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Stock Market & Financial Investment News

News For JPM;CS;BCS;LAZ From The Last 14 Days
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July 29, 2015
05:51 EDTBCSBarclays reports Q2 adjusted profit before tax GBP 1.85B vs. GBP1.66B last year
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July 27, 2015
10:29 EDTCSCase against Credit Suisse over 'dark pools' prepped by NY AG, Fox Business says
New York Attorney General Eric Schneiderman is readying to bring a civil case against Credit Suisse over high-frequency trading abuses through its Crossfinder “dark pools,” according to Fox Business' Charlie Gasparino. Reference Link
10:15 EDTJPMJPMorgan breaks support, levels to watch
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06:26 EDTJPMSymphony Communication eyes $1B funding round, WSJ reports
Symphony Communication Services, an instant-messaging software company backed by Wall Street firms including Goldman Sachs (GS), is eyeing an investment round that may value it at as much as $1B, the Wall Street Journal reports, citing people familiar with the matter. The startup is canvassing a range of possible new investors, including venture-capital funds and additional financial firms, the report says. Symphony also wants funds from its existing backers, including Goldman, Morgan Stanley (MS), JPMorgan Chase (JPM), and BlackRock (BLK), the report says. Reference Link
July 24, 2015
13:48 EDTLAZTotal looks to sell 50% of Texas refinery
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July 23, 2015
10:00 EDTBCSBarclays in talks to sell Portuguese banking unit, Bloomberg reports
Barclays is in advanced discussions with a Spanish bidder to sell its Portuguese banking unit, Bloomberg reports, citing people with knowledge of the plan. The sale would exclude Barclays' Portuguese credit-card business, the report says. Interested parties may include Bankinter, the report says. Reference Link
08:37 EDTBCSBarclays announces strategic partnership with Elkhorn Capital
Barclays announced a strategic partnership with Illinois-based investment firm Elkhorn Capital Group. The partnership is designed to extend Barclays’ product availability by bringing together its extensive experience in creating distinctive investment concepts with Elkhorn’s independent product expertise. The partnership will allow Barclays and Elkhorn to collaborate in offering clients access to additional products based on Barclays’ strategies.
07:16 EDTJPMChase Card Services, Southwest announce extension to co-branded card agreement
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07:13 EDTJPMJPMorgan management to meet with Deutsche Bank
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07:03 EDTLAZLazard reports Q2 adjusted EPS 98c, consensus 77c
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05:47 EDTCSCredit Suisse reports Q2 EPS CHF 0.61 vs. (CHF 0.45) last year
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July 22, 2015
09:59 EDTCSCredit Suisse CEO considers possible acquisition, FT reports
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06:15 EDTBCSBarclays close to SFO settlement over Qatar bribes, Daily Mail reports
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06:09 EDTJPM4 arrested men suspected of JPMorgan hacking, NYT reports
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July 21, 2015
19:23 EDTJPMJPMorgan Chase to expand into Washington D.C., NY Post says
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16:13 EDTJPMJPMorgan releases results of 2015 Dodd-Frank Stress Test
Common Equity Tier 1 ratio would be 8.1% in severe adverse scenario and Tier 1 risk-based capital ratio would be 9.6%. Reference Link
08:35 EDTJPMVarian Medical signs agreement to operate first proton facility in New York
Varian Medical Systems (VAR) announced that it has entered into an agreement with New York Proton Management, a consortium of leading New York healthcare institutions including Memorial Sloan Kettering Cancer Center, Mount Sinai Health System, Montefiore Health System, and ProHEALTH Medical Management formed to operate The New York Proton Center, the first proton facility in New York State. Varian will provide the center, which will have four treatment rooms and a research room, with its ProBeam system, as well as 10 years of service for approximately $115M. The center, which will be located in Manhattan, is expected to open for treatment in the first half of 2018. Varian expects to book the equipment portion of the order in Q4 with the remainder of the order to be booked in accordance with the company's policies over the term of the agreement. Under an agreement with MM Proton I, LLC, the project developer, Varian's international subsidiary in Switzerland will provide $91.5M in project financing, including a six-and-half-year $73M senior first lien loan at 9% interest and a six-and-half-year $18.5M subordinate loan at up to 13.5% interest. Other lenders for the $242.7M in total project loans include JPMorgan Chase Bank (JPM) and an affiliate of The Goldman Sachs Group (GS). The project facility is managed by Murphy & McManus, a Boston-based developer of healthcare and life science facilities and Norton Travis of NLT Advisors served as project coordinator on behalf of the consortium.
06:08 EDTBCSU.K. watchdog visited Barclays 186 times in 2014, Bloomberg reports
The FCA's supervisory team made 186 visits to Barclays (BCS) in 2014, more than any other British bank that year, Bloomberg reports. HSBC (HSBC) was next highest with 85 visits, with RBS (RBS) and Lloyds (LYG) following with 65 and 58 encounters, respectively, the report says. Reference Link
July 20, 2015
13:03 EDTJPMFed proposes final rule on capital surcharges for largest U.S. banks
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07:16 EDTJPMJPMorgan boosts Spanish bond holdings amid Greek deal, Bloomberg says
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06:24 EDTBCSBarclays has no new target for layoffs, Reuters reports
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July 19, 2015
19:12 EDTJPMFederal Reserve proposes changes to 'stress test' regulations
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18:27 EDTJPMJPMorgan agrees to pay $388M in mortgage-backed securities case, Reuters says
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17:32 EDTBCSBarclays to cut 30,000 jobs in two years, The Times says
Barclays plan to cut 30,000 jobs within two years as it considers accelerating its cost-cutting program, reports The Times, citing senior sources. Reference Link
July 17, 2015
16:41 EDTJPMStocks end week higher as Google, Greece bring out the buyers
Stocks ended the week higher and the major averages are back at record highs after Iran agreed to a nuclear deal, Greece's parliament paved the way for the country to receive another bailout by agreeing to new austerity measures and Google (GOOG) gave investors hope that earnings from tech's other heavyweights will be similarly better than expected. MACRO NEWS: In the U.S., retail sales unexpectedly fell 0.3% in June, versus the consensus forecast for growth of 0.3%. The producer prices index showed prices rose 0.4% in June, versus expectations for an increase of 0.2%. The consumer price index rose a seasonally adjusted 0.3% in June from a month earlier, matching the consensus forecast. Compared with last year, consumer prices rose 0.1%, marking the first annual increase since December. Housing starts rose 9.8% to a 1.17M rate in June and building permits rose 7.4% to a 1.34M pace, both of which topped expectations. The NAHB homebuilder sentiment index for July came in at 60, a point better than forecast. The University of Michigan's consumer sentiment reading dropped to 93.3 in the preliminary July figure, which was below the 96.0 reading that was expected. During testimony before Congress, Federal Reserve Chair Janet Yellen stayed on message, stating that the central bank is on track to raise record-low interest rates this year, so long as the labor market and the economy keep improving... In China, exports rose 2.1% from a year earlier during June and imports dropped 6.7%, leaving a trade surplus of $45.8B for the month, the nation's customs administration reported. The nation's GDP was reported to have grown 7% in the second quarter from a year earlier, beating the consensus expectation for growth of 6.8%... In Europe, Greek lawmakers passed the country's austerity agreement and Euro-area finance ministers reportedly agreed in principle to extend a bridge loan to Greece. The loan should help keep Greece afloat while its Prime Minister negotiates the details of the country's latest bailout... Iran reached a deal on restrictions and inspections intended to prevent it from developing nuclear weapons in exchange for the lifting of economic sanctions by six world powers. The agreement still faces a political fight in the U.S. before taking effect, but President Barack Obama has vowed to veto any congressional effort to block its implementation. COMPANY NEWS: Class A shares of Google (GOOG, GOOGL) surged at the end of the week after the search giant reported better than expected revenues and earnings in the second quarter. Research firms all over Wall Street raised their price targets on the stock in the wake of the report... Netflix (NFLX) rallied to a split-adjusted all-time high after the streaming service operator reported stronger than expected second quarter results, including higher than expected Q2 subscriber metrics, prompting a large number of research firms to raise their price targets on the stock... Many of the nation's largest banks reported on their results in the second quarter this week. JPMorgan (JPM), Bank of America (BAC) and Citigroup (C) all posted quarterly profits, excluding certain items, that beat the average estimates of analysts. Wells Fargo (WFC) reported earnings in-line with consensus estimates and revenue somewhat below expectations, while Goldman Sachs (GS) reported headline earnings that appeared to fall far short of the consensus forecast. However, that was due to Goldman's nearly $1.5B in provisions for litigation and regulatory matters. Excluding those provisions, the bank's earnings were ahead of consensus... On the M&A front, Receptos (RCPT) advanced after Celgene (CELG) announced a deal to buy the smaller drugmaker for $232 per share in cash, or a total of about $7.2B net of cash acquired. A number of research firms applauded the deal, especially noting the price Celgene agreed to pay, but cautioned that a rival bidder may still emerge for Receptos. Marathon Petroleum (MPC) gained after MPLX (MPLX), the company's fee-based master limited partnership, agreed to acquire MarkWest Energy (MWE) in a cash and stock deal that implies a total enterprise value for MarkWest of approximately $20B, including the assumption of debt of approximately $4.2B. Micron (MU) rose after The Wall Street Journal reported that China's state-owned Tsinghua Unigroup had offered to acquire the memory chip maker for $23B, or $21 per share... Shares of Twitter (TWTR) spiked Tuesday morning after a questionable takeover report was published on a website that mimicked, but had a different web address, than Bloomberg News. A Bloomberg spokesman said soon afterward that the Twitter takeover story being attributed to the news service was a fake, while a Twitter spokesperson also denied the report of an alleged deal... Macy's (M) jumped after Starboard CEO Jeffrey Smith called the stock his "best idea" for 2015, adding that the shares could be worth $125 each if the company takes steps to maximize the value of its real estate holdings. Amazon (AMZN) announced it sold more units on its first "Prime Day" than the biggest Black Friday ever and had more new members try its Prime service worldwide than any single day in company history. The e-commerce giant noted that its worldwide order growth increased 266% over the same day last year and 18% more than Black Friday 2014, adding that it will "definitely be" doing another Prime Day in the future. A number of semiconductor equipment stocks, including Applied Materials (AMAT) and Lam Research (LRCX), dropped after Intel (INTC) cut its capital expenditures guidance while reporting on its quarterly results. INDEXES: For the week, the Dow gained about 1.05% to close at 18,086.45, the Nasdaq advanced about 3.37% to close at 5,210.14, and the S&P 500 rose about 1.67% to close at 2,126.64.
14:00 EDTJPMEarnings Watch: Morgan Stanley rounds out quarterly results for financial firms
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12:37 EDTCSFreddie Mac to expand risk-sharing efforts, Bloomberg reports
Freddie Mac (FMCC) plans to expand its risk-sharing efforts designed to protect taxpayers and potentially prepare the U.S. home loan market for its future, Bloomberg reports, citing a person familiar with the matter. In a planned $300M offering of mortgage-backed securities managed by Credit Suisse (CS), the government-backed company is set to sell $22.5M of junior ranking bonds without guarantees, the report says. Freddie Mac intends to hold a call for investors next week to discuss the transaction, the report adds. Reference Link
10:05 EDTCSOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Accretive Health (ACHI) downgraded to Market Perform from Outperform at Cowen... Allergan (AGN) downgraded to Outperform from Top Pick at RBC Capital... Best Buy (BBY) downgraded to Underperform from Buy at BofA/Merrill... Cablevision (CVC) downgraded to Hold from Buy at Jefferies... Credit Suisse (CS) downgraded to Hold from Buy at Deutsche Bank... Domino's Pizza (DPZ) downgraded to Sector Weight from Overweight at KeyBanc... First Quantum Minerals (FQVLF) downgraded to Neutral from Outperform at Credit Suisse... First Republic (FRC) downgraded to Market Perform from Outperform at FBR Capital... Fresenius SE (FSNUY) downgraded to Neutral from Buy at Goldman... Golden Minerals (AUMN) downgraded to Neutral from Buy at Roth Capital... JD Wetherspoon (JDWPY) downgraded to Reduce from Neutral at Nomura... NV5 Holdings (NVEE) downgraded to Neutral from Accumulate at Global Hunter... National Oilwell (NOV) downgraded to Sell from Neutral at UBS... Natural Gas Services (NGS) downgraded to Neutral from Buy at Global Hunter... Primoris (PRIM) downgraded to Neutral from Accumulate at Global Hunter... Receptos (RCPT) downgraded to Hold from Buy at Evercore ISI... SKF AB (SKFRY) downgraded to Hold from Buy at Deutsche Bank... STAG Industrial (STAG) downgraded to Sell from Neutral at UBS... SolarWinds (SWI) downgraded to Hold from Buy at Deutsche Bank... Syntel (SYNT) downgraded to Market Perform from Outperform at William Blair... TECO Energy (TE) downgraded to Neutral from Buy at UBS... Tangoe (TNGO) downgraded to Underweight from Equal Weight at Barclays... Tegna (TGNA) downgraded to Hold from Buy at Evercore ISI.
05:28 EDTCSCredit Suisse downgraded to Hold from Buy at Deutsche Bank
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July 16, 2015
18:37 EDTBCSFINRA fines Barclays $800,000 over data reporting errors, Reuters says
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16:00 EDTJPMOptions Update; July 16, 2015
iPath S&P 500 VIX Short-Term Futures down 1.17 to 16.52 Option volume leaders: NFLX AAPL BAC FB F INTC C EBAY AMZN GM JPM MU PFE BABA JD X
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