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Stock Market & Financial Investment News

News For WFC;BAC;C;GS;MS;USB;JPM From The Last 14 Days
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December 18, 2014
15:16 EDTMS, WFC, BAC, USB, C, GS, JPMFed gives banks until July 2016 to to conform investments with covered funds
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14:28 EDTGSGoldman Sachs promotes Waldron to co-head of investment-banking, WSJ reports
Goldman Sachs promoted John Waldron to replace John Weinberg as co-head of investment-banking, reported The Wall Street Journal. Weinberg will remain one of the firm's three vice chairmen and transition to a new client-development role, the report noted. Reference Link
10:01 EDTWFCFINRA fines Wells Fargo Advisors, Wells Fargo Advisors Financial Network $1.5M
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07:56 EDTJPMJPMorgan management to meet with Deutsche Bank
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December 17, 2014
16:00 EDTBAC, COptions Update; December 17, 2014
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13:47 EDTBACNCAU files suit in federal court against BofA over mortgage securities
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13:24 EDTMSMorgan Stanley gets GBP1 fee to sell stake in Lloyds, WSJ says
Morgan Stanley (MS) has landed a prestigious deal and will collect a fee of GBP1 or $1.57 to sell down a potentially large stake in Lloyds Banking Group (LYG), says the Wall Street Journal. Morgan Stanley has until June 30, 2015 to sell what may amount to GBP3B worth of stock, added the Wall Street Journal. Reference Link
07:20 EDTGS, CCapital Link to hold a forum
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06:54 EDTWFCWells Fargo increasing minimum stock commission size for brokers, Reuters says
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06:05 EDTWFCStocks with implied volatility above IV index mean; CX WFC
Stocks with implied volatility above IV index mean; CEMEX (CX) 70, Wells Fargo (WFC) 24 according to iVolatility.
December 16, 2014
16:00 EDTBAC, COptions Update; December 16, 2014
iPath S&P 500 VIX Short-Term Futures up 1.55 to 34.60. Option volume leaders: AAPL TSLA TWTR AMZN FB C GILD BAC NFLX AA MGM MCD according to Track Data.
13:09 EDTBACFINRA fines Merrill $1.9M for fair pricing violations
The Financial Industry Regulatory Authority, FINRA, announced that it has fined Merrill Lynch, Pierce, Fenner & Smith Incorporated $1.9M for fair pricing and supervisory violations in connection with more than 700 retail customer transactions in distressed securities over a two-year time period. Merrill Lynch was also ordered to pay more than $540,000 in restitution, plus interest, to affected customers. Reference Link
12:04 EDTJPMJPMorgan says about half done with mortgage aid settlement, WSJ says
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11:45 EDTMSMorgan Stanley management to meet with Evercore ISI
Meeting to be held in New York on December 17 hosted by Evercore ISI.
09:59 EDTWFC, USB, MS, JPM, C, BACOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: BB&T (BBT) initiated with a Neutral at Guggenheim... Bank of America (BAC) initiated with a Buy at Guggenheim... Ciena (CIEN) initiated with a Neutral at Wedbush... Cimarex Energy (XEC) initiated with a Perform at Oppenheimer... Citigroup (C) initiated with a Neutral at Guggenheim... Extended Stay America (STAY) initiated with a Market Perform at JMP Securities... Infinera (INFN) initiated with a Neutral at Wedbush... JPMorgan (JPM) initiated with a Neutral at Guggenheim... Morgan Stanley (MS) initiated with a Buy at Guggenheim... Newfield Exploration (NFX) initiated with an Outperform at Oppenheimer... Nike (NKE) initiated with a Market Perform at Cowen... PNC Financial (PNC) initiated with a Neutral at Guggenheim... Peak Resorts (SKIS) initiated with an Outperform at FBR Capital... Peak Resorts initiated with an Outperform at Oppenheimer... Ralph Lauren (RL) initiated with an Outperform at Cowen... U.S. Bancorp (USB) initiated with a Neutral at Guggenheim... Under Armour (UA) initiated with an Outperform at Cowen... Wells Fargo (WFC) initiated with a Neutral at Guggenheim... Whiting Petroleum (WLL) initiated with an Outperform at Oppenheimer... Lowe's (LOW) initiated with a Neutral at Nomura... Home Depot (HD) initiated with a Neutral at Nomura... Estee Lauder (EL) initiated with a Buy at KeyBanc... Huntsman (HUN) initiated with a Buy at Nomura... Dow Chemical (DOW) initiated with a Buy at Nomura.
09:36 EDTC, JPMActive equity options trading
Active equity options trading according to Track Data: AAPL AMZN C TSLA PBR TWTR NFLX JPM CLF ABX
09:02 EDTUSBU.S. Bancorp's Elavon, Union Bank extend multi-year alliance
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07:39 EDTCCitigroup management to meet with UBS
Meeting to be held in Connecticut on December 16 hosted by UBS.
07:22 EDTMSMorgan Stanley volatility at upper end of one-year range
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07:21 EDTGSGoldman Sachs volatility at upper end of two-year range
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07:20 EDTBACBank of America volatility elevated at 25
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07:18 EDTCCitigroup volatility elevated at 24
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07:17 EDTJPMJPMorgan Chase volatility elevated at 24
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05:54 EDTWFCStocks with implied volatility movement; TC WFC
Stocks with implied volatility movement; Thompson Creek (TC) 114, Wells Fargo (WFC) 23 according to iVolatility.
December 15, 2014
16:16 EDTMSMorgan Stanley initiated with a Buy at Guggenheim
Guggenheim initiated Morgan Stanley with a Buy and $42 price target and named it a Best Idea.
16:15 EDTGSGoldman Sachs initiated with a Buy at Guggenheim
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16:14 EDTBACBank of America initiated with a Buy at Guggenheim
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16:14 EDTUSBU.S. Bancorp initiated with a Neutral at Guggenheim
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16:13 EDTWFCWells Fargo initiated with a Neutral at Guggenheim
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16:13 EDTCCitigroup initiated with a Neutral at Guggenheim
16:12 EDTJPMJPMorgan initiated with a Neutral at Guggenheim
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16:00 EDTCOptions Update; December 15, 2014
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14:21 EDTCCitigroup reports November credit loss 2.37% vs. 2.18% last month
Reports November delinquencies 1.52% vs. 1.56% last month.
10:13 EDTBACBank of America reports November default rate 3.08% vs. 2.81% last month
Reports November delinquency rate 1.91% vs. 1.94% last month.
09:38 EDTCActive equity options trading
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09:20 EDTBACFirst South Bancorp completes purchase of nine branches from Bank of America
First South Bancorp (FSBK), the parent holding company of First South Bank, announced that the bank has completed its acquisition of nine branch banking operations in eastern and central North Carolina from Bank of America (BAC). The purchase was finalized and the branches were converted to First South Bank branches during the weekend of December 12-14 and opened for business as First South Bank branches Monday morning, December 15.
07:29 EDTJPMJPMorgan reports November net credit losses 2.61% vs. 2.26% last month
Reports November delinquency rate 1.34% vs. 1.34% last month.
06:51 EDTCLiberals attack Citigroup over controversial provision in bill, NY Times says
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December 12, 2014
16:00 EDTCOptions Update; December 12, 2014
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15:09 EDTJPMJPMorgan slips lower in late afternoon trading, levels to watch
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10:01 EDTMSOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: BreitBurn Energy (BBEP) downgraded to Hold from Buy at Wunderlich... CIBC (CM) downgraded to Underperform from Neutral at Credit Suisse... Costco (COST) downgraded to Neutral from Buy at Janney Capital... Discovery (DISCA) downgraded to Sector Perform from Outperform at RBC Capital... Emerald Oil (EOX) downgraded to Neutral from Accumulate at Global Hunter... Goodrich Petroleum (GDP) cut to Underweight on lower oil at JPMorgan... Hain Celestial (HAIN) downgraded to Sector Perform from Outperform at RBC Capital... Hovnanian (HOV) downgraded to Neutral from Buy at Compass Point... Mindray Medical (MR) downgraded to Underweight from Equal Weight at Morgan Stanley... Morgan Stanley (MS) downgraded to Neutral from Buy at Buckingham... Oracle (ORCL) resumed with a Neutral from Overweight at Piper Jaffray... Rackspace (RAX) downgraded to Underperform from Neutral at DA Davidson... Zayo Group (ZAYO) downgraded to Neutral from Buy at BTIG.
09:35 EDTCActive equity options trading
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08:09 EDTUSB, WFC, JPM, MS, CBofA/Merrill financial analysts hold an analyst/industry conference call
Banks Analyst Najarian, along with Capital Markets Analyst Carrier, Specialty Finance Analyst Bruce discuss the year ahead in Financials, covering the Banks, Capital Markets, Life and P/C Insurance, REIT, Specialty Finance and Canadian Banks/Life Insurance sectors on an Analyst/Industry conference call to be held on December 16 at 10 am.
07:21 EDTBACBofA/Merrill to hold a discussion
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07:10 EDTMSMorgan Stanley downgraded to Neutral from Buy at Buckingham
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December 11, 2014
16:01 EDTCOptions Update; December 11, 2014
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10:17 EDTMS, JPM, GS, WFC, BAC, CFINRA fines Barclays Capital, Citigroup Global Markets, others $43.5M total
FINRA announced that it has fined 10 firms a total of $43.5M for allowing their equity research analysts to solicit investment banking business and for offering favorable research coverage in connection with the 2010 planned initial public offering of Toys"R"Us. FINRA fined the following firms. Barclays Capital (BCS) - $5M; Citigroup Global Markets (C) – $ 5M; Credit Suisse Securities (CS) – $5M; Goldman, Sachs & Co. (CS) – $5M; JP Morgan Securities LLC (JPM) – $5M; Deutsche Bank Securities Inc. (DB) – $4M; Merrill Lynch, Pierce, Fenner & Smith Inc. (BAC) – $4M; Morgan Stanley & Co., LLC (MS) – $4M; Wells Fargo Securities, LLC (WFC) – $4M; Needham & Company LLC – $2.5M. In addition, FINRA found that six of the 10 firms — Barclays, Citigroup, Credit Suisse, Goldman Sachs, JP Morgan and Needham — had inadequate supervisory procedures related to research analyst participation in investment banking pitches. Toys"R"Us and its sponsors offered each of the 10 firms various roles in the IPO but it eventually decided not to proceed with the offering. In settling this matter, the 10 firms neither admitted nor denied the charges, but consented to the entry of FINRA's findings.
10:13 EDTJPMOn The Fly: Analyst Upgrade Summary
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09:37 EDTCActive equity options trading
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07:49 EDTGSThe New York Times to hold a conference
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07:20 EDTJPM, JPMJPMorgan upgraded to Outperform from Underperform at CLSA
CLSA upgrade JPMorgan to Outperform from Underperform. The analyst expects JPMorgan to benefit from progress in revenue efficiency, operating leverage and structurally lower credit costs. Additionally, CLSA believes the sum-of-the-parts valuation discount provides the possibility of a breakup or restructuring if the company does not succeed. Price target raised to $70 from $60.
December 10, 2014
16:24 EDTGSGoldman Sachs reports 10.7% passive stake in Navios Maritime Midstream
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16:00 EDTBACOptions Update; December 10, 2014
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14:18 EDTJPMJPMorgan leads banks lower, levels to watch
The shares are down over 2.5% to $60.94. At that price next major support is at $59.83, the last price for the 50-day moving average. Resistance is at $61.31.
12:24 EDTBAC, JPM, COn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory and have remained there throughout the morning. The averages have moved in a narrow range as the price of crude continues to fall. Near noon, WTI crude was down another 5% to roughly $60 per barrel. The weakness is effecting equities, as investors are concerned the oil price weakness is indicative of the slowing global economy. ECONOMIC EVENTS: In the U.S., House and Senate lawmakers reportedly reached a deal on a nearly $1.1T bill to fund most of the government through September and avert a shutdown. The EIA estimated crude oil supplies grew 1.5 Mmbbls last week, while consensus expected a 2.7 Mmbbls decrease. The Treasury budget statement for November is expected at 2:00 pm ET, with the consensus expectation for a deficit of $63B. COMPANY NEWS: Shares of JPMorgan (JPM) declined 2% after guidelines proposed yesterday by the Federal Reserve would likely result in the firm managing to a higher capital buffer. Additionally, JPMorgan CFO Marianne Lake, speaking earlier at a Goldman Sachs conference, said the bank sees its Q4 reported markets revenues down by a "high teens" percentage and that its "core" markets performance in Q4, excluding the sale of physical commodities and allocation of preferred dividend expense, is indicated down 4% to-date compared to last year's quarter. Lake became the latest bank executive to discuss a Q4 trading slump, after Bank of America (BAC) CEO Brian Moynihan, speaking yesterday at the same financial conference, said the bank expects its Q4 trading revenue to be down on both a linked-quarter and year-over-year basis. Also yesterday, Citigroup (C) CEO Michael Corbat estimated that the bank's Q4 markets revenue would be down year-over-year by about 5%. MAJOR MOVERS: Among the notable gainers was Analogic (ALOG), which rose 12% after the company reported better than expected quarterly earnings. Also higher was Novadaq (NVDQ), which gained 11.5% after the company signed a multi-year distributor agreement with LifeNet Health that analysts at Canaccord said could potentially be a big deal and materially help its near and long-term prospects. Among the noteworthy losers was Yum! Brands (YUM), which dropped nearly 5% after the owner of the KFC, Pizza Hut and Taco Bell brands issued a negative preannouncement on its China business and provided lower than expected 2015 EPS guidance. Also lower were shares of Krispy Kreme (KKD), which sunk 8% after the donut maker reported weaker than expected earnings and revenue. INDEXES: Near midday, the Dow was down 164.41, or 0.92%, to 17,636.79, the Nasdaq was down 32.79, or 0.69%, to 4,733.68, and the S&P 500 was down 17.43, or 0.85%, to 2,042.39.
11:27 EDTUSBU.S. Bancorp CFO says would consider special dividend
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11:20 EDTMSMorgan Stanley pays $4M to SEC for violating market access rule
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11:03 EDTJPM, BAC, CJPMorgan drops 2% after CFO talks down Q4 numbers
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10:00 EDTCCitigroup management to meet with Oppenheimer
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10:00 EDTUSBU.S. Bancorp long-term goals include ROE 16%-19%
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10:00 EDTGSOn The Fly: Analyst Downgrade Summary
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07:43 EDTCCitigroup charges will likely lead to break-even quarter, says UBS
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06:57 EDTGSGoldman Sachs downgraded at Susquehanna
As previously reported, Susquehanna downgraded Goldman Sachs to Neutral from Positive. The firm downgraded shares based on full valuation and expectations the fall in energy prices will weigh on high yield and loan volumes into 2015, and pressure the debt portion of investing and lending in the secondary markets. Price target lowered to $200 from $218.
06:32 EDTGSGoldman Sachs downgraded to Neutral from Positive at Susquehanna
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06:17 EDTJPMJPMorgan faces $22B capital hole under new Fed rules, Financial Times says
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December 9, 2014
16:00 EDTC, BACOptions Update; December 9, 2014
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14:57 EDTC, MS, BAC, GS, WFC, JPMFed to propose rulemaking on risk-based capital surcharges for GSIB banks
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14:42 EDTUSB, BAC, WFC, MS, GS, JPM, CFed sees setting capital surcharge up to 4.5% for big U.S. banks, Bloomberg says
Bloomberg cites surcharge estimates in Federal Reserve staff memo. 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).
11:08 EDTCCitigroup falls, levels to watch
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10:51 EDTCCitigroup sees incurring legal, related charges of approx. $2.7B in Q4
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10:39 EDTCCitigroup expects to see heightened periods of volatility
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10:27 EDTCCitigroup CEO says big things that remain are ForEx, Libor and AMC and process
10:27 EDTCCitigroup says leverage ratio is not binding constraint for company
10:13 EDTCCitigroup CEO sees $2.7B charges in Q4 to address legal reserve charges
CEO Michael Corbat said that after taking the charges in Q4, the company will be "marginally profitable." Comments taken from Goldman Sachs Financial Services conference.
10:10 EDTCCitigroup to take $3.5B in additional charges in Q4, CNBC reports
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09:38 EDTC, BACActive equity options trading
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09:15 EDTBACBank of America sees Q4 sales and trading revenue down linked-quarter, y/y
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08:24 EDTCCitigroup to sell Japanese consumer unit to Sumitomo Mitsui, Bloomberg says
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05:59 EDTCCitigroup appointed successor depositary bank for Deutsche Post ADR program
Citi (C), acting through Citibank N.A., has been appointed by Deutsche Post AG (DPSGY) as successor depositary bank for its Level 1 American Depositary Receipt, or ADR, program. Deutsche Post DHL’s ADR program trades in the U.S. over the counter market, with each ordinary share equivalent to 1 ADR.
December 8, 2014
16:55 EDTCLone Star joins Springleaf as bidder for Citigroup OneMain unit, Bloomberg says
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16:00 EDTBAC, COptions Update; December 8, 2014
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15:40 EDTCLone Star joins Springleaf as bidder for Citigroup OneMain unit, Bloomberg says
15:26 EDTWFCDeutsche Bank sued by U.S. over alleged scheme to avoid income taxes
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11:55 EDTGSGoldman Sachs ordered to pay $7.6M in wrongful discharge claim
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10:00 EDTWFC, USBOn The Fly: Analyst Downgrade Summary
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07:52 EDTWFCWells Fargo downgraded to Market Perform from Outperform at Bernstein
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06:35 EDTWFC, JPM, BAC, MS, C, GS, USBValue of Wall Street's M&A bankers has risen, NY Times says
The value of Wall Street's bankers who advise large companies seems to be increasing, while traders are becoming less valuable, according to The New York Times. Bankers who work on M&A deals are expecting their bonuses to increase, while traders anticipate that their compensation will drop, the newspaper added. Furthermore, banks seem to be going the extra mile to hire top notch bankers, the newspaper stated. Publicly traded large banks 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
06:21 EDTJPM, MS, CDeadline for Petsmart bidders extended as lenders put on leash, NY Post reports
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05:59 EDTUSBU.S. Bancorp downgraded to Underperform from Market Perform at Keefe Bruyette
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December 5, 2014
18:19 EDTCCitigroup's Japanese credit card business sought by three buyers, Nikkei says
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14:15 EDTMSMorgan Stanley to reduce average bonus deferral rate to 50% from 80%
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11:23 EDTBAC, COption volume leaders
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10:35 EDTJPMJPMorgan hits fresh 52-week high, levels to watch
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10:10 EDTJPMJPMorgan CEO Jamie Dimon seeing no evidence of cancer after treatment, CNBC says
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09:36 EDTBAC, CActive equity options trading
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08:00 EDTGSInternational Monetary Fund to hold a conference
Challenges for Securing Growth & Shared Prosperity in Latin America is being held in Lima, Peru on December 5-6 with webcasted presentations to begin at 8 am. Webcast Link
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