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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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November 17, 2015
07:50 EDTJPMClearing House to hold a conference
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07:48 EDTBX, JPMBofa/Merrill to hold a conference
Banking & Financial Services Conference 2015 is being held in New York on November 17-18.
November 16, 2015
11:31 EDTBXBlackstone to sell GCA Services Group to Thomas H. Lee Partners and Goldman Sach
Blackstone (BX) announced that private equity funds it manages have agreed to sell GCA Services Group to a consortium of the Merchant Banking Division of Goldman Sachs (GS) and Thomas H. Lee Partners. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2016.
11:24 EDTJPMClearing House to hold a conference
Clearing House Annual Conference is being held in New York on November 16-18.
10:01 EDTBXBlackstone acquires Diamonds Direct
Blackstone and Diamonds Direct announced that funds managed by Blackstone Tactical Opportunities have acquired Diamonds Direct, an independent jewelry company. The transaction closed in early November.
09:42 EDTJPMJPMorgan reports October net credit losses 2.22% vs. 2.21% last month
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08:58 EDTJPMAmerican Express slips following Marriott, Starwood deal announcement
Shares of American Express (AXP) are slipping in pre-market trading following the news that Marriott (MAR) and Starwood Hotels & Resorts (HOT) have agreed to merge. In early June, American Express and Starwood announced new benefits to the Starwood Preferred Guest credit card. Marriott, however, has its co-brand program with JPMorgan Chase (JPM) and the early weakness in American Express shares could reflect concern over a potential change in the merged hotels' co-brand relationships. In pre-market trading, AxEx shares are down about 0.5% to $70.88.
06:48 EDTBXGoldman, Thomas H. Lee agree to buy GCA Services from Blackstone, Reuters says
According to sources, Reuters reports that the private equity unit of Goldman Sachs (GS) and Thomas H. Lee Partners have agreed to buy GCA Services Group, a facility management company, from Blackstone (BX) for about $1B, including debt. Goldman and Thomas H. Lee will have equal participation in the consortium that will buy GCA. Reference Link
November 13, 2015
10:48 EDTBXBlackstone looks for buyer for German wind farm, Reuters says
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06:16 EDTBXBlackstone to purchase Japan Residential in $450M deal, Reuters says
Blackstone said it will buy Japan Residential Investment Company in a deal valued at roughly $450M, including the assumption of debt, Reuters says. Reference Link
November 12, 2015
14:03 EDTBXBlackstone says Strategic Partners to buy $3B of real estate fund interests
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09:19 EDTJPMPayPal sinks with Apple eyeing peer-to-peer payments
Shares of PayPal (PYPL) are weak again this morning following a report yesterday afternoon alleging that Apple (AAPL) is set to launch a competitor to one of the payment technology company's offerings. Analysts that were already split about PayPal's prospects are also divided on the potential impact of Apple's entry, with a bull at Citi downplaying the risk and a bear at Piper Jaffray voicing greater concern. APPLE COMPETITION: Apple is in talks with U.S. banks to create a mobile person-to-person payment service, reported The Wall Street Journal yesterday afternoon, citing people familiar with the matter. Apple's service, which would likely be linked to the company's Apple Pay system and could get off the ground next year, would compete with PayPal's Venmo peer-to-peer, or P2P, payment platform, the Journal said. BULLISH TAKE: Citi analyst Ashwin Shirvaikar says his Buy thesis on PayPal is unchanged after the Journal's report regarding Apple's efforts. Apple is a "viable competitor in a crowded field," but its product is unlikely to change the near-term growth trajectory of PayPal's Venmo, Shirvaikar told investors in a research note. He keeps a Buy rating on PayPal with a $44 price target. BEARISH TAKE: Piper Jaffray analyst Gene Munster believes Apple's reported plans for a P2P payment offering sometime in 2016 will have limited to no impact on his model for the iPhone maker, but cautions that more mobile wallets offering P2P will add to the challenges facing PayPal's Venmo. The analyst believes the "real estate for all logos at the point-of-sale will be scarce and cluttered," noting that in addition to new entrants like Apple Pay, Samsung Pay, Google's (GOOG) Android Pay, JPMorgan's (JPM) Chase Pay, MCX/CurrentC and PayPal there are still legacy players such as Visa (V) Checkout, MasterCard (MA) Masterpass, and American Express' (AXP) Express Checkout. Munster thinks Venmo is a strong offering that will keep gaining share, but in addition to competition, he sees low interest rates hindering float income and thinks the value proposition for consumers and merchants remains "uncertain." The analyst keeps an Underweight on PayPal, which is the firm's equivalent of a "sell" rating, with a $30 target for its shares. PRICE ACTION: Shares of PayPal slipped 1.8% to close at $36.33 yesterday following the Journal's report. In pre-market trading, the stock fell another 1% to $36 per share.
07:55 EDTBXNCR Corp. to host conference call
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07:14 EDTBXNCR to appoint Blackstone's Chinh Chu, Greg Black to board upon closing of deal
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07:13 EDTBXNCR says Blackstone plan 'best way to accelerate transformation'
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07:13 EDTBXNCR Corp. sees Blackstone deal closing by early December
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07:13 EDTBXNCR to use Blackstone investment to fund repurchase of $1B
NCR (NCR) will use the Blackstone (BX) investment to help fund a repurchase through a self-tender of up to $1B of its common stock.
07:12 EDTBXBlackstone to invest $820M in NCR via perpetual convertible preferred shares
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07:11 EDTBXNCR announces strategic partnership with Blackstone
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06:12 EDTJPMMorgan Stanley to offer wealth management clients savings accounts, Reuters says
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