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Stock Market & Financial Investment News

News Breaks
March 17, 2014
10:08 EDTBCS, BAC, HTZHertz rises after FT says company close to unit spin-off
Shares of Hertz Global Holdings (HTZ) are higher this morning following a Financial Times report that said the company is close to a spin-off of its construction equipment rental business. Hertz operates in two segments: Rental and leasing of cars and trucks and equipment rental. WHAT'S NEW: The Financial Times reported on Friday evening that Hertz is getting ready to spin-off the construction equipment rental business in a deal that could value the unit at about $4.5B. The company has been exploring a spin-off to shareholders or a reverse Morris trust, which combines a spin-off with a merger, and was under pressure last year by activist investors like Carl Icahn and Corvex. The company has also been rumored to have been talking with potential merger targets. In December, Hertz announced a one-year shareholder rights plan following evaluation and consultation with its outside advisers. The company hired Bank of America Merrill Lynch (BAC) and Barclays (BCS) in January for advice on defending itself against an investor attack and improving investor returns. Details of the potential spin-off could be announced next week, the report said, citing sources familiar with the matter. WHAT'S NOTABLE: The construction equipment rental business, or HERC, accounted for $1.1B of Hertz's revenue in the first nine months of 2013, the FT noted. PRICE ACTION: Hertz shares are up $1.47, or 5.65%, to $27.45 in mid-morning trading.
News For HTZ;BAC;BCS From The Last 14 Days
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February 26, 2015
14:01 EDTBCS, BACBarclays to double provision for forex rigging fines, Sky News says
Barclays (BCS), which previously excluded itself from a broader settlement between several banking peers and regulators over alleged manipulation of foreign exchange rates as it worked to secure a binding agreement with all relevant authorities, will more than double its existing provision for forex fines next week, which may indicate that a settlement deal could be announced soon, said Sky News. Barclay took a GBP500M charge during the course of last year in advance of expected forex issue costs, the report noted. Other banks that previously agreed to a settlement included Bank of America (BAC), Citibank (C), HSBC (HSBC), JPMorgan Chase (JPM), RBS (RBS) and UBS (UBS). The report indicates that U.S. regulators have stepped up talks with banks including Barclays and the others involved. Reference Link
10:50 EDTBACNew York regulator considering cybersecurity, cash laundering controls, WSJ says
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February 25, 2015
09:08 EDTHTZOn The Fly: Pre-market Movers
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07:14 EDTHTZHertz reports Q4 revenue $2.55B, consensus $2.52B
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07:12 EDTHTZHertz expects foreign currency rates to negatively impact 2015 revenue by 3%
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07:11 EDTHTZHertz remains committed to separation of equipment rental business
Hertz remains committed to the separation of its equipment rental business and is continuing to advance those plans, although the timing of the actual separation will not occur until after the company has completed its accounting review, filed its financial statements with the SEC, and has completed the audited carve out financial statements for the equipment rental business and requisite SEC filing activities for the separation.
07:10 EDTHTZHertz: Early initiatives increase cost reduction commitment to $200M run rate
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February 24, 2015
14:43 EDTBACBofA head of Americas equitites leaving company, Bloomberg reports
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13:07 EDTBCSEU official: Euro banks shouldn't also go through Fed's stress test, WSJ says
Jonathan Hill, the European Unionís new financial markets chief, told The Wall Street Journal that he does not see a need for the U.S. to give stress tests to European banks that have already received health checks in Europe. Hill says banks across Europe are "properly and sensibly capitalized." The WSJ reported last week that the U.S. units of two European banks, Deutsche Bank (DB) and Banco Santander (SAN), are set to fail the Federal Reserve's stress tests, though they passed ECB stress tests last year. Reference Link
12:12 EDTBACBank of America head of equities for America leaving bank, Bloomberg says
07:21 EDTBACSecurities Industry & Financial Markets Association to hold a conference
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06:15 EDTBCSBanks probed for possible rigging of precious metals markets, WSJ reports
Officials in the U.S. are investigating at least 10 major banks for potential rigging of precious-metals markets, sources tell The Wall Street Journal. The DOJ's antitrust unit are investigating the price-setting process for gold, silver, palladium and platinum in London, while the CFTC has begun a civil investigation, with both agencies making requests for information, including a subpoena to HSBC (HSBC) from the CFTC. According to a source, Credit Suisse (CS), JP Morgan (JPM), UBS (UBS), Societe Generale (SCGLY), Bank of Nova Scotia (BNS), Barclays (BCS), Goldman Sachs (GS) and Deutsche Bank (DB) are also under investigation. Reference Link
February 19, 2015
14:21 EDTBCSS&P reportedly says Greece contagion not a major risk, Reuters reports
The risk of contagion spreading from Greece to other European countries is not that large, a German newspaper quoted S&P's chief sovereign ratings officer as saying, according to Reuters. The euro zone would be able to handle an exit of the bloc by Greece, the ratings officer was quoted as saying, Reuters reported. Publicly traded European banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Reference Link
06:47 EDTBACReport shows subprime consumer loans at pre-2007 levels, WSJ says
Equifax (EFX) has released a report stating nearly 40%, or 50M, of auto loans, credit cards, and personal loans during the first 11 months of 2014 were made to subprime customers, the highest levels since the 2007 financial crisis, reports the Wall Street Journal. LendingTree (TREE) Chief Marketing Officer Gabriel Dalporto attributes the growth to nonbank lenders under less regulatory scrutiny than large banks. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:04 EDTBCSFCA to investigate investment and corporate banking
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February 18, 2015
07:21 EDTBACJPMorgan, Citi top government report of riskiest banks, Reuters reports
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February 17, 2015
18:17 EDTHTZJANA Partners gives quarterly update on stakes
NEW STAKES: NCR (NCR), Liberty Ventures (LVNTA), Solarcity (SCTY), Computer Sciences Corp (CSC), Salix (SLXP), and Applied Materials (AMAT). INCREASED STAKES: Hertz (HTZ), Valeant (VRX), Walgreens Boots Alliance (WBA), Rackspace (RAX), and HD Supply (HDS). DECREASED STAKES: AIG (AIG), Actavis (ACT), Charter (CHTR), AerCap (AER), and Energy Transfer Equity (ETE). LIQUIDATED STAKES: Equinix (EQIX), Cameron International (CAM), Dollar General (DG), QEP Resources (QEP), and Amgen (AMGN).
17:06 EDTHTZIcahn gives quarterly update on stakes, takes new stake in Manitowoc
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10:26 EDTBACBank of America reports January default rate 2.93% vs. 3.13% last month
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February 13, 2015
18:01 EDTBCSBarclays bid to dismiss NY 'dark pool' lawsuit rejected, Reuters says
A New York judge rejected Barclays bid to dismiss state Attorney General Eric Schneiderman's lawsuit that claimed it defrauded clients about high-speed trading in its private "dark pool" trading platform, Reuters reports. Reference Link
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