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Stock Market & Financial Investment News

News Breaks
November 16, 2012
16:18 EDTSHLD, JPM, CS, DELL, PENN, SHF, FLO, DVAXOn The Fly: Closing Wrap
Stocks on Wall Street were higher on the day after positive news out of Washington regarding the fiscal cliff saw stocks surge back into the green near midday. The averages drifted just north of the flat-line for the remainder of the trading session before riding a late day rally to head into the weekend with modest gains, though not enough to keep them from finishing down on the week... ECONOMIC EVENTS: In the U.S., industrial production unexpectedly declined 0.4% in October, compared to forecasts for a 0.2% gain, though the Fed said that Superstorm Sandy cut total production by almost 1 percentage point... COMPANY NEWS: JPMorgan (JPM) and Credit Suisse (CS) both agreed to pay settlements relating to their sale of residential mortgage-backed securities. JPMorgan agreed to pay $297M, with most of that payment related to Bear Stearns actions, while Credit Suisse will pay $120M to settle the charges. Shares of JPMorgan edged up 14c, or 0.36%, to $39.53 on the day, while shares of Credit Suisse fell 43c, or 1.92%, to $21.94... Shares of PC maker Dell (DELL) traded down 72c, or 7.53%, to $8.84 after the company's quarterly results missed estimates on both the top and bottom lines... MAJOR MOVERS: Among the notable gainers was Penn National (PENN), up $10.62, or 28.24%, to $48.23 after announcing its intent to separate its gaming assets and real estate assets into two publicly traded companies. Also higher were shares of Schiff Nutrition (SHF), up $9.84, or 29.01%, to $43.76 after the Reckitt Bensicker commenced a tender offer to acquire the company for $42 per share, and Flower Foods (FLO), which rose $2.06, or 10.17%, to $22.32 after Hostess Brands said it would liquidate, which could allow Flower to gain market share or look at a deal to acquire Hostess assets. Among the noteworthy losers was Dynavax (DVAX), down $2.19, or 47.30%, to $2.44 after an FDA advisory committee voted that there was insufficient data to adequately support the safety of its Heplisav vaccine. Also trading lower were shares of Sears Holding (SHLD), down $10.99, or 18.79%, to $47.49, after the company reported its domestic comparable store sales declined 3.1% in Q3... INDICES: The Dow gained 45.93, or 0.37%, to 12,588.31; the Nasdaq rose 16.19, or 0.57%, to 2,853.13; and the S&P 500 added 6.55, or 0.48%, to 1,359.88.
News For JPM;CS;DELL;PENN;SHF;FLO;DVAX;SHLD From The Last 14 Days
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September 16, 2014
06:35 EDTSHLDSears borrows $400M from CEO's hedge fund
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September 15, 2014
18:06 EDTJPMJPMorgan releases results of its mid-cycle stress test
For projected stressed capital ratios, JPMorgan reported that Tier 1 common ratio would be a minimum of 8.4%, Tier 1 leverage ratio would be a minimum of 6.4%, and Tier 1 risk-based capital ratio would be a minimum of 8.7%. Reference Link
07:49 EDTJPMDOJ, FBI 'flip' bank informants as part of forex probe, WSJ says
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06:46 EDTJPMJPMorgan could have difficulty repelling hackers, NY Times reports
Hackers were able to access dozens of JPMorgan's servers over a two month period, and may have learned how the bank's computers work, The New York Times reported on Friday, citing three unnamed sources It may be difficult for the bank to ensure that its systems can withstand future attacks, the newspaper quoted the sources as saying. Reference Link
06:08 EDTJPMJPMorgan reports August net credit losses 2.50% vs. 2.59% last month
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September 12, 2014
14:07 EDTPENNNew Jersey reports August Atlantic City gaming win up 2.3% to $305M
New Jersey reports total Gaming Win from Atlantic City casino hotels and Internet gaming operations was $305M in August, compared to $298.1M in the same month of 2013 including discontinued operators Atlantic Club and Showboat, reflecting a 2.3% increase. Total Gaming Win from the current operators of casino hotels open for the entire month of August and Internet gaming operations was $289.9M in August. Internet gaming win was $10.5M in August, consisting of $2.2M in peer-to-peer win and $8.3M in other authorized games. As of August 31, 431,617 Internet gaming accounts have been created, up 6.5% from the 405,390 accounts as of July 31. Publicly traded companies in the space include Boyd Gaming (BYD), Caesar's (CZR), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN) and Wynn Resorts (WYNN).
07:41 EDTJPMBank lending grew in quarter, with Capital One leading pack, WSJ reports
Total loans outstanding at U.S. banks and thrifts grew by $178.5B in the second quarter, with Capital One Financial (COF) leading the big banks by growing its loans at an annualized rate of 12.5%, according to SNL Financial data, reported The Wall Street Journal. SNL said 14 of the 15 largest U.S. banks increased their lending, with only Bank of America (BAC) issuing fewer loans than the quarter before, largely attributed to a drop in U.S. closed-end residential mortgages, the report noted. Other publicly traded large U.S. banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
07:12 EDTJPMJPMorgan says has not seen unusual customer fraud related to recent cyberattack
JP Morgan says in a filing that it has not seen any unusual customer fraud related to the recent cyberattack against the Firm as of September 10. The company says "Chase customers are not liable for unauthorized transactions on their account that they promptly alert the Firm to. The Firm is vigilantly monitoring the situation and is continuing to investigate the matter. In addition, the Firm is fully cooperating with government agencies in connection with their investigations."
06:35 EDTJPMApple getting discounted card fees for Apple Pay, NY Times reports
Banks are charging Apple lower than usual credit card fees for the tech giant's new mobile payment system, according to The New York Times. The banks hope that participating in Apple Pay will enable them to process transactions that aren't currently being paid for with credit cards, the newspaper explained. The banks and credit card networks also hope to use Apple Pay to prevent technologies that don't incorporate banks from becoming popular, The Times reported. Publicly traded credit card networks include American Express (AXP), Capital One (COF), Discover (DFS), MasterCard (MA) and Visa (V). Publicly traded banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC)..Reference Link
September 11, 2014
12:15 EDTJPMJPMorgan CEO James Dimon finishes cancer treatments, awaiting results, WSJ says
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07:21 EDTJPMBankruptcy bill focused on big bank failure moves past committee, WSJ says
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September 10, 2014
11:43 EDTSHLDLand's End soars after better than expected Q2 results
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07:16 EDTJPMRepublicans, Democrats both push for harder 'too big to fail' rules, WSJ says
Lawmakers from both the Republican and Democrat sides of the aisle urged U.S. regulators to push forward additional regulations to ensure the biggest banks aren't "too big to fail," said The Wall Street Journal. Publicly traded large U.S. banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:35 EDTJPMFed may raise capital requirement for some banks to 11.5%, NY Times reports
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September 9, 2014
14:54 EDTJPMApple announces Apple Pay
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13:47 EDTJPMJPMorgan CFO says Jamie Dimon 'feeling fine'
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13:29 EDTJPMJPMorgan says core rate products continue to be challenged in Q3
Comment made at Barclays Global Financial Services Conference.
06:33 EDTJPMFed looks set to pressure large banks to shrink, NY Times says
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06:32 EDTJPMFed to require large US banks to have extra financial padding, WSJ reports
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September 8, 2014
07:24 EDTJPMBarclays to hold a conference
Global Financial Services Conference to be held in New York on September 8-10.
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