleged currency violations, NY Times says
Barclays (BCS), JPMorgan Chase (JPM), Citigroup (C) and the Royal Bank of Scotland (RBS) are expected to agree to pay a combined "several billion dollars" as part of a settlement with the U.S. over alleged foreign exchange rigging, according to The New York Times, which cited unnamed sources. The banks are also expected to plead guilty to criminal antitrust violations, but it is not anticipated that their operations will be significantly affected as a result of those pleas, the newspaper stated. Meanwhile, UBS (UBS) will pay a fine of up to $500M related to alleged "foreign currency misconduct," the newspaper stated. Reference Link
06:04 EDTMS, GSUnivision IPO could launch 'in weeks,' NY Post reports
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May 13, 2015
12:13 EDTGSGoldman Sachs management to meet with MKM Partners
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09:32 EDTMSMorgan Stanley fined $2M by FINRA for short interest reporting, rule violations
FINRA announced that it has fined Morgan Stanley & Co. LLC $2M for short interest reporting and short sale rule violations that spanned a period of more than six years, and for failing to implement a supervisory system reasonably designed to detect and prevent such violations. FINRA found that Morgan Stanley, over several years, failed to completely and accurately report its short interest positions in certain securities involving billions of shares. FINRA also found that the firm's supervisory system was deficient because it failed to detect and prevent these violations over an extended period of time. FINRA found that over a seven-year period, Morgan Stanley included positions from the accounts of non-broker-dealer affiliates in a number of aggregation units when determining each unit's net position. FINRA also found that the firm's supervisory system was not reasonably designed to detect and prevent such violations. In concluding this settlement, Morgan Stanley neither admitted nor denied the charges, but consented to the entry of FINRA's findings.
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