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Stock Market & Financial Investment News

News Breaks
March 20, 2012
08:09 EDTJPM, BKJPMorgan seeks to appeal Jefferson County, AL bankruptcy ruling, Bloomberg says
Last November, Jefferson County, AL filed for bankruptcy, the biggest U.S. municipal bankruptcy. Now, JPMorgan Chase & Co. (JPM), and a trustee for creditors of the county, seek to appeal a March 4 ruling by a federal judge who rejected their demands to throw out it out, reports Bloomberg. Reference Link
News For JPM;BK From The Last 14 Days
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October 1, 2014
12:59 EDTJPMJPMorgan to receive $869M in credit for client mortgage activity, WSJ says
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11:46 EDTJPMDavid Tepper says economy good, stock market not at high multiple currently
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06:29 EDTBKBNY Mellon to cease derivatives sales, trading, Bloomberg says
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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
16:26 EDTBKBNY Mellon to cease derivatives sales and trading, Bloomberg says
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September 29, 2014
07:58 EDTJPMWarren 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
06:23 EDTJPMCitigroup, JPMorgan meet with FCA to settle forex rigging probe, WSJ reports
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September 25, 2014
15:10 EDTJPMHolder resignation as AG positive for banks, says Rafferty Capital
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September 24, 2014
15:04 EDTBK, JPMGoldman, other banks near deal to buy Bloomberg messaging alternative, WSJ says
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09:59 EDTBKOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Ameren (AEE) initiated with a Buy at Ladenburg... Autoliv (ALV) initiated with an Outperform at Exane BNP Paribas... BNY Mellon (BK) initiated with a Neutral at Citigroup... Burlington Stores (BURL) initiated with a Neutral at Credit Suisse... Cameron (CAM) initiated with a Market Perform at Wells Fargo... CoreLogic (CLGX) initiated with an Overweight at Piper Jaffray... FMC Technologies (FTI) initiated with a Market Perform at Wells Fargo... FNFV (FNFV) initiated with a Neutral at Piper Jaffray... Fidelity National (FNF) initiated with an Overweight at Piper Jaffray... First American (FAF) initiated with a Neutral at Piper Jaffray... Freeport McMoRan (FCX) initiated with an Outperform at Scotia Capital... Helmerich & Payne (HP) initiated with an Outperform at Wells Fargo... HomeAway (AWAY) initiated with a Buy at SunTrust... IMS Health (IMS) initiated with a Buy at Topeka... Nabors Industries (NBR) initiated with an Outperform at Wells Fargo... National Oilwell (NOV) initiated with a Market Perform at Wells Fargo... Northern Trust (NTRS) initiated with a Neutral at Citigroup... Pacific Drilling (PACD) initiated with a Market Perform at Wells Fargo... Paragon Offshore (PGN) initiated with a Market Perform at Wells Fargo... Patterson-UTI Energy (PTEN) initiated with an Outperform at Wells Fargo... Pioneer Energy (PES) initiated with an Outperform at Wells Fargo... Realogy (RLGY) initiated with an Overweight at Piper Jaffray... Ruckus Wireless (RKUS) initiated with a Neutral at SunTrust... Sarepta (SRPT) initiated with an Outperform at Credit Suisse... Skyworks (SWKS) initiated with a Buy at MKM Partners... State Street (STT) initiated with a Buy at Citigroup... Ubiquiti Networks (UBNT) initiated with a Buy at SunTrust... Wafergen Biosystems (WGBS) initiated with a Buy at Brean Capital.
06:16 EDTBKBNY Mellon initiated with a Neutral at Citigroup
Target $42.
September 23, 2014
11:26 EDTBKBNY Mellon downgraded to Underperform from Sector Perform at Portales
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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.
September 22, 2014
09:41 EDTBKBNY Mellon management to meet with Deutsche Bank
Meeting to be held in New York on September 22 hosted by Deutsche Bank.
06:11 EDTJPMEMC explores merger, holds talks with HP, Dell, WSJ reports
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September 18, 2014
14:08 EDTJPMBanks 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, Visa’s holdings have been reduced to its current 5.5% stake in the company. This reduction in ownership and associated influence is consistent with Visa’s 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.

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