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News Breaks
April 11, 2014
07:34 EDTBOFI, HRBH&R Block partnership deal positive, says Oppenheimer
After H&R Block (HRB) announced that it would partner with BofI Federal Bank (BOFI), Oppenheimer notes that H&R Block will give up its bank charter as part of the deal. The firm thinks this will remove a major regulatory overhang and free up capital for H&R Block. The firm keeps an Outperform rating on the shares.
News For HRB;BOFI From The Last 14 Days
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September 4, 2015
06:18 EDTBOFIBofI Holding upgraded to Strong Buy from Outperform at Raymond James
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September 3, 2015
05:16 EDTHRBStocks with implied volatility below IV index mean; HRB GMCR
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September 2, 2015
12:22 EDTHRBOn The Fly: Top stock stories at midday
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06:20 EDTBOFI, HRBBofI Holding to host conference call
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September 1, 2015
18:41 EDTHRBOn The Fly: After Hours Movers
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16:20 EDTBOFI, HRBBofI Federal Bank completes deposit transaction with H&R Block
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16:13 EDTHRBH&R Block trades up after results
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16:13 EDTHRBH&R Block up 7.7% after reporting Q1 results, share repurchase program
16:12 EDTHRBH&R Block announces modified Dutch auction tender offer
Under the new share repurchase program, the company announced that it plans to launch a "modified Dutch auction" tender offer to purchase up to $1.5B of its common stock, at a price per share of not less than $32.25 and not greater than $37.00. The tender offer will be contingent upon, among other customary items, the successful closing of a new Committed Line of Credit, as described below, and satisfaction of other customary conditions. Additional details regarding the pricing and other terms will be provided upon formal commencement of the tender offer.
16:11 EDTHRB, BOFIH&R Block bank divestiture program to impact FY16 EPS by 8c-10c
H&R Block (HRB) announced that it has successfully closed its transaction to divest H&R Block Bank, selling certain assets and transferring certain liabilities, including all of its deposits, to BofI Federal Bank (BOFI) a full month earlier than expected. At the time of the closing, the bank made a one-time cash payment to BofI of approximately $419M, which is approximately equal to the carrying value of the liabilities assumed by BofI. The bank merged into its parent company, surrendered its bank charter, and ceased to exist as a bank. The closing of the bank transaction represents the conclusion of a multi-year effort to refocus the company on its core tax business and to no longer be regulated as a savings and loan holding company. In connection with the closing, and consistent with the description of the transaction in the company's previous public disclosures, the parties have entered into a program management agreement under which BofI will serve as the bank for H&R Block-branded financial services products: Emerald Prepaid MasterCard, Refund Transfers and Emerald Advance lines of credit offered through H&R Block's retail and digital channels. H&R Block reaffirms it expects the ongoing annual net financial impact to be dilutive by approximately 8c-10c per share beginning in FY16. The company also expects to incur one-time charges for transaction and related costs of approximately 2c-3c per share in fiscal year 2016. All per share amounts are based on fully diluted shares outstanding as of Aug. 31, 2015.
16:08 EDTHRBH&R Block announces $3.5B capital stucture program
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16:05 EDTHRBH&R Block reports Q1 EPS (35c), consensus (40c)
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16:04 EDTHRBH&R Block announces $3.5B share repurchase program, capital structure plans
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15:02 EDTHRBNotable companies reporting after market close
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August 31, 2015
08:36 EDTHRBH&R Block volatility elevated into Q1 and outlook
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August 26, 2015
07:59 EDTHRBH&R Block price target raised to $38 from $35 at Oppenheimer
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August 21, 2015
11:24 EDTHRBIntuit plummets after Q1, FY16 outlooks trail estimates
Shares of tax preparation software provider Intuit (INTU) are sinking after the company's first quarter and fiscal 2016 outlooks significantly trailed analyst's consensus estimates. WHAT'S NEW: After the close on Thursday, Intuit reported fourth quarter adjusted earnings per share of (5c) and revenue of $696M, compared to analysts' consensus estimates of (12c) and $738.98M, respectively. In the U.S., TurboTax Online units increased 11% and total TurboTax units grew 7%, excluding the Free File Alliance, the company said. Additionally, Intuit said it reached 1.075M QuickBooks Online subscribers through the end of Q4 and increased total QuickBooks online subscribers by 57% for the year. Brad Smith, Intuit's president and Chief Executive Officer said the company closed out fiscal year 2015 "on a strong note," adding that the company's small business momentum "continues to build and our QuickBooks Online ecosystem growth is accelerating." Looking ahead, Intuit said it expects Q1 adjusted EPS of (4c)-(3c) and revenue of $660M-$680M, well below analysts' consensus estimates of of 6c and $776.36M, respectively. For FY16, the company expects adjusted EPS of $3.40-$3.45 and revenue of $4.53B-$4.6B, far short of the consensus of $3.82 and $5.04B, respectively. WHAT'S NOTABLE: In its earnings release, Intuit announced its intent to divest Demandforce, QuickBase and Quicken. The divestment will help Intuit "focus on and invest in businesses that strengthen the ecosystem and align with two strategic goals: to be the operating system behind small business success, and to do the nations' taxes in the U.S. and Canada," the company said. As a result of the decision, the company said FY16 adjusted EPS will be reduced by about 10c and revenue will be reduced by approximately $250M, as the company reports these assets as discontinued operations. Separately, Intuit raised its dividend for the first quarter by 20% to 30c per share, payable on October 19. ANALYST REACTION: First Analysis analyst James Macdonald downgraded Intuit this morning to Underweight from Equal Weight. Macdonald said Intuit's small business online ecosystem has "relatively low monetization." PRICE ACTION: In late morning trading, Intuit fell $10.80, or 10.41%, to $92.23 on more than twice its average daily trading volume. Despite today's pull back, the shares have gained approximately 5% over the past year. OTHERS TO WATCH: Other companies in the tax preparation space include Liberty Tax (TAX), up 0.16%, and H & R Block (HRB), down 1.5%.

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