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July 8, 2014
13:39 EDTGS, JPMJP Morgan names Blessing as Vice Chair of IB EMEA, Bloomberg reports
Dorothee Blessing has been named by JP Morgan (JPM) as the vice chairman for investment banking in Europe, the Middle East and Africa. Blessing previously worked for Goldman Sachs (GS) as co-head of investment banking for Germany and Austria. Reference Link
News For JPM;GS From The Last 14 Days
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October 2, 2015
16:27 EDTJPMOn The Fly: Top stock stories for Friday
Stocks on Wall Street were lower at the open after the government's monthly jobs report showed fewer people than expected were hired last month and average hourly wages did not increase. However, the major indexes gathered themselves and began drifting higher, crossing back into the green in early afternoon trading. Before this morning, many investors expected that the Federal Reserve would start raising interest rates before the end of the year, but the jobs data for September has certainly raised doubts in that regard. ECONOMIC EVENTS: In the U.S., 142,000 nonfarm jobs were added last month, missing expectations for 201,000 job additions. Average hourly earnings were flat month-over-month, compared to expectations for them to rise 0.2% in September. The unemployment rate held at 5.1%, as expected. Factory orders fell 1.7% in August, versus expectations for them to drop 1.2%. Baker Hughes said that the U.S. rig count fell by 29 total rigs from last week to 809. COMPANY NEWS: Shares of big banks were underperformers after the jobs report cast doubt on how soon the Fed will begin raising interest rates. Shares of Wells Fargo (WFC) slid 0.32%, JPMorgan (JPM) dropped 0.21% and Bank of America declined 1.09%... Two of the nation's big four wireless carriers were in the news after Experian (EXPGY) announced that one of its units experienced an attack by hackers that exposed data from its client T-Mobile (TMUS) and The Wall Street Journal reported that Sprint (S) plans to eliminate as much as $2.5B in costs and make job cuts over the next six months. MAJOR MOVERS: Among the notable gainers was Wynn Resorts (WYNN), which surged 22.73% to $63.47 following reports that the Chinese government may provide economic support to the gaming center Macau, where Wynn and several peers operate casinos. Shares of Las Vegas Sands (LVS) gained 10.52%, MGM Resorts (MGM) rose 6% and Melco Crown (MPEL) advanced 13.88% after the news as well. Among the noteworthy losers was Amicus Therapeutics (FOLD), which dropped 53.53% to $6.39 after the company said it is unlikely to submit a New Drug Application for its Fabry disease treatment to the FDA by the end of the year. Also lower were shares of backup generator maker Generac (GNRC), which fell 5.18% to $27.62 after weather forecasters' latest models predicted that Hurricane Joaquin may stay offshore and not make landfall along the East Coast of the U.S. INDEXES: The Dow rose 200.36, or 1.23%, to 16,472.37, the Nasdaq gained 80.69, or 1.74%, to 4,707.77, and the S&P 500 advanced 27.54, or 1.43%, to 1,951.36.
16:11 EDTJPMJPMorgan announces adjustment to warrant exercise price
JPMorgan Chase & Co. announced that in accordance with the terms of the outstanding warrants to purchase common stock of JPMorgan Chase, the warrant Exercise Price will be reduced to $42.284 per share from $42.325 per share, effective as of the close of business on October 6, 2015. This adjustment resulted from the declaration by the Board of Directors of JPMorgan Chase on September 15, 2015 of a quarterly dividend of 44c per share on the outstanding shares of the Firm's common stock. The dividend is payable on October 31, 2015, to stockholders of record at the close of business on October 6, 2015. This dividend declaration did not result in a change in the Warrant Share Number.
13:26 EDTGS, JPMBanks, brokers slide as weak jobs report pushes out rate hike
Shares of banks and brokers are sliding after a weak jobs report pushed out the probability of near-term rate hike. WHAT'S NEW: Friday morning, the Labor Department reported that the U.S. economy added only 142,000 jobs in September compared to economists expectations of 203,000. The Labor Department's September jobs report strengthened the argument that the Fed will not raise rates in October, and even lessened the probability of a December rate hike. An increase in interest rates would let banks and brokers benefit from higher spreads on deposits. PRICE ACTION: Shares of Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB), and Wells Fargo (WFC) are all declining despite a rebound in the broad market. OTHERS TO WATCH: Shares of online brokers, including TD Ameritrade (AMTD), Charles Schwab (SCHW), E*TRADE (ETFC), and Interactive Brokers (IBKR) are also lower in afternoon trading.
12:02 EDTGSGoldman Sachs October volatility elevated into Q3 and outlook
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11:29 EDTJPMStocks with call strike movement; JPM BAC
JPMorgan (JPM) December 65 call option implied volatility increased 10% to 26, Bank of America (BAC) February 17 call option implied volatility increased 8% to 30 according to iVolatility.
October 1, 2015
19:15 EDTGS, JPMJPMorgan preparing $18B bid for U.K. mortgage pool, Bloomberg says
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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
12:32 EDTGSRepsol sells part of piped gas unit for $728M, Reuters reports
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07:46 EDTGS, JPMFed 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
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
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