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February 18, 2014
05:35 EDTGS, JPM, WFCWall Street bankers cashing in, WSJ reports
Insiders at the six major Wall Street banks sold $26M of stock last month, the busiest start to a year since 2007, according to data compiled for the Wall Street Journal by Equilar, an executive compensation research firm, reports the Journal. For example, J.P. Morgan Chase (JPM) COO Matt Zames sold $4.2M of shares. Goldman Sachs Group's (GS) controller and chief accounting officer, Sarah Smith, also sold, as did Wells Fargo (WFC) CFO Timothy Sloan. Reference Link
News For JPM;GS;WFC From The Last 14 Days
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October 1, 2015
19:10 EDTGS, JPMJPMorgan to pay $595M in credit-default swap suit, Bloomberg says
JPMorgan (JPM) is set to pay $595M to settle allegations that major banks as well as Markit (MRKT) colluded to control information in the credit-default swaps market, reports Bloomberg, citing people briefed on the matter. Morgan Stanley (MS), Barclays (BCS), and Goldman Sachs (GS) will pay a respective $230M, $175M, and $164M, sources told Bloomberg. Reference Link
17:47 EDTJPMJudge rules in favor of JPMorgan in $8.6B Lehman fight, WSJ says
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08:51 EDTJPMOversold bank stocks due for a bounce, says Baird
Following the worst quarter for the S&P 500 and for the KBW Nasdaq Bank Index since the third quarter of 2011, Baird analyst David George contends that "broadly oversold" bank stocks are due for a bounce. The analyst believes that even in-line results should help improve the bearish sentiment on the sector and could see bouncebacks for defensive names like JPMorgan (JPM), PNC (PNC) and BB&T (BBT) as well as for higher-beta names like Bank of America (BAC) and Capital One (COF).
08:00 EDTJPM, GSSecurity Traders Association to hold a conference
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07:09 EDTGSGoldman's Cohn in spotlight with Blankfein fighting lymphoma, WSJ says
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September 30, 2015
18:21 EDTWFCGeneral Electric confirms sale of railcar services to Wells Fargo
General Electric (GE) confirmed that it has reached separate agreements to sell its tank car fleet assets and railcar repair facilities to Marmon Holdings and its remaining railcar leasing business, General Electric Railcar Services to Wells Fargo (WFC). Terms of the transactions are not being disclosed. "We expect to be substantially done with our exit strategy [to sell most of the assets of GE Capital] by the end of 2016," noted GE Capital chairman and CEO Keith Sherin. "GE and its board of directors have determined that market conditions are favorable to pursue disposition of these assets. GE Capital will retain the financing 'verticals' that relate to GE's industrial businesses," the company noted. The sale of the tank car assets is effective immediately and closed Wednesday. The sale of the railcar repair facilities is expected to close in Q4. The sale of the remaining railcar leasing business is expected to close by the end of 1Q16. When completed, the rail transactions, which represent about $4B of ending net investment, will contribute approximately $1.3B of capital to the overall target of approximately $35B of dividends expected to GE under this plan. The company also noted that the completion of the sale of GE's European fleet businesses to Arval, a fully owned subsidiary of BNP Paribas (BNPQY), is expected to close in Q4.
18:03 EDTWFCWells Fargo First Union Rail to acquire GE Railcar services, terms not disclosed
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18:00 EDTWFCWells Fargo First Union Rail to acquire GE Railcar services
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12:32 EDTGSRepsol sells part of piped gas unit for $728M, Reuters reports
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07:46 EDTWFC, JPM, GSFed liftoff may be more turbulent for banks than expected, WSJ says
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07:33 EDTJPMJPMorgan must face 'London Whale' class action suit, Reuters reports
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07:18 EDTJPM, GSSecurities Industry and Financial Markets Association to hold a forum
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September 29, 2015
09:31 EDTGSRe/code to hold a discussion
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09:22 EDTJPM, GSMorningstar to hold a conference
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September 28, 2015
09:36 EDTWFC Active equity options trading on open
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06:08 EDTGSComcast NBCUniversal to acquire 51% stake in Universal Studios Japan
Comcast NBCUniversal (CMCSA) announced that it has agreed to purchase 51% ownership of Universal Studios Japan in a recapitalization transaction, partnering with the current owners including Goldman Sachs (GS), USJ's CEO Glenn Gumpel, Asian private-equity firm MBK Partners, and U.S. hedge fund Owl Creek Asset Management. Comcast NBCUniversal's purchase price for the majority ownership of the theme park destination is Y183B, or $1.5B. "We are excited to expand our global footprint with this wonderful theme park in Osaka and are excited by the opportunities that lie ahead in Japan and all of Asia," said Brian L. Roberts, Chairman and CEO of Comcast. "This investment represents a huge opportunity and commitment to creating value for our shareholders and continuing to grow internationally." Acquiring majority ownership of Universal Studios Japan continues Comcast NBCUniversal's ongoing investment strategy for it's U.S. parks in Orlando and Hollywood.
September 25, 2015
16:35 EDTGSStocks end week lower as biotechs sink, Volkswagen crashes
Stocks ended the week lower after concerns about drug prices were reignited, sinking biotech stocks, an emissions scandal engulfed Volkswagen (VLKAY), dragging down shares of automakers and their suppliers, and Caterpillar (CAT) announced that it may eliminate as many as 10,000 jobs in the next three years as commodity prices continue to slump. MACRO NEWS: Following the Federal Reserve's decision last week to wait before raising rates, the central bank made a concerted effort to give the market more clarity this week. Over last weekend, three Federal Reserve officials - San Francisco Fed President John Williams, St. Louis Fed President James Bullard and Richmond Fed President Jeffrey Lacker - all argued that an interest-rate increase is still warranted this year. Then, on Thursday night, Fed Chair Janet Yellen said during a speech at UMass Amherst that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but welcomed by the market, since they helped clarify the message the Fed delivered a week ago... In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. Durable goods orders for August declined 2.0%, versus expectations for a drop of 2.3%. When transportation items were removed, the core reading was breakeven, versus expectations for a rise of 0.1%. The third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading... The Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. Markit's flash manufacturing PMI for China fell to 47.0 in September from 47.3 last month. Meanwhile, Japanese Prime Minister Shinzo Abe unveiled new economic targets, including a goal for a 20% increase in the target size of the Japanese economy to 600T yen, though he gave no timeframe for achieving this aspiration... In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Biotech stocks declined after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on its treatment for toxoplasmosis, reigniting a debate around drug prices that previously embroiled costly Hepatitis C drugs including AbbVie's (ABBV) Viekira Pak and Gilead's (GILD) Sovaldi and Harvoni. Presidential candidate Hillary Clinton sent the debate to center stage by criticizing the "outrageous" prices of specialty drugs and laying out a plan to tackle "price gouging" in the specialty drug market. The NASDAQ Biotechnology index fell roughly xxx% for the week amid the attention paid to Turing's drug and Clinton's response... Volkswagen (VLKAY) shares trading in New York fell sharply to begin the week and ended the week far from where they'd been last Friday before the EPA said it found manipulations that violate U.S. environmental standards while testing certain of the automaker's diesel cars. The EPA said Volkswagen may face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules, which could total as much as $18B, according to Reuters. In the wake of the scandal, Chief Executive Officer Martin Winterkorn resigned, with the company's supervisory board subsequently praising the decision and selecting Matthias Mueller, the former head of Porsche (POAHY), as Winterkorn's successor as the company's new CEO... Caterpillar (CAT) shares dropped after the heavy machinery maker announced plans for job cuts and lowered its revenue guidance for this year and next. Caterpillar said that it would lay off 4,000-5,000 of its employees between now and the end of 2016 and could lay off up to 10,000 employees by 2018. Caterpillar cut its fiscal year 2015 revenue forecast by $1B and said its sees its fiscal year 2016 revenue to be 5% below this year, adding that it expects revenue declines in all three large segments next year... Online and mobile deal provider Groupon (GRPN) said it plans to cut 1,100 jobs relating primarily to the company's international operations... Nike jumped after the athletic gear giant reported better than expected earnings and futures orders, prompting numerous price target hikes and at least one upgrade at Street research firms. Among other companies reporting earnings this week, BlackBerry (BBRY), ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell immediately following their quarterly reports... Apple (AAPL), which has previously been reported to be working on an electric car via its "Project Titan," is speeding up those efforts and setting 2019 as a target to ship its first vehicle, according to The Wall Street Journal... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in in the Asian nation, while Cisco (CSCO) announced a partnership with Chinese server maker Inspur Group... Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... GoPro (GPRO) finished the week about xxx% lower after Barron's contended in a feature article last weekend that the company's stock could plunge another 30% to $25 as Apple, Sony (SNE) and others pressure the company's "one-hit wonder" products... On the M&A front, Atmel (ATML) agreed to be acquired by German chipmaker Dialog Semiconductor in a deal valued at roughly $4.6B and Starwood Waypoint (SWAY) announced a stock-for-stock merger agreement with Colony American Homes. INDEXES: The Dow lost about 0.43% to close at 16,314.67, the S&P 500 fell about 1.35% to close at 1,931.34, and the Nasdaq declined about 2.89% to close at 4,686.50.
13:20 EDTGSGoldman Sachs hires Morgan Stanley trader, Business Insider reports
Goldman Sachs (GS) has hired Adam Savarese, a former trader at Morgan Stanley (MS), as a partner at its debt trading desk, Business Insider reports, citing people familiar with the matter. Savarese will work with partner Tom Tormey, the report says. Reference Link
07:33 EDTWFCGlobal Interdependence Center to co-host a discussion
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September 24, 2015
07:10 EDTWFC, GS, JPMBanks clash with regulators over energy lending, WSJ reports
Banks are fighting with regulators over loan reviews that might compress the flow of net credit to the oil patch, the Wall Street Journal reports. The disagreement is focused on the narrow issue of loans secured by oil and gas companies' reserves, but it highlights the point of how postcrisis regulation of the financial industry impacts sectors outside of Wall Street, the report says. Caught in between banks and regulators are the small and medium exploration and production companies that rely on credit lines using their energy reserves as collateral, the report says. 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
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