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Stock Market & Financial Investment News

News For JPM;BAC;GS;C;USB;MS;WFC From The Last 14 Days
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September 30, 2014
19:34 EDTJPMJudge says JPMorgan must face class action suit over $10B MBS case, Reuters says
A federal judge ruled that JPMorgan must face an investor led class action lawsuit that claims the bank misled investors about the safety of $10B of mortgage-backed securities, or MBS, it sold before the financial crisis, Reuters reports. Judge Paul Oetken certified a class action for JPMorgan's liability, but not for damages, saying it was unclear how investors could value the certificates they bought. Judge Oetken said the plaintiffs could attempt to certify a class on damages. Reference Link
16:00 EDTBAC, COptions Update; September 30, 2014
iPath S&P 500 VIX Short-Term Futures up 37c to 31.18. Option volume leaders: AAPL TSLA NFLX BAC TWTR AMZN HTZ DOW C F NFLX PBR according to Track Data.
14:44 EDTCSEC grants Citigroup waivers from restrictions, WSJ says
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10:01 EDTBACBank of America begins rollout of chip debit cards
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07:12 EDTCCitigroup head feels banks to likely earn more stable profits, Bloomberg says
Citigroup CEO Michael Corbat said that he thinks that banks will most likely gross steadier profits, though the levels will not be as high as those prior to the 2008 financial crisis, as company adjusts to new regulations and pressure to reduce risk, according to Bloomberg, citing comments from Corbat. Reference Link
September 29, 2014
11:45 EDTBACBofA to pay $7.65M to SEC to settle regulatory capital overstatement charges
The Securities and Exchange Commission charged Bank of America Corporation with violating internal controls and recordkeeping provisions of the federal securities laws after it assumed a large portfolio of structured notes and other financial instruments as part of its acquisition of Merrill Lynch. Bank of America agreed to pay a $7.65M penalty to settle the charges stemming from regulatory capital overstatements that it made due to its internal accounting control deficiencies and books and records failures. In addition to the $7.65M penalty, the SECís order requires Bank of America to cease and desist from committing or causing any violations or future violations of Sections 13(b)(2)(A) and 13(b)(2)(B) of the Securities Exchange Act of 1934.
07:58 EDTJPM, C, BAC, GS, WFC, MS, USBWarren calls for hearing on 'disturbing' Fed tapes, Reuters reports
Two members of the the Senate Banking Committee, Democrats Elizabeth Warren and Sherrod Brown, called for an investigation into the issues raised by secretly taped conversations between officials at Goldman Sachs (GS) and supervisors at the New York Federal Reserve, reported Reuters. Other large U.S. banks include Bank of America (BAC), Citigroup (C), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
07:29 EDTCCitigroup allowed to make Argentina bond payment, NY Post reports
A U.S. federal judge agreed to stay his prior order that would have prevented Citibank from making its September 30 payments on Argentinaís bonds, which the bank said would break the country's law and could lead it to lose its license there, reported the New York Post. However, the judge did not lift his injunction against Citi related to the disputed payments, the report noted. Reference Link
07:15 EDTWFCNational Association of Business Economics to hold annual meeting
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06:23 EDTC, JPMCitigroup, JPMorgan meet with FCA to settle forex rigging probe, WSJ reports
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September 26, 2014
18:09 EDTGSGoldman Sachs to ban investment bankers from trading stocks, Bloomberg reports
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16:01 EDTBACOptions Update; September 26, 2014
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14:29 EDTMSAlibaba awards IPO banks $50M in incentive fees, Bloomberg says
According to people with knowledge of the matter, Alibaba (BABA) gave Credit Suisse (CS) and Morgan Stanley (MS) approximately half of the incentive fees that were awarded to the six banks responsible for overseeing its IPO, Bloomberg reports. Reference Link
09:37 EDTCActive equity options trading on open
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September 25, 2014
16:00 EDTBACOptions Update; September 25, 2014
iPath S&P 500 VIX Short-Term Futures up 2.09 to 30.38. Option volume leaders: AAPL TSLA NFLX BAC TWTR AMZN BP PBR GILD DOW according to Track Data.
15:10 EDTUSB, GS, C, JPM, WFC, MS, BACHolder resignation as AG positive for banks, says Rafferty Capital
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14:32 EDTGSGoldman Sachs close to acquiring Neovia Logistics for $1B, Reuters says
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13:30 EDTUSBU.S. Bancorp fined $9M, to pay $47.9M in restitution for identity-theft products
The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, or CFPB, has fined U.S. Bancorp $9M and has ordered the company to pay $47.9M in restitution to customers for selling identity-theft products with out providing the full benefits of the products. In a statement, the CFPB said, "The billing of Identity Protection Product fees and acceptance of payments of such fees while failing to provide credit monitoring and credit report retrieval services has resulted in substantial injury to approximately 420,115 consumers in the amount estimated to be $47.9M for identity protection products. This injury was not reasonably avoidable by consumers and is not outweighed by any countervailing benefit to the consumers or to competition. Within 10 days of the effective date, the Bank must reserve or deposit into a segregated deposit account $47.9M, which represents the approximate amount of customer injury caused by the practices described in Section V, for the purpose of providing redress to affected customers as required by this Section." Reference Link
08:07 EDTUSBU.S. Bancorp extends freight-payment trade finance capability to Europe
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08:00 EDTBACBuy American Express and Bank of America into earnings, says Morgan Stanley
Morgan Stanley says to buy American Express (AXP) and Bank of America (BAC) going into Q3 earnings. The firm expects American Express to report accelerated credit card spending growth and views valuation as compelling and views Bank of America is a play on rising rates and improving expenses.
07:27 EDTMSMorgan sale of oil unit to Rosneft may break down over sanctions, Reuters says
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September 24, 2014
15:04 EDTC, WFC, MS, GS, JPM, BACGoldman, other banks near deal to buy Bloomberg messaging alternative, WSJ says
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09:59 EDTMSOn The Fly: Analyst Downgrade Summary
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09:34 EDTCActive equity options trading on open
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07:46 EDTGSPeterson Institute for International Economics to hold a conference
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07:41 EDTMSMorgan Stanley price target raised to $42 from $38 at UBS
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05:45 EDTMSMorgan Stanley downgraded to Neutral from Overweight at JPMorgan
JPMorgan downgraded its rating on Morgan Stanley (MS) to Neutral saying shares look expensive and that it does not see the bank meeting its 10% return on equity target. JPMorgan sees better value in other investment banks, specifically UBS (UBS), and keeps a $34 price target for Morgan Stanley shares. The stock closed yesterday down 16c to $35.02.
September 23, 2014
16:00 EDTCOptions Update; September 23, 2014
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15:33 EDTBACBofA announces $10B Catalytic Finance Initiaive, to committ $1B in capital
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10:33 EDTJPMWebster Financial to acquire HSA business from JPMorgan
Webster Financial (WBS), the holding company for Webster Bank, N.A., said that it had signed a definitive agreement to acquire the health savings account, or HSA, business from JPMorgan Chase Bank, N.A., a subsidiary of JPMorgan Chase (JPM). Under the agreement, approximately 700,000 accounts, including an estimated $1.3B in deposits and $175M in investments, will migrate from JPMorgan Chase Bank to HSA Bank, a division of Webster Bank, over a transitional period. In the near term, Webster will use approximately 60% of the deposits to pay down short-term borrowings with the remaining funds invested in securities. Transaction consideration will be all cash; the purchase price was not disclosed. Webster expects the transaction to be modestly accretive to earnings per share and return on equity in the first year following closing. The transaction is expected to improve Webster's loan-to-deposit ratio to approximately 80% from 87% pro forma at June 30. The company estimates the transaction will have tangible book value dilution of approximately 3%. JPMorgan Chase has advised Webster that the transaction is not expected to have a material impact on JPMorgan Chase's earnings.
07:33 EDTCCitigroup threatened by Argentina over bond payments, Reuters reports
Argentine Economy Minister Axel Kicillof threatened Citigroup with "penalties" if the bank failed to make a $5M interest payment due to bondholders by Sept. 30 and the bank plans to ask a U.S. judge to stay an order barring it from processing payments on $8.4B in bonds issued after the country's 2002 default, reported Reuters. Reference Link
07:14 EDTGSGoldman spot FX trading boss in EU to depart, Bloomberg says
Mitesh Parikh, the manager of Goldman Sach's spot foreign-exchange trading in Europe, is departing the company to trade currencies at an investment company, according to Bloomberg, citing two people with knowledge of the situation. Parikh joined Goldman Sachs twelve years ago. Reference Link
06:13 EDTWFCWells Fargo Advisers fined $5M by SEC for failing to maintain controls
The Securities and Exchange Commission yesterday charged Wells Fargo Advisors LLC with failing to maintain adequate controls to prevent one of its employees from insider trading based on a customerís nonpublic information. The SEC also charged Wells Fargo for unreasonably delaying its production of documents during the SECís investigation and providing an altered internal document related to a compliance review of the brokerís trading. Wells Fargo, which admits wrongdoing, has agreed to pay a $5M penalty to settle the SECís charges, which are the first-ever against a broker-dealer for failing to protect a customerís material nonpublic information. Reference Link
September 22, 2014
18:20 EDTWFCSEC fines Wells Fargo Advisors $5M for not stopping inside trade, FT reports
The brokerage arm of Wells Fargo (WFC), Wells Fargo Advisors, was fined $5M by the SEC for not stopping an employee from trading on customer information ahead of the 2010 acquisition of Burger King (BKW), sometimes called ďthe sandwich deal," FT reports. Reference Link
16:00 EDTCOptions Update; September 22, 2014
iPath S&P 500 VIX Short-Term Futures up 91c to 28.14. Option volume leaders: AAPL TSLA NFLX C TWTR AMZN BP PBR CLF WLT according to Track Data.
10:00 EDTBACBank of America rallies, levels to watch
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09:38 EDTCActive equity options trading on open
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06:11 EDTJPMEMC explores merger, holds talks with HP, Dell, WSJ reports
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September 20, 2014
21:15 EDTCCitigroup and Argentina's appeal on bond case dismissed, Reuters says
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19:48 EDTBACBank of America could climb over 50%, Barron's says
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September 19, 2014
16:00 EDTBACOptions Update; September 19, 2014
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11:14 EDTCSumitomo Mitsui, Mitsubishi UFJ on short list for Citigroup unit, WSJ reports
Sumitomo Mitsui Financial Group (SMFG), Sumitomo Mitsui Trust Holding, Mitsubishi UFJ Financial (MTU) and Shinsei Bank have been shortlisted by Citigroup (C) as buyers for the U.S. bank's retail bank in Japan, the Wall Street Journal reports, citing sources. Citi could pick a buyer for the unit by the end of the year or early next year. Citigroup could sell its Diners Club branded credit card unit in Japan along with the retail bank, a source says. Reference Link
09:37 EDTCActive equity options trading on open
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07:17 EDTCCitigroup up against hard situation in Argentina bond plea, Reuters says
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September 18, 2014
16:00 EDTBACOptions Update; September 18, 2014
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14:08 EDTJPM, GS, WFC, C, USB, MS, BACBanks look to high-interest personal loans to boost revenue, WSJ says
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05:31 EDTJPMVisa to undertake assessment of stake in Monitise
Visa (V) and Monitise entered into an alliance agreement in 2009. At the same time, Visa began investing in Monitise. Given the maturation of Monitise as a company, Visa is considering its options with respect to the investment and has engaged J.P. Morgan Securities (JPM) to assist. Visa will also be lessening its dependence on external mobile development resources. In 2009, in conjunction with its commercial partnership, Visa invested in Monitise as a 14.4% owner of the company in order to provide capital support to a leader in the evolution of the mobile payments sector. Over time, Visaís holdings have been reduced to its current 5.5% stake in the company. This reduction in ownership and associated influence is consistent with Visaís investment practice to seed emerging players and, over time, taper that influence as the partner company grows. Under their agreement, Monitise will provide Visa with mobile platform development services through 2016. As both Visa and the payments industry evolve at a rapid pace, Visa intends to continue increasing its investment in its own in-house capabilities and, as a result, reducing its use of external resources.
September 17, 2014
16:00 EDTBACOptions Update; September 17, 2014
iPath S&P 500 VIX Short-Term Futures down 24c to 27.63. Option volume leaders: AAPL TSLA BAC TWTR AMZN X WLT KO PBR according to Track Data.
13:51 EDTJPMJPMorgan to replace some credit cards following Home Depot breach, Reuters says
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13:28 EDTWFCWells Fargo eases lending requirements for buying apartments, Financial Times says
Wells Fargo (WFC) is easing lending requirements for apartment purchases, reports the Financial Times. In an interview, the head of Wells Fargo mortgage production Franklin Codel said, ďWeíre tweaking our condo approvals to make them more consistent with what Fannie Mae (FNMA) and Freddie Mac (FMCC) allow." Reference Link
13:16 EDTGS, JPM, WFC, C, MS, BAC, USBHolder says DOJ looking to charge bank executives, Washington Post says
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08:19 EDTWFCNational Press Club holds a luncheon meeting
Wells Fargo & Co. CEO John Stumpf discusses the role of financial services in the real economy at a National Press Club luncheon meeting being held in Washington, D.C. on September 17 at 1 pm. Webcast Link
07:37 EDTJPMMorningstar to hold a conference
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06:54 EDTJPM, BACNY Attorney General announces NYC bank identity-theft ring takedown
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September 16, 2014
16:00 EDTBACOptions Update; September 16, 2014
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14:44 EDTGS, BAC, C, MS, JPMVirginia AG files $1.15B lawsuit against banks that sold RMBS during crisis
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13:15 EDTBACBank of America gives up $6B in revenue with new consumer strategy, Reuters says
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11:54 EDTBACBank of America reportedly cutting jobs in NY, Houston, DealBreaker says
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11:19 EDTUSBU.S. Bancorp releases results of its mid-cycle stress test
For projected stressed capital ratios, U.S. Bancorp's total risk based capital ratio would be 10.8%, Tier 1 capital ratio would be 9% and Tier 1 leverage ratio would be 7.5% at 2Q16. Reference Link
10:22 EDTJPMBanks set for ad battle to be default choice for Apple Pay, Apple Insider says
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07:51 EDTGSGoldman Sachs-led investor group backs Privia Health for national expansion
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07:43 EDTBACRBC Capital to hold a conference
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07:19 EDTGS, WFCCompanies' share buybacks at fasttest clip since 2007, WSJ reports
Companies are buying back their own shares at its fastest pace since the financial crisis to fuel a stock rally, reports the Wall Street Journal. According to Birinyi Associates, companies have bought back $338.3B of stock in 1H14, the most since 2007. Citing an analysis by Barclays, companies with the largest buyback programs by dollar value have outperformed the broader market by 20% since 2008. Reference Link
07:07 EDTMSMagnum Hunter announces partnership with Morgan Stanley Infrastructure
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07:01 EDTMSMorgan Stanley Infrastructure to acquire co-control ownership of Eureka Hunter
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06:32 EDTCSpringleaf could be potential bidder for Citigroup's OneMain unit, WSJ reports
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06:03 EDTBACHuntington Bancshares completes acquisition of 24 Bank of America branches
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