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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 monthís 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 Fedís 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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July 22, 2015
18:37 EDTBACBank of America CFO Bruce Thompson to step down, WSJ reports
Bank of America CFO Bruce Thompson is leaving the bank, according to an internal memo, and will be replaced with Paul Donofrio, the Wall Street Journal reports. Reference Link
July 21, 2015
16:01 EDTBACOptions Update; July 21, 2015
iPath S&P 500 VIX Short-Term Futures down 13c to 16.20. Option volume leaders: AAPL BAC FB BAC MSFT NFLX AMD IBM CHK
09:35 EDTBACActive equity options trading on open
Active equity options trading on open: AAPL FB IBM TSLA BAC PVA NFLX
July 20, 2015
16:01 EDTBACOptions Update; July 20, 2015
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13:03 EDTBACFed proposes final rule on capital surcharges for largest U.S. banks
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09:34 EDTBACActive equity options trading on open
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06:27 EDTHTZHertz reinstated with an Outperform at Credit Suisse
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July 19, 2015
19:12 EDTBACFederal Reserve proposes changes to 'stress test' regulations
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July 17, 2015
16:41 EDTBACStocks end week higher as Google, Greece bring out the buyers
Stocks ended the week higher and the major averages are back at record highs after Iran agreed to a nuclear deal, Greece's parliament paved the way for the country to receive another bailout by agreeing to new austerity measures and Google (GOOG) gave investors hope that earnings from tech's other heavyweights will be similarly better than expected. MACRO NEWS: In the U.S., retail sales unexpectedly fell 0.3% in June, versus the consensus forecast for growth of 0.3%. The producer prices index showed prices rose 0.4% in June, versus expectations for an increase of 0.2%. The consumer price index rose a seasonally adjusted 0.3% in June from a month earlier, matching the consensus forecast. Compared with last year, consumer prices rose 0.1%, marking the first annual increase since December. Housing starts rose 9.8% to a 1.17M rate in June and building permits rose 7.4% to a 1.34M pace, both of which topped expectations. The NAHB homebuilder sentiment index for July came in at 60, a point better than forecast. The University of Michigan's consumer sentiment reading dropped to 93.3 in the preliminary July figure, which was below the 96.0 reading that was expected. During testimony before Congress, Federal Reserve Chair Janet Yellen stayed on message, stating that the central bank is on track to raise record-low interest rates this year, so long as the labor market and the economy keep improving... In China, exports rose 2.1% from a year earlier during June and imports dropped 6.7%, leaving a trade surplus of $45.8B for the month, the nation's customs administration reported. The nation's GDP was reported to have grown 7% in the second quarter from a year earlier, beating the consensus expectation for growth of 6.8%... In Europe, Greek lawmakers passed the country's austerity agreement and Euro-area finance ministers reportedly agreed in principle to extend a bridge loan to Greece. The loan should help keep Greece afloat while its Prime Minister negotiates the details of the country's latest bailout... Iran reached a deal on restrictions and inspections intended to prevent it from developing nuclear weapons in exchange for the lifting of economic sanctions by six world powers. The agreement still faces a political fight in the U.S. before taking effect, but President Barack Obama has vowed to veto any congressional effort to block its implementation. COMPANY NEWS: Class A shares of Google (GOOG, GOOGL) surged at the end of the week after the search giant reported better than expected revenues and earnings in the second quarter. Research firms all over Wall Street raised their price targets on the stock in the wake of the report... Netflix (NFLX) rallied to a split-adjusted all-time high after the streaming service operator reported stronger than expected second quarter results, including higher than expected Q2 subscriber metrics, prompting a large number of research firms to raise their price targets on the stock... Many of the nation's largest banks reported on their results in the second quarter this week. JPMorgan (JPM), Bank of America (BAC) and Citigroup (C) all posted quarterly profits, excluding certain items, that beat the average estimates of analysts. Wells Fargo (WFC) reported earnings in-line with consensus estimates and revenue somewhat below expectations, while Goldman Sachs (GS) reported headline earnings that appeared to fall far short of the consensus forecast. However, that was due to Goldman's nearly $1.5B in provisions for litigation and regulatory matters. Excluding those provisions, the bank's earnings were ahead of consensus... On the M&A front, Receptos (RCPT) advanced after Celgene (CELG) announced a deal to buy the smaller drugmaker for $232 per share in cash, or a total of about $7.2B net of cash acquired. A number of research firms applauded the deal, especially noting the price Celgene agreed to pay, but cautioned that a rival bidder may still emerge for Receptos. Marathon Petroleum (MPC) gained after MPLX (MPLX), the company's fee-based master limited partnership, agreed to acquire MarkWest Energy (MWE) in a cash and stock deal that implies a total enterprise value for MarkWest of approximately $20B, including the assumption of debt of approximately $4.2B. Micron (MU) rose after The Wall Street Journal reported that China's state-owned Tsinghua Unigroup had offered to acquire the memory chip maker for $23B, or $21 per share... Shares of Twitter (TWTR) spiked Tuesday morning after a questionable takeover report was published on a website that mimicked, but had a different web address, than Bloomberg News. A Bloomberg spokesman said soon afterward that the Twitter takeover story being attributed to the news service was a fake, while a Twitter spokesperson also denied the report of an alleged deal... Macy's (M) jumped after Starboard CEO Jeffrey Smith called the stock his "best idea" for 2015, adding that the shares could be worth $125 each if the company takes steps to maximize the value of its real estate holdings. Amazon (AMZN) announced it sold more units on its first "Prime Day" than the biggest Black Friday ever and had more new members try its Prime service worldwide than any single day in company history. The e-commerce giant noted that its worldwide order growth increased 266% over the same day last year and 18% more than Black Friday 2014, adding that it will "definitely be" doing another Prime Day in the future. A number of semiconductor equipment stocks, including Applied Materials (AMAT) and Lam Research (LRCX), dropped after Intel (INTC) cut its capital expenditures guidance while reporting on its quarterly results. INDEXES: For the week, the Dow gained about 1.05% to close at 18,086.45, the Nasdaq advanced about 3.37% to close at 5,210.14, and the S&P 500 rose about 1.67% to close at 2,126.64.
16:24 EDTHTZOn The Fly: Top stock stories for Friday
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16:24 EDTBACBank of America provides mid-cycle stress test results
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14:00 EDTBACEarnings Watch: Morgan Stanley rounds out quarterly results for financial firms
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12:38 EDTHTZOn The Fly: Top stock stories at midday
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10:05 EDTBACOn The Fly: Analyst Upgrade Summary
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09:25 EDTHTZHertz restatements a 'game changer,' says Deutsche Bank
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09:24 EDTBACBank of America upgraded to Buy from Hold at Argus
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09:24 EDTHTZHertz strength a selling opportunity, says Morgan Stanley
Morgan Stanley said Hertz is up to date on SEC filings and provided 2015 guidance that appears better than consensus. The firm believes consensus estimates are mostly "stale" numbers since the company has not filed in 18 months. Morgan Stanley would use the spike in shares to reduce exposure and maintains its Equal Weight rating.
09:07 EDTHTZOn The Fly: Pre-market Movers
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08:13 EDTHTZHertz 2015 EBITDA guidance better than feared, says Wells Fargo
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07:29 EDTHTZHertz volatility flat into financial restatement
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