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Stock Market & Financial Investment News

News Breaks
May 20, 2014
06:01 EDTCRARY, HSBC, JPMEU says JPMorgan, others may have breached antitrust rules
The European Commission said it has informed Credit Agricole (CRARY), HSBC (HSBC) and JPMorgan (JPM) of its preliminary view that they may have breached EU antitrust rules by "colluding to influence the pricing of interest rate derivatives denominated in the euro currency." The sending of a statement of objections does not prejudge the final outcome of the investigation, the agency noted. The statement added, "The Commission has concerns that the three banks may have taken part in a collusive scheme which aimed at distorting the normal course of pricing components for euro interest rate derivatives. If established, such behaviour violates Article 101 of the Treaty on the Functioning of the European Union and Article 53 of the European Economic Area (EEA) Agreement that prohibit anti-competitive business practices." Reference Link
News For JPM;HSBC;CRARY From The Last 14 Days
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February 8, 2016
09:17 EDTHSBCOn The Fly: Pre-market Movers
HIGHER: Apollo Education (APOL), up 26.6% after announcing that it will be acquired for $9.50 per share... Sprouts Farmers Market (SFM), up 5% after being added to S&P 400... GoPro (GPRO), up 3.4% after signing a licensing agreement with Microsoft (MSFT). LOWER: BioCryst Pharmaceuticals (BCRX), down 60.9% after reporting OpuS-2 clinical trial results... CTI BioPharma (CTIC), down 55.4% after the FDA placed a partial clinical hold on pacritinib studies... Tableau (DATA), down 5.5% after being downgraded to Equal Weight at Morgan Stanley... HSBC (HSBC), down 3.6% after being downgraded to Underweight from Equal Weight at Morgan Stanley... Chesapeake Energy (CHK), down 21% after Hedgeye analyst Kevin Kaiser said in an interview with Barron's that Chesapeake could go to zero... Twitter (TWTR), down 2.9% after backlash over its new algorithmic timeline.
08:39 EDTHSBCHSBC downgraded to Underweight from Equal Weight at Morgan Stanley
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06:31 EDTJPMNorway's oil fund tells U.S. banks to split CEO-chairman positions, FT says
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February 5, 2016
12:15 EDTHSBCHSBC to pay $470M to resolve mortgage serving investigation by US goverment
New York Attorney General Eric Schneiderman announced a $470M joint state-federal settlement with mortgage lender and servicer HSBC to address mortgage origination, servicing, and foreclosure abuses. The settlement provides direct payments to New York borrowers for past foreclosure abuses, loan modifications, and other relief for borrowers in need of assistance, rigorous mortgage servicing standards, and grants oversight authority to an independent monitor. It is estimated that New York State has nearly 136,000 HSBC loans, nearly 31% of HSBC's total portfolio. The settlement includes New York,48 other states, the District of Columbia, the U.S. Department of Justice, the U.S. Department of Housing and Urban Development (HUD), and the Consumer Financial Protection Bureau. Reference Link
10:02 EDTJPMOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Abbott (ABT) upgraded on valuation at Argus... Allstate (ALL) upgraded to Buy from Neutral at Citi... CACI (CACI) upgraded to Buy from Neutral at Citi... Coca-Cola Enterprises (CCE) upgraded to Neutral from Negative at Susquehanna... Coca-Cola (KO) upgraded to Neutral from Negative at Susquehanna... Comcast (CMCSA) upgraded following Q4 results at Argus... DCT Industrial (DCT) upgraded to Neutral from Underperform at Credit Suisse... Fluidigm (FLDM) upgraded to Buy from Neutral at Mizuho... Glu Mobile (GLUU) upgraded to Buy from Hold at Benchmark... Goldman Sachs (GS) upgraded to Buy at UBS... JPMorgan (JPM) upgraded to Buy from Neutral at UBS... KeyCorp (KEY) upgraded to Buy from Neutral at UBS... Kona Grill (KONA) upgraded to Outperform from Market Perform at Telsey Advisory... LPL Financial (LPLA) upgraded to Neutral at Susquehanna... Level 3 (LVLT) upgraded to Overweight from Equal Weight at Stephens... Resolute Forest (RFP) upgraded to Outperform from Sector Perform at RBC Capital... Suburban Propane (SPH) upgraded to Buy from Neutral at Citi... Sysco (SYY) upgraded at Argus... U.S. Concrete (USCR) upgraded to Buy from Neutral at Citi... Ubiquiti (UBNT) upgraded to Buy from Hold at Wunderlich... United Natural Foods (UNFI) upgraded to Sector Perform from Underperform at RBC Capital... Weatherford (WFT) upgraded to Strong Buy from Market Perform at Raymond James... Whole Foods (WFM) upgraded to Neutral from Underperform at Longbow... Wi-LAN (WILN) upgraded to Speculative Buy from Hold at Canaccord.
07:39 EDTJPMJPMorgan upgraded to Buy at UBS
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07:28 EDTJPMJPMorgan upgraded to Buy from Neutral at UBS
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February 4, 2016
15:21 EDTJPMAmazon renews card agreement with JPMorgan, WSJ says
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14:36 EDTJPMAmazon renews co-brand credit card pact with JPMorgan, Dow Jones says
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06:58 EDTJPMFed official supports tougher bank stress tests, Reuters reports
Boston Fed president Eric Rosengren said that he supports tougher stress tests for "too big to fail" banks, including larger capital investments that would make them "even more binding," Reuters reports. Rosengren said that stress test changes have reduced the likelihood that systemically important financial firms would fail, 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
06:51 EDTJPMBofA doesn't deserve to be in 'stock market doghouse,' WSJ says
Bank of America (BAC) is currently in the "stock market doghouse," but doesn't deserve to be, David Reilly of the Wall Street Journal's Ahead of the Tape says. The overall beating of U.S. bank stocks has come amid the greater market selloff, reflecting the fact that slowing growth has brought doubt on the Fed's ability to raise rates in March, Reilly says. Since a rate increase is a far-off prospect, investors have little reason to own bank stocks, though Bank of America's valuation assumes "too dire an outcome," the report says. Banks with international outreach, such as Citi (C), are still arguably further behind in post-crisis cleanup, but Bank of America is more focused on the domestic U.S. economy and prices a U.S. recession as a given, not a possibility, the report says. Other large U.S. banks include Wells Fargo (WFC), JPMorgan (JPM), Goldman Sachs (GS), Morgan Stanley (MS), U.S. Bancorp (USB), BB&T (BBT), PNC Financial (PNC), and SunTrust (STI). Reference Link
February 3, 2016
16:50 EDTJPMSignature Bank announces underwriters' purchase of additional shares
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February 2, 2016
18:39 EDTJPMAlibaba leads $794M funding round for augmented reality firm Magic Leap
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February 1, 2016
11:45 EDTJPMJPMorgan to buy almost $1B worth of LendingClub personal loans, WSJ says
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09:15 EDTHSBCHSBC sale of Brazil unit to get closer antitrust examination, Bloomberg reports
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08:40 EDTHSBCHSBC imposing global hiring, pay freeze, Reuters reports
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06:17 EDTJPMJPMorgan testing blockchain project, FT reports
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January 31, 2016
20:43 EDTJPMOn The Fly: Top five weekend stock stories
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Coca-Cola (KO) announced a minority stake in diary and juice company Chi, with plans to take full ownership within three years. 2. Billionaire investor Nelson Peltz is considering taking an activist position in Time Warner (TWX), the New York Post reported. 3. Toyota (TM) could temporarily halt domestic production after an explosion at a key supplier curbed its supply of steel, Reuters said. 4. Investigations into Herbalife (HLF), as well as investigations into Bill Ackman himself, have fizzled and criminal charges look unlikely, the Wall Street Journal revealed. 5. Virtu Financial (VIRT) and Ctrip (CTRP) were discussed positively by Barron's this week, as well as "tech bargains" Autodesk (ADSK), Akamai (AKAM), Western Digital (WDC), SanDisk (SNDK) and Lam Research (LRCX) and attractive banking stocks Citi (C), JPMorgan (JPM), Bank of America (BAC) and Wells Fargo (WFC).
15:43 EDTHSBCHSBC to impose hiring, salary freeze in 2016, Bloomberg says
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12:33 EDTJPMU.S. banks could return 20% or more, Barron's says
The banking sector looks like "one of the best bargains in the market," Barron's contends in a cover story. Names such as Citi (C), JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS), Morgan Stanley (MS), BB&T (BBT), PNC Financial (PNC), SunTrust (STI) and U.S. Bancorp (USB) are showing healthy balance sheets and could offer "at least" 20% upside, the publication argues, adding that the industry's exposure to the energy sector "looks manageable" given information offered in recent earnings reports and conference calls. Reference Link
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