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Stock Market & Financial Investment News

News For GS;BAC;MS;WFC;USB;JPM;C From The Last 14 Days
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March 20, 2015
16:00 EDTCOptions Update; March 20, 2015
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10:36 EDTBACBank of America changes bylaws to allow some investors to nominate directors
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10:09 EDTGSAllstate enters accelerated share repurchase agreement with Goldman Sachs
Allstate (ALL) said in a filing that on March 19, the Registrant entered into an accelerated share repurchase agreement with Goldman, Sachs & Co. (GS), to purchase $500M of its outstanding common stock. The majority of the shares to be repurchased under this agreement will be received by the Registrant at the agreementís inception. It is expected that Goldman will purchase the shares that it delivers under the agreement in the market within a timeframe not to exceed three months. The final purchase price per share and number of shares to be delivered by Goldman will be determined at the conclusion of the agreement and settlement will consist of the Registrant receiving shares based on the average of the daily volume weighted average prices of the Registrantís common stock during the period of Goldman purchases. If the Registrant is required to pay a settlement amount, the Registrant may elect to settle in cash or shares of its common stock. The agreement is part of the Registrantís repurchase program totaling $3B that was announced on February 4, 2015. All of the shares acquired by the Registrant under the agreement will be placed into its treasury.
05:57 EDTBACBank of America faces pressure to defend structure, Financial Times reports
Bank of America will have to defend its current structure at its annual meeting in May after the SEC allowed a small shareholder the right to challenge the board on a break-up, reports the Financial Times. Bank of America's board could be under pressure to appoint a committee to examine a plan for divesting all non-core banking businesses if a proposal from Barlett Naylor of Public Citizen is adopted. Reference Link
March 19, 2015
16:01 EDTCOptions Update; March 19, 2015
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15:29 EDTJPMJPMorgan execs 'brace' for potential investment/commercial bank cuts, FBN says
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12:29 EDTJPMJudge dismisses lawsuit over $13B JPMorgan-Justice Dept settlement, Reuters says
A federal judge has dismissed a lawsuit that sought to block a $13B settlement reached between JPMorgan and the U.S. Justice Department over mortgage loans, reports Reuters. Judge Beryl Howell accepted a motion by the Justice Department to dismiss the lawsuit, which argued the non-profit group Better Markets lacked standing to sue. Howell said, "The plaintiff has failed to meet its burden to show it has suffered an injury in fact." Reference Link
11:53 EDTGS, BAC, JPM, WFC, C, MS, USBU.S. banks face headwinds in unloading oil loans, WSJ says
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09:06 EDTCCiti Retail Services extends long term consumer relationship with Office Depot
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07:15 EDTCCiti CEO tells shareholders 2015 targets 'within reach,' Reuters reports
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06:42 EDTGSAllianz hedges stake in China Pacific Insurance, Reuters says
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06:30 EDTBACSEC says BofA must put investment bank spinoff to shareholder vote, Reuters says
The SEC has told Bank of America that it must allow shareholders to vote on whether the company will attempt to spin off its investment bank unit, reports Reuters, citing a decision by the Securities and Exchange Commission. A bank spokesperson said the company "will respond to the proposal in our proxy statement." Reference Link
06:06 EDTCCiti files lawsuit over Swiss franc surge, Reuters says
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06:06 EDTGSSunrun powers up for IPO later this year, WSJ reports
Sunrun, a solar-energy company, is said to be working with Credit Suisse (CS) and Goldman Sachs (GS) on a potential IPO for later this year, sources tell The Wall Street Journal, which adds that the company was valued at $1.3B as of March 2014. Other solar companies that have gone public in recent years include residential solar installers like Vivint Solar (VSLR), backed by Blackstone (BX), and SolarCity (SCTY), backed by Tesla's (TSLA) Elon Musk. Reference Link
March 18, 2015
13:56 EDTCArgentina to bar Citi from exiting custody business, Reuters says
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08:25 EDTJPMSamson near deal for covenant breach waiver, NY Post says
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07:44 EDTJPMJPMorgan to purchase $45B of mortage service rights from Ocwen, NY Post says
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07:27 EDTGSFreeport seeks funding from Blackstone, Apollo, Reuters says
Freeport McMoRan (FCX) has hired Goldman Sachs (GS) and Barclays (BCS) to find private equity firms willing to finance certain of its energy projects and asset developments, reports Reuters, citing people familiar with the matter. Freeport is in talks with Blackstone (BX), Apollo (APO), and Warburg Pincus about a potential partnership. The sources say the firm may be seeking "several billion dollars," though discussions are in "very early" stages. Reference Link
07:10 EDTBACPlatts to hold a forum
11th Annual Steel Markets North America is being held in Chicago on March 17-18.
06:09 EDTGSGoldman Sachs prices 6M shares of specialty lending arm, WSJ reports
According to a source, late yesterday, Goldman Sachs priced 6M shares of Goldman Sachs BDC, its specialty lending arm, at $20 per share with the shares set to begin trading today, The Wall Street Journal reports. Shares of Goldman Sachs BDC will trade under the ticker symbol "GSBD." Reference Link
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