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Stock Market & Financial Investment News

News Breaks
August 20, 2014
17:12 EDTHTZ, BRK.A, MET, HPQ, BACOn The Fly: Closing Wrap
The broader market opened slightly lower as investors moved to the sidelines awaiting the release of the minutes from last month’s FOMC meeting. There was little else for investors to key in on as the geopolitical situations were fairly quiet and the economic calendar was devoid of any major releases. As a result the averages drifted throughout the morning but by lunch time had crossed into positive ground. From there the Dow would take the lead while the Nasdaq lagged. The knee jerk reaction to the Fed’s minutes, which showed a more heated debate about when to raised interest rates, pushed the market lower. After digesting the notes the market turned and closed with its fifth positive finish in the past six sessions. ECONOMIC EVENTS: The Mortgage Bankers' Association Purchase Applications showed a week-over-week drop of -0.4% in the purchase index, but a 3% rise in the refinance index... The EIA Petroleum Status Report showed a 4.5M draw in oil inventories to 362.5M barrels during last week... In the Fed minutes released at 2:00 pm ET, "many" FOMC members said that stimulus may have to be removed sooner than expected. COMPANY NEWS: After the close, Hewlett-Packard (HPQ) reported in-line Q3 earnings and Q4 guidance... Berkshire Hathaway (BRK.A) consented to a final judgment whereby it agreed to pay a civil penalty of $896,000 for failure to comply with the premerger reporting and waiting requirements of the Hart-Scott Rodino Act... Bank of America (BAC) reached a $17B settlement over mortgage backed securities sales, according to the Associated Press... MetLife (MET) has been moved closer to potentially being designated as a "systemically important financial institution," according to the Wall Street Journal. MAJOR MOVERS: Hertz (HTZ) rebounded after Carl Icahn reported an 8.48% stake in the company and said he plans to hold talks with the management. The stock closed down 3.9% after trading down over 9% intra-day. INDEXES: The Dow closed up 59.54, or 0.35%, to 16,979.13, the Nasdaq closed down 1.03, or 0.02%, to 4,526.48, and the S&P 500 closed up 4.91, or 0.25%, to 1,986.51.
News For A;BAC;MET;HTZ From The Last 14 Days
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December 11, 2014
10:17 EDTBACFINRA 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.
08:30 EDTMETMetLife acquires Fairmont Hotel in Washington, D.C. for $180M
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December 10, 2014
18:38 EDTMETMetLife statement on passage of Insurance Capital Standards Clarification Act
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16:00 EDTBACOptions Update; December 10, 2014
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14:01 EDTMETMetLife names Esther Lee Global Chief Marketing Officer
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12:24 EDTBACOn 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.
11:03 EDTBACJPMorgan drops 2% after CFO talks down Q4 numbers
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08:03 EDTHTZHertz expands across Europe with more than 80 branches in 2014
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December 9, 2014
16:00 EDTBACOptions Update; December 9, 2014
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14:57 EDTBACFed to propose rulemaking on risk-based capital surcharges for GSIB banks
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14:42 EDTBACFed 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).
09:38 EDTBACActive 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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06:02 EDTMETMetLife affiliates and other investor provide $200M in financing to Angel Trains
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December 8, 2014
16:00 EDTBACOptions Update; December 8, 2014
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06:35 EDTBACValue 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
December 5, 2014
11:23 EDTBACOption volume leaders
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10:44 EDTAOptions with increasing implied volatility
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10:18 EDTHTZAvis Budget and Hertz November data positive, says MKM Partners
MKM Partners said Manheim data for November was 123.3, above expectations and October's reading of 12.8. The firm said Manheim and other data is supportive of positive trends in the car rental industry.
09:36 EDTBACActive equity options trading
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