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Stock Market & Financial Investment News

News For BAC;C From The Last 14 Days
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January 14, 2015
13:25 EDTBACEarnings Preview: Bank of America to report after mixed competitors' results
Bank of America (BAC), one of the largest banks in the U.S., is expected to report fourth quarter earnings before the open on Thursday, January 15, with a conference call scheduled for 8:30 am ET. EXPECTATIONS: Analysts are looking for earnings per share of 32c on revenue of $20.94B. The consensus range is 30c-39c for EPS on revenue of $20.39B-$21.48B, according to First Call. LAST QUARTER: Bank of America reported stronger than expected third quarter results, as it said its customer and client activity was "solid." Its net chargeoffs declined across most major portfolios versus the same period a year earlier, and its tangible book value increased 4% over the same period in 2013 to $14.13 per share. COMPETITORS' RESULTS: Wells Fargo (WFC) reported in-line fourth quarter profit and slightly higher than expected fourth quarter revenue. The bank said that its credit quality continued to improve last quarter. The bank's commercial and consumer loans, as well as its deposits also increased, it stated. However, its home lending originations fell to $44B from $48B in Q3. Also, JPMorgan (JPM) reported weaker than expected results, and noted that legal expenses lowered its EPS by 26c. Notably the results for JPMorgan's Corporate and Investment Bank sank significantly last quarter, compared with the previous quarter. The unit's net revenue fell to $7.4B from $9.1B, while its net income dropped to $972M from $1.7B. STREET RESEARCH: Large banks were hurt by trading volatility last quarter, research firm MKM Partners wrote last month. "Trading and investment banking are key quarterly swing factors" for Bank of America, the firm stated. MKM cut its Q4 EPS estimate for the bank by 9% to 32c. On the other hand, Barron's on December 27 named Bank of America as one of its ten favorite stocks for 2015. The bank had to absorb "massive legal charges" last year, but these charges should quickly decline in 2015, the magazine forecast. Bank of America trades at 12 times the consensus 2015 EPS estimate of $1.48, and its EPS is expected to reach about $2 by 2017, Barron's stated. Additionally, the bank will benefit if interest rates rise, Barron's believes. PRICE ACTION: Bank of America's stock has fallen 7% over the last month, and 5% over the last year.
12:49 EDTBAC, COn The Fly: Midday Wrap
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09:36 EDTBAC, CActive equity options trading
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09:16 EDTC, BACOn The Fly: Pre-market Movers
HIGHER: ZIOPHARM (ZIOP), up 53% after the company and Intrexon (XON) announced a licensing agreement with University of Texas. Intrexon shares are also up 12%... GameStop (GME), up 10.6% after reporting holiday SSS, providing guidance for the fourth quarter and fiscal 2014, and being upgraded at Pacific Crest... Smith Micro (SMSI), up 12.7% after reporting preliminary fourth quarter revenue and providing revenue guidance for the first quarter and fiscal 2015... BioCryst (BCRX), up 3.2% after receiving a positive opinion on EMA orphan drug designation for BCX4161... GoPro (GPRO), up 1% following analyst remarks that sell-off after yesterday's report on Apple (AAPL) patent was "overdone." DOWN AFTER EARNINGS: JPMorgan (JPM), down 2.7%... Wells Fargo (WFC), down 2.2%... Banking peers down as well, with Bank of America (BAC) down 2.8% and Citi (C) down 2%. ALSO LOWER: Tesla (TSLA), down 9% following comments made by CEO Elon Musk at an automotive conference in Detroit regarding a slowdown in China... New Media (NEWM), down 4.8% after 7M share spot secondary priced at $21.70... General Motors (GM), down 3% after giving 2015 guidance, saying it is on track to meet previously announced 2016 financial targets... Apple (AAPL), down 1% following lawsuit against Ericsson (ERIC) and countersuit filing.
08:25 EDTCTwo Dubai lenders among bidders for Citi consumer unit in Egypt, Bloomberg says
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07:34 EDTBACNew rules prompt BofA to sever ties with 150 hedge funds, Bloomberg reports
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06:57 EDTBACBarclays appoints Jonathan Moulds as Group COO
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06:04 EDTCCiti appoints CD Davies head of global Mortgage business
Citi yesterday announced that CD Davies has been appointed Head of Citiís Mortgage business globally. Davies joined Citi in March 2014. He will continue to report to Jane Fraser, CEO of CitiMortgage and U.S. Consumer and Commercial Banking. Davies was previously President and CEO of Wachovia Mortgage Corporation.
January 13, 2015
15:51 EDTCSpringleaf, Apollo Global among bidders for OneMain, Bloomberg says
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15:12 EDTBAC, CU.S. Supreme Court decision gives homeowners leeway to rescind mortgage loans
In an unanimous ruling, the U.S. Supreme Court ruled on Jesinoski vs. Countrywide Home Loans that homeowners are allowed to rescind home mortgages within the three years allotted under the Truth in Lending Act of 1968 by providing written notice to his/her lender. The court ruled that the borrowers were not required to file suit against the lender, which the respondents, Countrywide, claimed. The notice of rescission was sufficient to clear the homeowners of any obligation to the loan, provided they do it within the allotted time. Countrywide Home Loans is a subsidiary of Bank of America (BAC). Other publicly traded companies in the banking space include Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
15:07 EDTCSpringleaf conducts due dillegence on OneMain, Bloomberg reports
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12:27 EDTCDOJ, EPA report proposed settlement regarding cleanup of Warren County, NJ site
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11:20 EDTBACBank of America January volatility elevated into Q4 and outlook
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11:04 EDTCCitigroup January volatility elevated into Q4 and outlook
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09:36 EDTCActive equity options trading
Active equity options trading according to Track Data: AAPL AMD AA TWTR GILD C CELG TSLA GOOG
07:44 EDTBAC, CNationstar, non-bank lenders could get boost from refis, WSJ says
As a decline in interest rates and a reduction in federal loan fees boosts refinancing activity, smaller banks and non-bank lenders, such as Quicken Loans, loanDepot, and Nationstar Mortgage (NSM), may be in a better position than large banks to benefit, said The Wall Street Journal. Publicly traded large U.S. banks include Bank of America (BAC), Citi (C), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:38 EDTCCiti cut consumer banking business, Reuters reports
Citi is cutting its consumer banking operations in some of the world's largest cities, according to Reuters. Last year, the bank decided to target 100 cities with retail banking services, down from its previous level of 120 cities, the news service stated. Reference Link
January 12, 2015
16:00 EDTCOptions Update; January 12, 2015
iPath S&P 500 VIX Short-Term Futures up 1.57 to 33.54. Option volume leaders: AAPL TSLA TWTR AMZN AA SIRI RIG FRO C according to Track Data.
08:22 EDTCCiti may have more to gain than JPMorgan from break-up, WSJ says
Analysts have suggested that JPMorgan (JPM) could unlock investor value by breaking-up, but a Citigroup (C) break-up, while complicated, could be more compelling, according to The Wall Street Journal's "Heard on the Street" column. Reference Link
07:41 EDTCLarge banks' weakness creates attractive entry point, says Wells Fargo
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