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Stock Market & Financial Investment News

News Breaks
January 29, 2014
06:06 EDTJPM, BXJPMorgan close to sale of commodities unit, Bloomberg reports
JPMorgan Chase (JPM) may be about to sell its commodities unit for about $2B after receiving bids from Blackstone Group (BX), Macquarie Group and Mercuria Energy Group, source say, reports Bloomberg. Reference Link
News For JPM;BX From The Last 14 Days
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February 24, 2015
09:25 EDTJPMJPMorgan sees pro forma net income growing to about $30B over 3 year horizon
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09:11 EDTJPMJPMorgan CFO says will 'aggressively' manage G-SIB exposures
CFO Lake says may take at actions to reduce G-SIB buffer to 4% if required actions are accretive.
09:06 EDTJPMJPMorgan CFO says company seeks to raise dividends if approved
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09:01 EDTJPMJPMorgan expects legal costs to ease, but remain above pre-crisis levels
08:55 EDTJPMJPMorgan expect net charge offs to remain low at $4B+ in 2015
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07:21 EDTJPMSecurities Industry & Financial Markets Association to hold a conference
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06:15 EDTJPMBanks probed for possible rigging of precious metals markets, WSJ reports
Officials in the U.S. are investigating at least 10 major banks for potential rigging of precious-metals markets, sources tell The Wall Street Journal. The DOJ's antitrust unit are investigating the price-setting process for gold, silver, palladium and platinum in London, while the CFTC has begun a civil investigation, with both agencies making requests for information, including a subpoena to HSBC (HSBC) from the CFTC. According to a source, Credit Suisse (CS), JP Morgan (JPM), UBS (UBS), Societe Generale (SCGLY), Bank of Nova Scotia (BNS), Barclays (BCS), Goldman Sachs (GS) and Deutsche Bank (DB) are also under investigation. Reference Link
06:12 EDTJPMJPMorgan plans to charge fees for deposits from large clients, WSJ says
JPMorgan is planning to charge corporate clients, hedge funds, private-equity firms, and foreign banks for deposits due to regulatory rules that impose costs on holding money viewed as "prone to fleeing" during financial stress, reports the Wall Street Journal, citing an internal memo and people familiar with the plan. Clients will be asked to pay a fee or move funds to other products such as money-fund sweep accounts. Retail customers are unaffected. Reference Link
February 23, 2015
11:08 EDTJPMJPMorgan weekly volatility elevated into investor day
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08:57 EDTJPMJPMorgan to host investor day
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08:42 EDTBXBlackstone Energy Partners II is oversubscribed at $4.5B
Blackstone announced the commencement of the investment period for its second energy-focused private equity fund, Blackstone Energy Partners II, with total commitments of $4.5B. BEP II received significant interest from both existing and new investors, with demand well surpassing the fund’s $4.5B hard cap. Investors in the fund include a diverse group of U.S. state pension funds, corporate pension funds, sovereign wealth funds, insurance companies, endowments, foundations and family offices. Like its predecessor fund BEP I, a $2.4B fund that had its final close in September 2012, BEP II will invest in control-oriented equity and equity-linked interests in companies, assets and development projects in the energy and natural resources sector on a global basis. To date, Blackstone’s energy-focused private equity team of professionals has deployed over $8B in this strategy. Blackstone's $16B diversified global private equity fund will continue to invest alongside BEP II in energy transactions on a 50/50 basis.
February 20, 2015
06:03 EDTJPMAnn Inc. working with JPMorgan on potential sale, Bloomberg reports
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February 19, 2015
17:58 EDTJPMAnn Inc. working with JPMorgan on potential sale, Bloomberg says
06:47 EDTJPMReport shows subprime consumer loans at pre-2007 levels, WSJ says
Equifax (EFX) has released a report stating nearly 40%, or 50M, of auto loans, credit cards, and personal loans during the first 11 months of 2014 were made to subprime customers, the highest levels since the 2007 financial crisis, reports the Wall Street Journal. LendingTree (TREE) Chief Marketing Officer Gabriel Dalporto attributes the growth to nonbank lenders under less regulatory scrutiny than large banks. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
February 18, 2015
07:21 EDTJPMJPMorgan, Citi top government report of riskiest banks, Reuters reports
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07:15 EDTJPMPeterson Institute for International Economics to hold a discussion
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06:57 EDTJPMJPMorgan may shrink interest-rate trading, other units, Bloomberg says
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06:03 EDTBXAllen Systems Group reaches agreement with senior lenders on debt restructuring
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February 17, 2015
10:46 EDTJPMJPMorgan reports January net credit losses 2.53% vs. 2.56% last month
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07:02 EDTBXRentech secures additional loan commitment of up to $63M from GSO Capital
Rentech, Inc. (RTK) announced that GSO Capital Partners LP, the credit investment arm of Blackstone (BX), has increased its credit facility for Rentech by up to $63M. The majority of the proceeds from this new facility are expected to fund completion of Rentech’s Canadian wood pellet projects through positive cash flow. Rentech now estimates the cost to complete the construction of its Canadian wood pellet projects to be $125M-$130M. Rentech expects that the new term loan, together with its other cash resources, will be sufficient to fund its Atikokan and Wawa pellet projects until they have been commissioned and begin to generate positive cash flow. Rentech currently estimates that the cost to acquire and construct the two plants will be $125M-$130M, up from $105M. The majority of the increase is due to delays in construction and higher labor costs for installation of electrical and mechanical components. Rentech expects that working capital and the cost to commission the plants will add approximately $6 to $10 million to the estimated total project cost. Rentech does not expect the plants to generate positive EBITDA or cash flow for the year 2015. Annual stabilized EBITDA projected for both plants remains in line with previous guidance of C$17M-C$20M.
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