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Stock Market & Financial Investment News

News Breaks
May 27, 2014
16:27 EDTFRO, DYAX, HSH, DRTX, PPC, BAC, PFOn The Fly: Closing Wrap
Stocks on Wall Street were higher as investors returned from their holiday weekend. The major averages were higher from the outset of the trading day and most of the market action happened shortly after the opening bell. By mid-morning the averages found a level and settled into a narrow trading range for the remainder of the session. The Nasdaq was the clear leader as it tacked on gains of more than 1%. Though the Dow and S&P 500 rose more modestly, both closed at new record levels. ECONOMIC EVENTS: In the U.S., durable orders rose 0.8% in April, beating expectations for them to have fallen 0.7% in the month. The Case Shiller 20-city home price index rose 1.2% in March, which was more than expected. Markit's flash services PMI climbed to 58.4 in May from 55.0 in April. The Richmond Fed manufacturing index for May held at 7 for a second straight month. A reading of consumer confidence improved to 83.0 in May, as expected, after slipping to 81.7 last month. COMPANY NEWS: Shares of Hillshire Brands (HSH) surged $8.17, or 22.07%, to $45.19 after receiving an unsolicited $45 per share takeover proposal from chicken producer Pilgrim's Pride (PPC). Pilgrim's Pride shares rose 42c, or 1.67%, to $25.52 after it made its offer public. However, Pinnacle Foods (PF) sank $1.79, or 5.38%, to $31.48, as it had previously agreed to be acquired by Hillshire and the new bid from Pilgrim's Pride potentially puts that deal in doubt... Shares of Bank of America (BAC) gained 50c, or 3.4%, to $15.22 after it disclosed that it has resubmitted its requested capital actions to the Federal Reserve. As previously announced, the requested capital actions contained in the resubmission are less than the 2014 capital actions to which the Fed previously did not object. MAJOR MOVERS: Among the notable gainers was apparel retailer Aeropostale (ARO), which rose 51c, or 14.96%, to $3.92 and was upgraded to Neutral at Piper Jaffray after entering into definitive agreements with respect to its previously announced strategic partnership and $150M credit facilities with Sycamore Partners. Also higher was Dyax (DYAX), which jumped $1.81, or 27.42%, to $8.41 after another drug company, BioCryst (BCRX), reported positive data on its inherited angioedema treatment. In a note to investors earlier today, research firm Jefferies wrote that BioCryst's data bodes well for Dyax's own hereditary angioedema treatment. BioCryst shares also gained 98c, or 10.94%, to close at $9.99, but the stock was off about 1% in after-hours trading after the company filed to sell $100M in common stock. Among the noteworthy losers was Durata Therapeutics (DRTX), which fell $1.84, or 10.89%, to $15.05, giving back all of the 5.5% increase the stock saw last Friday after the FDA announced late in the day that it approved the company's Dalvance drug for the treatment of certain acute bacterial skin and skin structure infections. Also lower were shares of shipping company Frontline (FRO), which fell 47c, or 16.43%, to $2.39 after reporting on its first quarter results and warning that it sees weaker operational result to come in the current quarter. INDEXES: The Dow was up 69.23, or 0.42%, to 16,675.50, the Nasdaq was up 51.26, or 1.22%, to 4,237.07, and the S&P 500 was up 11.38, or 0.6%, to 1,911.91.
News For HSH;PF;PPC;DYAX;BAC;DRTX;FRO From The Last 14 Days
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April 16, 2015
08:37 EDTBACBank of America outlook remains positive, says RBC Capital
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07:55 EDTBACBank of America Q1 results 'simply dreadful,' says Oppenheimer
Oppenheimer believes that Bank of America $1B in "retirement-eligible incentive costs" and $0.5B of "market-related adjustments" to net interest income are not one-time items. The firm says that the bank's revenue fell significantly, while its core operating expenses have not followed suit. However, the firm still finds the stock's valuation attractive and recommends buying the shares.
April 15, 2015
16:01 EDTBACOptions Update; April 15, 2015
iPath S&P 500 VIX Short-Term Futures down 49c to 21.90. Option volume leaders: AAPL NFLX C PBR KMI RIG MCP TWTR GILD BAC according to Track Data.
10:13 EDTBACBank of America reports March default rate 2.94% vs. 2.98% last month
Reports March delinquency rate 1.80% vs. 1.86% last month.
09:35 EDTBACActive equity options trading on open
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08:25 EDTBACBofA expects to remain opportunistic to meet future funding needs
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08:22 EDTBACBank of America sees added costs of about $100M in 2015 due to CCAR resubmission
As previously reported, the Fed issued a conditional non-objection to Bank of America’s capital plan upon which the firm is required to resubmit its plan and address certain weaknesses identified in the capital planning process, with resubmission of the capital plan to occur by September 30. The bank said in slides for its Q1 earnings call that Terry Laughlin has been assigned to lead the CCAR resubmission as well as a longer-term comprehensive evaluation and enhancement of the overall process. BofA noted it has engaged independent third parties to review work streams addressing identified areas to strengthen and implement “best-in-class” processes and controls and that it expects additional associated costs to be approximately $100M in 2015.
07:08 EDTBACBank of America reports Book Value per Share up 4% to $21.66
Estimated common equity Tier 1 ratio under Basel 3, Standardized Approach, Fully Phased-in, was 10.3%; Advanced Approaches 10.1%. Reports estimated Supplementary Leverage Ratios above 2018 required minimums, with bank holding company at 6.3% and primary bank at 7.1%. Reports global excess liquidity sources of $478B, up $51Bf rom 1Q14 and reports time-to-required funding at 37 months. Reports tangible book value per share increased 7% from year ago to $14.79 per share and book value per share increased 4% from year ago to $21.66 per share.
07:05 EDTBACBank of America reports Q1 provision for credit losses $765M
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07:04 EDTBACBank of America CEO says seeing 'encouraging' signs in consumer, client activity
“Continuing the trend from last quarter, we saw core loan and deposit growth, higher mortgage originations, and increased wealth management client balances," said CEO Brian Moynihan. “We retained a top position in investment banking as our team generated the highest advisory fees since the Merrill Lynch merger. We see continued encouraging signs in customer and client activity, with consumer spending increasing and utilization of credit by our commercial customers rising. This should bode well for the near-term economic outlook. At a time of continued low interest rates, we had good expense control as we focus on responsible growth with a balanced platform to create long-term value for customers and shareholders.” "We continued to strengthen an already strong and liquid balance sheet this quarter," said CFO Bruce Thompson. "We improved our liquidity, accreted capital and tightly managed expenses in a challenging interest rate environment. Meanwhile, credit quality remained strong, reflecting both the economic environment and our risk underwriting."
07:02 EDTBACBank of America reports Q1 EPS with items 27c, consensus 29c
Reports Q1 revenue $21.2B, consensus $21.5B. Results Include $1.0B, or 6c per share, in annual retirement-eligible incentive costs and $0.5B, or 3c per share, in charges to revenue for market-related net interest income adjustments.
06:11 EDTBACRegulators seek to end 'too big to fail' firms, WSJ reports
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April 14, 2015
15:34 EDTBACNotable companies reporting before tomorrow's open
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15:34 EDTBACBank of America April 16 straddle priced for 3.4% movement into Q1
14:38 EDTBACEarnings Watch: Bank of America to report after mixed reviews from Fed
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14:36 EDTBACBank of America technical comments ahead of earnings
The stock is trading up to resistance at the 50-day moving average, last at $15.95. Since November 2013, the stock has been trading in a range bound largely by $15 at the low and $18 at the high. A break of either end of the range would help guide where shares might trade thereafter. Failing news that is sufficiently bullish or bearish, we could expect the stock to trade in the same range until another catalyst emerges. On better news, resistance above current levels would be at $16.62, $17.22, and then at $18. If the news is more bearish than expected, a breakdown below $15 might be probable. In that event next support levels below $15 as downside objectives would be at $14.37 which is the 52-week low and then at $13.49 and $12.80.
07:35 EDTBACBank of America April volatility elevated into Q1 and outlook
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April 13, 2015
12:04 EDTPPCUSDA confirms first commercial chicken case of bird flu, Reuters says
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09:24 EDTBACBank of America shares are cheap, says Morgan Stanley
Morgan Stanley said its sum of the parts of analysis of Overweight rated Bank of America indicates a value of $21. The firm said Bank of America's current share price implies no value for the wealth management division, which it values at $4.84 per share. Morgan Stanley said shares are cheap and recommends purchase.
07:19 EDTBACbloomberg to hold a summit
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