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Stock Market & Financial Investment News

News For GS;JPM;USB;MS;BAC;WFC;C From The Last 14 Days
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May 29, 2015
16:00 EDTBACOptions Update; May 29, 2015
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15:09 EDTBACBank of America announces consent order with OCC
Bank of America announced it has entered into a consent order with the Office of the Comptroller of the Currency in which it agreed to continue to make improvements to its compliance practices, specifically enhancing its non-home loan collections litigation and Servicemembers' Civil Relief Act processes as well as its enterprise compliance program. "The order covers collections litigation from several years ago for a small percentage of credit card and deposit overdraft customers who defaulted on their account, and also covers SCRA account servicing. The issues were discovered by reviews that began in 2011; since that time, Bank of America enhanced its collections litigation and sworn documents processes and enhanced controls around SCRA across the company. In addition, Bank of America is building upon a number of initiatives already underway to better manage compliance risk going forward," the bank stated.
15:07 EDTBACBank of America assessed $30M civil penalty by OCC
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08:39 EDTWFCWells Fargo CFO says value minded, won't get in bidding war for GE assets
08:35 EDTWFCStumpf says 'things are better' this year than last in housing market
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08:31 EDTWFCWells Fargo sees staying at higher end of 55%-59% efficency range
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08:12 EDTWFCStumpf says 'not all liability portfolios will behave the same' when rates rise
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08:10 EDTWFCWells Fargo CFO says one rate rise from Fed likely this year
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08:03 EDTWFCWells Fargo CFO says port strike bigger issue in Q1 than weather
Stumpf says would not be surprised if Q2 through Q4 of year are strong enough for U.S. GDP to come in with 2.2%-2.4% growth for the year. Fundamentals seem to be as strong now as at any point since the downturn, Stumpf added. Wells Fargo CFO John Stumpf is speaking at the Bernstein Strategic Decisions Conference.
07:09 EDTUSBU.S. Bancorp says may need to cut jobs if interest rates don't rise, WSJ reports
Richard Davis, the chairman and CEO of U.S. Bancorp, warned that if interest rates do not rise as expected, the bank may have to cut jobs, The Wall Street Journal reports, citing comments made at an investor conference. Davis commented, “If we’re wrong and rates actually aren’t going to move up…trust me, we will cut expenses." Davis noted that there are no current plans to cut jobs, and still believes rates will begin rising in September or December. Reference Link
May 28, 2015
16:03 EDTBACOptions Update; May 28, 2015
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13:31 EDTJPMJPMorgan sees lay offs of more than 5,000 by next year, WSJ reports
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13:29 EDTJPMJPMorgan expected to lay off more than 5,000 by next year, DJ reports
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13:26 EDTBACBank of America downgraded to Sector Perform from Outperform at Portales
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10:47 EDTCCiti have right to move forward with Costco deal if no receivables
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10:38 EDTCCiti expects to run Citi Holdings at breakeven or better
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10:35 EDTCCiti says environment around legal, repositioning costs mute out actual results
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07:13 EDTBACSolarCity, BofA partner on renewable energy tax equity investment program
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06:57 EDTMSMorgan Stanley picked by GE as adviser for Japan leasing sale, Bloomberg reports
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05:49 EDTJPMJPMorgan told to provide communication with China officials, Financial Times say
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May 27, 2015
16:03 EDTBACOptions Update; May 27, 2015
iPath S&P 500 VIX Short-Term Futures down 82c to 18.56 Option volume leaders: AAPL KORS BRCM MCD FB MNKD AAL YHOO BAC MU ANF S EOX
14:50 EDTJPMJPMorgan CEO says trading revenue for quarter tracking similar to last year Q2
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09:24 EDTCCiti management to meet with Deutsche Bank
Field trip to company headquarters in New York will be held on May 27 hosted by Deutsche Bank.
08:43 EDTBACF.N.B. acquires five Pennsylvania branches from Bank of America
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06:57 EDTMSAbbVie enters into ASR with Morgan Stanley to repurchase $5B of stock
AbbVie (ABBV) said in a regulatory filing that on May 26, it entered into an accelerated share repurchase agreement with Morgan Stanley (MS) to repurchase $5B of AbbVie’s common stock. Morgan Stanley is expected to make an initial delivery of approximately 68 million shares of AbbVie’s common stock on May 27, which represents 90% of the prepayment amount divided by the closing price of AbbVie’s common stock on May 26. At settlement of the agreement, Morgan Stanley may be required to deliver additional shares of AbbVie’s common stock to AbbVie or, under certain circumstances, AbbVie may be required to deliver shares of its common stock or may elect to make a cash payment to Morgan Stanley. The total number of shares of AbbVie’s common stock to be repurchased under the agreement will be based on the daily volume-weighted average price of AbbVie’s common stock during the term of the transaction, less a discount and subject to adjustment pursuant to the terms of the agreement. The final settlement of the transactions under the agreement is expected to occur before the end of 4Q15 and may be accelerated at the option of Morgan Stanley.This agreement was entered into pursuant to AbbVie’s previously disclosed share repurchase authorization and in connection with AbbVie’s previously announced acquisition of Pharmacyclics, which was completed on May 26.
May 26, 2015
20:50 EDTC, WFCBernstein to hold a conference
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16:01 EDTBAC, COptions Update; May 26, 2015
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09:47 EDTBACActives on open:
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08:17 EDTGSGoldman hired by Carlyle for potential stake sale in Telecable, Reuters reports
Goldman Sachs (GS) has been hired by Carlyle (CG) to advise the company on a possible sale of its 85% stake in Telecable, a Spanish telecoms operator, Reuters reports, citing two sources. Reference Link
06:41 EDTC, BAC, JPM, WFCJPMorgan, other banks close branches on border to avoid laundering, WSJ says
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06:04 EDTGSGoldman seeks to target $1B in renewable energy bonds in Japan, Reuters says
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May 25, 2015
19:46 EDTCFXCM subsidiaries acquire majority of Citi margin forex accounts
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May 22, 2015
09:34 EDTBACActive equity options trading on open
Active equity options trading on open: AAPL BABA AMZN FB MU BIDU SDRL BAC INTC EXPE CHK FEYE
May 21, 2015
16:00 EDTBACOptions Update; May 21, 2015
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12:33 EDTWFCWells Fargo to add Financial Engines advice to platform, Reuters reports
Wells Fargo (WFC) plans to add Financial Engines' (FNGN) advice offering to the bank's retirement platform, according to Reuters, citing a Wells Fargo presentation. Shares of Financial Engines are up 7% following the report. Reference Link
12:30 EDTWFCWells Fargo to sign 401(k) pact with Financial Engines, Reuters reports
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May 20, 2015
16:26 EDTJPM, COn The Fly: Top stock stories for Wednesday
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16:00 EDTBAC, COptions Update; May 20, 2015
iPath S&P 500 VIX Short-Term Futures up 3c to 19.19. Option volume leaders: AAPL AAL YHOO DAL FB BABA UAL BAC TWTR LUV C TSLA GE MU
12:33 EDTC, JPMOn 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 EDTJPM, CFive banks agree to parent-level guilty pleas in settlement over forex rigging
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10:09 EDTC, JPMCiti, 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."
10:05 EDTCCiti announces ForEx settlements with Department of Justice, Federal Reserve
Citi announced that it has entered into settlements with the United States Department of Justice and the Board of Governors of the Federal Reserve System to resolve investigations into Citi’s foreign exchange business. The settlement with the DOJ includes a guilty plea by Citicorp, a subsidiary of Citigroup, to a violation of the Sherman Antitrust Act and fine of $925M. The settlement with the Fed includes the entry of a cease and desist order and a civil money penalty of $342M. Citi also announced that it has reached a separate agreement to settle related private U.S. class action claims for a payment of $394M, subject to court approval. Citi expects to maintain its licenses and does not expect a material impact on its operations or ability to serve its clients. The payments required by each of the settlements Citi announced today are covered by existing legal reserves and will not require a charge to earnings in the second quarter of 2015.
10:05 EDTCCiti announces ForEx settlements with Department of Justice, Federal Reserve
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08:21 EDTC, WFC, USB, BAC, MS, 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
18:01 EDTBACAflac names Matthew Owenby as Chief Human Resources Officer
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16:01 EDTBACOptions Update; May 19, 2015
iPath S&P 500 VIX Short-Term Futures down 27c to 19.17. Option volume leaders: AAPL BAC WMT MSFT FB TWTR MNKD NFLX T PBR
15:42 EDTC, JPMBanks' 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 EDTJPM, BACActive equity options trading on open
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07:13 EDTUSBBarclays to hold a conference
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06:24 EDTUSB, BACU.S. Bancorp and Bank of America win dismissal of mortgage claims, Reuters says
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May 18, 2015
16:00 EDTBACOptions Update; May 18, 2015
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09:46 EDTMS, JPM, BAC, WFC, CMPLX enters common unit sales agreement for up to $500M
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09:36 EDTC, BACActive equity options trading on open
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08:01 EDTCList of potential buyers of Citi Egyptian retail unit narrows, Reuters reports
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07:12 EDTC, JPMBarclays expected to face over GBP250M in fines for rigging, Telegraph says
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06:15 EDTCCiti divests 16% stake in Grupo Aeromexico, Reuters reports
Citigroup (C) has sold its 16% stake in Grupo Aeromexico, the Mexican airline says, Reuters reports. According to the airline, Barclays Capital (BCS) acquired about 8% of shares through a financial operation with Delta (DAL). Reference Link
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