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Stock Market & Financial Investment News

News Breaks
February 24, 2013
20:32 EDTJPM, WFC, BACMajor U.S. banks facilitating state-banned 'payday' loans, NYT says
Major U.S. banks are quickly becoming the facilitators of Internet-based payday lenders like Loanshoponline.com and Advancemetoday.com that offer short-term loans with extremely high interest rates. JPMorgan Chase (JPM), Bank of America (BAC) and Wells Fargo (WFC) do not make the loans but are a necessary link for the internet-based "payday" lenders, says the New York Times, "enabling the lenders to withdraw payments automatically from borrowers’ bank accounts, even in states where the loans are banned entirely. In some cases, the banks allow lenders to tap checking accounts even after the customers have begged them to stop the withdrawals," says the New York Times. Reference Link
News For JPM;BAC;WFC From The Last 14 Days
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April 11, 2014
09:37 EDTBACActive equity options trading on open
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09:31 EDTJPMJPMorgan CEO Dimon says bank 'one of the good guys' in 'Flash Boys'
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09:26 EDTJPMJPMorgan falls after results, levels to watch
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09:19 EDTWFCWells Fargo reports Q1 NIM down 7 bps to 3.2%
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09:13 EDTWFC, JPMOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Fastenal (FAST), up 3%... Wells Fargo (WFC), up 0.2%. ALSO HIGHER: H&R Block (HRB), up 5% after announcing a deal for BofI (BOFI) to acquire H&R Block's bank assets. Bofi up 9.4% after the deal announcement... Zynga (ZNGA), up 1.7% after naming new CFO, shares upgraded to Equal Weight at Morgan Stanley... SINA (SINA), up 2% after announcing up to $500M share repurchase program. DOWN AFTER EARNINGS: JPMorgan (JPM), down 3.7%... NQ Mobile (NQ), down 14.6%. ALSO LOWER: Gap (GPS), down 4% after reporting March SSS fell 6%, shares downgraded at Janney Capital... Voxeljet (VJET), down 16% after 3M share secondary offering priced at $15.00... Datawatch (DWCH), down 29% after cutting its second quarter revenue outlook.
09:03 EDTJPMJPMorgan sees core margin to be 'relatively stable' throughout 2014
JPMorgan CFO Marianne Lake said the bank expects its core margin to be "relatively stable" throughout 2014 and to be "relatively stable to positive" in 2015.
08:53 EDTJPMJPMorgan weakness a buying opportunity, says BofA/Merrill
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08:47 EDTJPMJPMorgan CFO says environment for M&A remains 'robust'
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08:45 EDTJPMJPMorgan CFO Lake says bank lost share in mortgages
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08:38 EDTBACBank of America April volatility elevated into Q1 and revenue growth outlook
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08:35 EDTJPMJPMorgan CFO says reported net income 'very close' to being core result
Says no one-time or non-recurring impacts to quarter were significant enough to be communicated as adjustments in earnings press release. JPMorgan CFO Marianne Lake speaking on Q1 earnings conference call.
08:32 EDTJPMJPMorgan sees adjusted expense to be below $59B for 2014
JPMorgan expects Treasury and CIO NII to break-even during the second half of 2014. The bank expects adjusted expense to be below $59B for 2014. JPMorgan is targeting Basel III Tier 1 common ratio of 10%+, with a Firm SLR target of 5.5%+/- and a Bank SLR target of 6%+.
08:29 EDTJPMJPMorgan: card releases 'essentially done,' potential for more mortgage releases
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08:15 EDTWFCWells Fargo continues to expect future reserve releases
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08:07 EDTWFCWells Fargo reports Q1 Basel III Advanced Tier 1 ratio 10.04%
Wells said capital continued to strengthen in the first quarter, with Common Equity Tier 1 of $132.7B under the Basel III General Approach, or 11.36% of risk-weighted assets. The Common Equity Tier 1 ratio under Basel III under the Advanced Approach, fully phased-in, was 10.04%.
08:04 EDTWFCWells Fargo reports Q1 provision for credit losses $325M
Reports net charge-offs of $825M, down $594M from first quarter 2013. Reports $500M reserve release due to continued strong credit performance and improved economic conditions. Chairman and CEO John Stumpf said, "First quarter 2014 earnings were another record for our Company and capital levels continued to strengthen. Returning more capital to our shareholders has remained a priority for Wells Fargo and we were pleased to have received a non-objection to our 2014 CCAR submission." CFO Tim Sloan said, “We are very pleased with Wells Fargo’s performance in the first quarter, particularly in some of the fundamental drivers of long term growth: loans, deposits, investments, capital and credit quality. Revenue remained relatively stable despite the impact of fewer days in the quarter, reflecting contributions from our diversified sources of fee revenue. In addition, we generated revenue more efficiently as we reduced expenses year-over-year and compared with fourth quarter of last year.”
08:01 EDTWFCWells Fargo reports Q1 EPS $1.05, consensus 97c
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07:52 EDTJPMManhattan federal prosecutors probe JPMorgan's Masters, Bloomberg says
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07:32 EDTJPMJPMorgan's Masters aimed to keep CEO position in sale, Bloomberg says
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07:27 EDTJPMFutures indicate market slide may continue
Stock futures are suggesting another lower as the market appears ready to extend its slide. Any help investors expected from earnings reports from JP Morgan (JPM) were dashed when the company missed Wall Street estimates. Investors will be watching economic data today, including the producer price index and the University of Michigan's consumer confidence report.
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