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Stock Market & Financial Investment News

News For JPM;CS;DELL;PENN;SHF;FLO;DVAX;SHLD From The Last 14 Days
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October 20, 2014
16:20 EDTSHLDOn The Fly: Closing Wrap
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16:00 EDTSHLDOptions Update; October 20, 2014
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15:07 EDTSHLDSears Holdings November volatility elevated on sharp rally
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10:11 EDTSHLDSears comments on rights offering, Primark deal in blog entry
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09:31 EDTJPMRobinhood.org to hold conference
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07:24 EDTSHLDSears board approves rights offering
Sears announced that the company’s board of directors has approved a rights offering allowing its stockholders to purchase up to $625M in aggregate principal amount of 8% senior unsecured notes due 2019 and warrants to purchase shares of its common stock. This rights offering will generate up to an additional $625M in proceeds, if it is fully subscribed and closes as planned, with the proceeds to be used for general corporate purposes. The subscription rights will be distributed to all stockholders of record of the company, and every stockholder will have the right to participate on the same terms in accordance with its pro rata ownership of the company’s common stock, except that holders of the company’s restricted stock that is unvested as of the record date are expected to receive cash awards in lieu of subscription rights. In the rights offering, the company anticipates that holders of its common stock, other than holders of restricted stock that is unvested, will receive subscription rights on a pro rata basis based on shares of common stock held at the close of business on October 30, the record date for the rights offering. Each subscription right will entitle the holder thereof to purchase, at a subscription price equal to the principal amount of each note, one unit, consisting of an 8% senior unsecured note due 2019 in a principal to be determined and a number of warrants equal to that principal amount divided by the strike price for the warrants, with each warrant entitling the holder thereof to purchase one share of the company’s common stock at a strike price of $28.41, the closing market price on October 17. The warrants will be exercisable for a period of five years following the offering. Upon the closing of the rights offering, the components of the units will immediately separate from one another such that the senior unsecured notes and warrants will constitute separate securities and will be transferable separately. The subscription rights will be transferable and are expected to be listed and traded on the NASDAQ. The senior unsecured notes will be transferable but will not be listed for trading on any exchange. The warrants will be transferable, and the company intends to apply to list the warrants for trading on the NASDAQ. Holders of subscription rights who fully exercise all of their subscription rights may also make a request to purchase additional units through the exercise of an over-subscription privilege, although we cannot assure investors that any over-subscriptions will be filled.
07:21 EDTJPMFederal Reserve Bank of New York and Boston to hold a workshop
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06:15 EDTSHLDSears files automatic mixed securities shelf
06:07 EDTSHLDSears enters into lease agreement with Primark for seven standalone stores
Sears Holdings announced that it has entered into lease agreements with Primark for seven standalone stores. Sears will continue to have a significant presence in six of these locations with a streamlined store format of up to 100,000 selling square feet at each store. Pursuant to the terms of such agreements and subject to customary conditions, Primark will lease from Sears Holdings a total of approximately 520,000 gross square feet of retail space in mall-based stores located in the Northeastern United States. The space is expected to be delivered to Primark over the next 12 to 18 months.
October 17, 2014
17:31 EDTSHLDESL Partners, affiliates acquire 17.74M common shares of Sears Canada
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16:55 EDTJPMStocks end volatile week lower amid oil price plunge
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09:06 EDTJPMJPMorgan and PNC Financial weakness a buying opportunity, say Morgan Stanley
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07:00 EDTJPMJPMorgan in talks to build corporate campus in Manhattan, NY Times reports
JPMorgan Chase (JPM) is in negotiations with New York state and city officials over a potential $6.5B deal that would result in the construction of a corporate campus with two high rises on the West Side of Manhattan, the Wall Street Journal reports. Reference Link
06:07 EDTCSCredit Suisse names Sitohang Asia Pacific CEO
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October 16, 2014
16:23 EDTJPMJPMorgan announces Apple Pay to be available to Chase customers, merchants
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14:09 EDTJPMApple confirms October 20 start date for Apple Pay
Apple (AAPL) announced that customers can start making payments on Monday, October 20, when Apple Pay becomes available in the U.S. Users of the iPad Air 2 and iPad mini 3 will be able to use Touch ID on their devices for Apple Pay within apps. The new service will be enabled by a free software update to iOS 8. Apple Pay supports credit and debit cards from the three major payment networks: American Express (AXP), MasterCard (MA) and Visa (V). In addition to American Express, Bank of America (BAC), Capital One Bank (COF), Chase (JPM), Citi (C), Wells Fargo (WFC) and others, who announced support in September, more than 500 new banks from across the country have signed on to Apple Pay, the company said.
08:42 EDTJPMUBS, DOJ in talks for forex rigging settlement, FT reports
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07:23 EDTJPMIBF Conferences to hold a summit
Ophthalmology Innovation Summit is being held in Chicago on October 16.
07:23 EDTCSHart Energy to hold a conference
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06:50 EDTCSEuropean regulator rejects bonus loophole, NY Times says
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October 15, 2014
14:10 EDTPENNPennsylvania reports September gaming revenue down 2.2% to $239.5M
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14:06 EDTPENNAtlantic City reports September gaming win down 12.8% to $209.4M
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10:02 EDTJPMOn The Fly: Analyst Upgrade Summary
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09:14 EDTJPMDeutsche Asset & Wealth Management hires Dessy Arteaga from JPMorgan
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09:04 EDTJPMJPMorgan reports September net credit losses 2.24% vs. 2.50% last month
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07:32 EDTDELLUBM Canon to hold a conference
PLASTEC Midwest Conference is being held in Chicago on October 15-16.
07:32 EDTJPMJPMorgan upgraded to Buy from Hold at Argus
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07:32 EDTSHLDSears announces EVP Ronald Boire appointed CEO of Sears Canada
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07:27 EDTJPMJPMorgan, HSBC fire traders linked to forex probe, WSJ reports
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06:33 EDTSHLDSears apologizes for swastika ring listing on online marketplace
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October 14, 2014
17:25 EDTJPMJPMorgan looks like a buy, Barron's says
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16:22 EDTJPMOn The Fly: Closing Wrap
The Wall Street averages were mixed after three of the U.S.'s largest banks reported on their quarterly results and Germany slashed its economic forecasts for this year and next. Following the mostly solid earnings reports from the banks and Dow member Johnson & Johnson (JNJ) investors appeared to breathe a sigh of relief and sent the averages higher in early trading. With oil prices falling almost 5% and settling at a recent low, the averages pared their gains and struggled in positive ground. Another late day slide ended with the averages mixed, as the Nasdaq led and the Dow lagged. ECONOMIC EVENTS: In the U.S., the International Energy Agency said in its monthly oil market report that world oil demand growth would be weaker than previously expected. Afterward, WTI crude oil futures fell 4.6% at $81.84, marking their biggest percentage drop since late 2012 and the lowest settlement for the benchmark in over two years. The National Federation of Independent Business' small business optimism index came in at 95.3, versus the consensus expectation for a 95.8 reading. In Europe, Germany's government cut its forecasts for gross domestic product growth to 1.2% in 2014 and 1.3% next year from its prior view of 1.8% growth this year and 2% in 2015. COMPANY NEWS: The first of America's big banks issued their quarterly reports, with JPMorgan's (JPM) headline earnings per share coming in below analysts’ consensus estimate, Wells Fargo (WFC) reporting in-line earnings and improved credit quality and Citigroup (C) posting better than expected adjusted third quarter profit. Citi, which also announced plans to pull back from retail banking in eleven countries and said it will disband a legacy Banamex unit after an investigation uncovered illegal conduct, saw its stock fare the best among the three, rising $1.57, or 3.15%, to $51.47... Another Dow member, Johnson & Johnson, reported better than expected profits and revenues and raised its FY14 EPS outlook, but its stock slid $2.11, or 2.13%, to $97.01. MAJOR MOVERS: Among the notable gainers was Domino's Pizza (DPZ), which rose $8.58, or 11.33%, to $84.30 after the pizza chain owner and franchisor reported better than expected third quarter earnings per share and revenue. Also higher was Skyworks (SWKS), which advanced $3.59, or 7.92%, to $48.91 after the supplier of chips to Apple (AAPL) raised its fourth quarter earnings per share outlook and revenue guidance. Among the noteworthy losers was Exactech (EXAC), which dropped $4.09, or 16.63%, to $20.50 after the company warned its Q3 income and revenue will likely miss its prior guidance. Also lower were shares of Gilead (GILD), which fell $4.26, or 4.2%, to $97.18 amid a number of developments. Competitor Johnson & Johnson said it would seek to make its own hepatitis C treatment accessible and "competitive," which some may have read as an indication of a potential price cut, and Ireland said it plans to close its "Irish Double" tax loophole, which currently benefits Gilead. INDEXES: The Dow slipped 5.88, or 0.04%, to 16,315.19, the Nasdaq rose 13.52, or 0.32%, to 4,227.17, and the S&P 500 added 2.96, or 0.16%, to 1,877.70.
12:20 EDTJPMOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday after three of the nation's largest banks reported on their results in the most recent quarter of the year. The market began the session in positive territory but the move seemed tenuous and the averages were almost back in negative ground within a half hour of the opening bell. As the morning progressed and the bears were unable to gain control, the buyers emerged and pushed the Dow to a triple digit gain and the Nasdaq to an increase of nearly 1.5%. ECONOMIC EVENTS: In the U.S., the National Federation of Independent Business' small business optimism index came in at 95.3, versus the consensus expectation for a 95.8 reading. COMPANY NEWS: JPMorgan (JPM) swung to a third quarter profit, but its headline earnings per share fell below analysts’ consensus estimate. Of note, the company's press release on its results came out earlier than planned on Nasdaq's (NDAQ) Shareholder.com website, which the exchange operator attributed to an internal "human error." Wells Fargo (WFC) reported in-line earnings and stronger credit quality, but its stock slid 1.4% following the report. Citigroup (C) generated the most headlines, however, as it reported better than expected adjusted third quarter profit, announced plans to pull back from retail banking in eleven countries and said it will disband a legacy Banamex unit that provided personal security services after an investigation uncovered illegal conduct. Shares of Citi bucked the trend set by its two peers, rising 3% near noon... In addition to JPMorgan, Dow member Johnson & Johnson (JNJ) reported on its third quarter earnings. The drug and medical device giant reported better than expected profits and revenues and raised its FY14 EPS outlook, but the stock was fractionally lower near midday. MAJOR MOVERS: Among the notable gainers was Energy Transfer Equity (ETE), which gained 8.5% after the stock was among the energy industry names upgraded this morning at RW Baird. Also higher was Skyworks (SWKS), which rose 11% after the company preannounced stronger than expected results that its CEO attributed to the "broad-based strength" of its business. Among the noteworthy losers was EnerNOC (ENOC), which dropped 11% after JPMorgan downgraded the stock to Neutral citing risk to the company's Demand Response revenue at PJM given the challenge to FERC Rule 745. Also lower was Tyco (TYC), which fell nearly 4% after Barclays downgraded the stock citing valuation and coupled the ratings change with an upgrade of Eaton (ETN). INDEXES: Near midday, the Dow was up 133.38, or 0.82%, to 16,454.45, the Nasdaq was up 60.63, or 1.44%, to 4,274.29, and the S&P 500 was up 21.51, or 1.15%, to 1,896.25.
11:50 EDTJPMNasdaq calls JPMorgan earnings release 'human error,' CNBC reports
Nasdaq (NDAQ) said the early release today of JPMorgan's (JPM) earnings on its Shareholder.com website was an internal "human error," CNBC reports, citing a statement from the exchange. Reference Link
09:25 EDTJPMJPMorgan CFO says in dialog with regulators on CCAR submission
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09:13 EDTJPMOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Johnson & Johnson (JNJ), up 1%... Dominos Pizza (DPZ), up 2.7%. ALSO HIGHER: Citigroup (C), up 2.5% following earnings report, announcement of plans to exit consumer businesses in 11 markets... MagneGas (MNGA), up 14% after signing Letter of Intent with Pioneer Recycling... Skyworks (SWKS), up 6% after raising its outlook for Q4. Shares of peers Avago (AVGO), NXP Semiconductors (NXPI) and RF Micro Devices (RFMD) are also moving higher in pre-market trading after Skyworks pointed to "broad-based strength" of its business in raising its outlook... Halcon Resources (HK), up 6% after upgraded at KLR Group... Quantum (QTM), up 8.8% after issuing Q2 earnings guidance. LOWER: Wells Fargo (WFC), down 1.4% after reporting in-line Q3 earnings... JPMorgan (JPM), down 1.8% after Q3 headline earnings miss... Las Vegas Sands (LVS), down 1% following downgrade at BofA Merrill Lynch.
09:07 EDTJPMJPMorgan CFO says legal costs reflect forex probe 'in large part'
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08:55 EDTJPMJPMorgan reports Q3 core NIM 2.59%, down 5 bps sequentially
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08:52 EDTJPMJPMorgan sees commodoties exit contributing 8% revenue decline in Q4
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08:48 EDTJPMJPMorgan CFO says on track to exceed headcount reduction targets in CCB
JPMorgan says its total Consumer & Community Banking headcount is down about 10,000 year to date and about 27,000 since the end of 2012. JPMorgan says it is on track to exceed its prior 2014 headcount reduction guidance in CCB by about 3,000.
08:42 EDTJPMJPMorgan sees Q4 Commercial Banking revenue down from prior year
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08:40 EDTJPMJPMorgan CFO says has not seen elevated fraud levels to date related to breach
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08:38 EDTJPMJPMorgan now sees FY14 net charge-offs to be less than $5B
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06:47 EDTJPMJPMorgan: While challenges remain in recovery, US economy is exception
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06:46 EDTJPMJPMorgan reports Q3 Consumer & Business banking deposits up 9%
Reports Q3 credit card sales volume up 12%; Reports Q3 client investment assets up 16%. Reports Q3 Business Banking loan origination up 27%.
06:06 EDTJPMUKAR sells GBP 2.7B mortgage portfolio to JPMorgan consortium
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05:33 EDTJPMJPMorgan reports Q3 headcount 138,686 vs. 156,064 last year
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05:31 EDTJPMJPMorgan reports Q3 results included $2.96B in other expenses
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05:24 EDTJPMJPMorgan reports Q3 EPS 1.36, consensus $1.38
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October 13, 2014
15:24 EDTJPMNotable companies reporting before tomorrow's open
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14:42 EDTJPMJPMorgan technical notes ahead of results
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12:42 EDTJPMJPMorgan Chase volatility increases into Q3 and guidance
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12:33 EDTSHLDOptions with increasing implied volatility
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12:30 EDTJPMEarnings Preview: JPMorgan to report after disclosing massive security breach
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10:06 EDTSHLDJ.C. Penney rises after selecting Home Depot executive as next CEO
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10:02 EDTPENNPenn National exceeds construction diversity vendor goals of Plainridge Casino
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07:39 EDTJPMPharmaceutical Care Management Association to hold annual meeting
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07:19 EDTJPMAmEx, Capital One profits seen boosted by credit card 'sweet spot,' WSJ says
Credit card players such as American Express (AXP) and Capital One (COF), as well as banks with significant card units like JPMorgan (JPM), stand to benefit from the U.S. card industry's "sweet spot" of moderate economic growth, low interest rates and consumers who are better managing payments while growing their spending, said The Wall Street Journal, which noted that consulting firm R.K. Hammer estimates U.S. card issuers' revenue will grow 9% this year to $158.6B. Other U.S. banks with credit card units include Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC) and other card companies include Visa (V) and MasterCard (MA). Reference Link
06:44 EDTJPMRegulators seeking banks' auto loan data, Reuters reports
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06:04 EDTDVAXDynavax initiates Phase 1/2 study of TLR-9 agonist
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00:04 EDTJPMBanking regulators want more disclosure on auto loans, Reuters says
Banking regulators are requesting that banks provide more details on their auto loan portfolios, says Reuters. Balances remaining on auto loans are rising and about a fifth of the loans are subprime, added Reuters. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Capital One (COF), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
October 12, 2014
17:34 EDTJPMJPMorgan to double spending on cybersecurity over next five years, WSJ says
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13:03 EDTJPMBanks agree on derivatives procedures for future crisis scenario, WSJ says
Meeting at the Federal Reserve in Washington, top banking executives from 18 large U.S., European and Japanese banks agreed in principle to wait up to 48 hours before seeking to terminate derivatives contracts and collect associated payments from a troubled financial institution, says the Wall Street Journal. Publicly traded companies in the space 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
October 10, 2014
17:41 EDTSHLDKmart reports payment data systems breach
On Thursday, Oct. 9, Kmart's Information Technology team detected Kmart's payment data systems had been breached and immediately launched a full investigation working with a leading IT security firm. The company's investigation to date indicates the breach started in early September. According to the security experts the company has been working with, the Kmart store payment data systems were infected with a form of malware that was undetectable by current anti-virus systems. The company was able to quickly remove the malware. However, the company believes certain debit and credit card numbers have been compromised. Based on the forensic investigation to date, no personal information, no debit card PIN numbers, no email addresses and no social security numbers were obtained by those criminally responsible. There is also no evidence that kmart.com customers were impacted. Kmart is a wholly owned subsidiary of Sears Holdings Corporation.
12:11 EDTSHLDOptions with increasing implied volatility
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09:13 EDTCSEBA says EU stress test results to be published October 26
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06:49 EDTSHLDWhirlpool risks from Sears exposure overstated, says BofA/Merrill
BofA/Merrill said Whirlpool (WHR) concerns from Sears (SHLD) exposure are overdone and notes total revenues from Sears are approximately 9% of North American revenues. Shares are Buy rated.
October 9, 2014
17:40 EDTJPME-Trade 'touched' by JPMorgan hacking incident, CNBC says
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17:28 EDTJPMCitigroup not hit by hacking incident, CNBC reports
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10:00 EDTSHLDSears falls, levels to watch
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08:21 EDTCSGoldman, Credit Suisse invest in digital surveillance start-up, Bloomberg says
A group of banks, led by Goldman Sachs (GS) and Credit Suisse (CS), invested $24M in Digital Reasoning, a data analytics start-up whose CEO, Tim Estes, said the banks want a way to surveil millions of e-mails, instant messages, and transcripts of calls to spot suspicious behavior "when it happens, not in an investigation three years later.” Reference Link
06:45 EDTJPMBofA finalizes oil financing agreement with PES, Reuters says
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06:40 EDTJPMSource of JPMorgan cyberattack still unclear, NY Times says
The source of the cyberattack on JPMorgan (JPM) and other U.S. financial institutions this summer is still unclear, according to The New York Times. The hackers may have tried to hit about a dozen financial institutions , and E-Trade(ETFC) and Fidelity Investments may have been victimized in some way, the newspaper stated, citing an unnamed source who was briefed on the matter. At least five other banks, including Citigroup (C), HSBC (HBC) and Regions Financial (RF), discovered that one of the web addresses used by those who hacked JPMorgan tried to penetrate their systems, The Times quoted unnamed sources briefed on the matter as saying. Publicly traded companies in the space include Barracuda Networks (CUDA), Check Point (CHKP), F5 Networks (FFIV), FireEye (FEYE), Fortinet (FTNT), Imperva (IMPV), Palo Alto (PANW), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC). Reference Link
06:39 EDTJPMFidelity attacked by JPMorgan hackers, but no data stolen, FT reports
Fidelity Investments was among 13 financial institutions attacked by hackers who are believed to have been responsible for a breach at JPMorgan Chase, but there is no indication that Fidelity customer data were stolen, the Financial Times reports, citing two sources. Reference Link
06:37 EDTJPMJPMorgan hackers linked to 13 other possible breaches, Bloomberg says
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05:45 EDTSHLDStocks with implied volatility movement; WLT SHLD
Stocks with implied volatility movement; Walter Energy (WLT) 159, Sears (SHLD) 108 according to iVolatility.
October 8, 2014
18:26 EDTJPMCitigroup, Etrade, others attacked by same JPMorgan hackers, Bloomberg reports
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13:43 EDTSHLDDepartment stores fall after J.C. Penney cuts view due to difficult environment
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12:40 EDTSHLDSears says meeting obligations, has 'ample inventory and liquidity'
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12:36 EDTSHLDSears calls recently published article 'misleading'
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12:35 EDTSHLDSears says 'has financial flexibility' and is 'meeting its obligations'
12:25 EDTSHLDOn The Fly: Midday Wrap
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10:38 EDTSHLDHigh option volume stocks
High option volume stocks: FRAN RMTI ACM CY CLNY SMH BEAV SIG CTB DUG SHLD
10:24 EDTSHLDSears vendor to withhold products, Bloomberg reports
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10:23 EDTSHLDSears Holdings volatility spikes after Bloomberg says vendor to halt shipments
Sears Holdings October weekly call option implied volatility is at 200 above a level of 100 from the open, October is at 127, November is at 88, December is at 78, March is at 68; compared to its 26-week average of 54 according to Track Data, suggesting large near term price movement after Bloomberg says vendor to halt shipments.
10:11 EDTSHLDSears drops 9% after Bloomberg says vendor to halt shipments
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07:13 EDTCS, JPMBank dealers agree to revised derivatives rules, FT reports
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06:56 EDTJPMBarclays lists several Large-Cap banks with the most Q3 upside
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06:16 EDTSHLDSears Holdings volatility elevated
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October 7, 2014
11:35 EDTJPMStocks with call strike movement; JPM QCOM
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09:17 EDTJPMSecurities Industry & Financial Markets Association to hold a conference
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07:29 EDTJPMJPMorgan Chase volatility increases into Q3 and guidance
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07:28 EDTJPMWells Fargo ups price target ranges for capital markets banks
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06:51 EDTJPMJustice Department set to attack more large banks by year end, NY Times says
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06:49 EDTJPMBNP seeks assistance from banks as ban approaches, Reuters says
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October 6, 2014
12:22 EDTJPMFireEye risk/reward compelling, says UBS
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08:48 EDTJPMIberdrola hires JPMorgan to sell assets to fund US acquisition, Reuters reports
Iberdrola (IBDRY) has hired JPMorgan (JPM) to sell foreign renewable assets which could raise up to EUR 2B to help fund an acqusition in the U.S., reports Reuters, according to three sources with knowledge of the matter. One financial source said "Iberdrola is not going to sell anything unless they have an adequate acquisition target." Reference Link
08:00 EDTCSBanks cooperating on corporate bond 'shopping mall,' WSJ says
A group of 12 banks, including Credit Suisse (CS), Goldman Sachs (GS), HSBC (HSBC), JPMorgan (JPM), BNP Paribas (BNPQY), and Societe Generale (SCGLY), are cooperating on a new early-stage initiative, called “Neptune,” that is intended to be a "one-stop destination" for finding buyers and sellers of corporate bonds, said The Wall Street Journal, citing people familiar with the matter, who said no single bank is leading the project. Reference Link
07:29 EDTJPMHead of NYDFS reaching out to banks in wake of JPMorgan breach, FT says
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07:13 EDTSHLDMobile Marketing & Technology Magazine to hold a conference
Mobile Payments Conference is being held in Chicago on October 6-8.
06:27 EDTJPMJPMorgan hackers hit about nine other firms, NY Times says
The group of hackers that infiltrated JPMorgan (JPM) also penetrated about nine other financial institutions, according to The New York Times. Washington intelligence officials and policy makers are much more concerned about the attacks than they have disclosed, the newspaper added. Other publicly traded large banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Publicly traded cybersecurity companies include Barracuda Networks (CUDA), Check Point (CHKP), F5 Networks (FFIV), FireEye (FEYE), Fortinet (FTNT), Imperva (IMPV), Palo Alto (PANW), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC).Reference Link
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