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February 18, 2014
05:35 EDTJPM, WFC, GSWall 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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November 17, 2015
18:34 EDTJPMU.S. pursuing criminal charges against JPMorgan, RBS executives, WSJ says
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17:02 EDTWFCWells Fargo names Timothy Sloan as COO
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07:50 EDTWFC, JPMClearing House to hold a conference
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07:48 EDTWFC, 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 EDTGSBlackstone 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 EDTWFC, JPMClearing House to hold a conference
Clearing House Annual Conference is being held in New York on November 16-18.
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.
07:40 EDTGSBuffett says lower stakes in Goldman, Wal-Mart doesn't reflect lower confidence
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07:36 EDTGSBerkshire Hathaway discloses new AT&T stake in quarterly update
Berkshire Hathaway gave a quarterly update on its stakes in a filing this morning. NEW STAKES: AT&T (T), Kraft Heinz (KHC), Liberty Lilac Group (LILA). INCREASED STAKES: Phillips 66 (PSX), Charter (CHTR), Liberty Media (LMCK), Suncor (SU), General Motors (GM). DECREASED STAKES: Goldman Sachs (GS), Wal-Mart (WMT), Deere (DE), Chicago Bridge & Iron (CBI), WABCO (WBC). LIQUIDATED STAKES: Viacom (VIAB).
06:48 EDTGSGoldman, 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 12, 2015
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.
07:36 EDTGSGoldman Sachs management to meet with Deutsche Bank
Meeting to be held in Montclair, NJ on November 12 hosted by Deutsche Bank.
06:12 EDTWFC, GS, JPMMorgan Stanley to offer wealth management clients savings accounts, Reuters says
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November 11, 2015
06:49 EDTWFCWells Fargo 'pleased' with status of Credit Suisse recruitment deal, WSJ says
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06:19 EDTGSAppNexus talks to Goldman, other banks about IPO plans, Business Insider reports
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November 10, 2015
13:30 EDTWFCWells Fargo reports 10.46% passive stake in Boot Barn
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10:02 EDTJPMHackers linked to JPMorgan breach indicted in U.S., Reuters reports
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06:36 EDTWFC, JPMBank of America cuts info flow from data to certain financial sites, WSJ reports
Bank of America (BAC) is on a list of banks that will temporarily cut off the flow of information to certain websites and mobile applications that collect consumer financial data, the Wall Street Journal reports, citing people familiar with the matter. The Journal previously reported that JP Morgan (JPM) and Wells Fargo (WFC) have engaged in similar practices. The move reflects the tension between big banks and tech firms over these services, the report says. Reference Link
06:26 EDTGSCredit Suisse, Goldman weighing promoting CDS clearing, Bloomberg says
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